Namibia survey to enhance prospect mapping on PEL 93 ahead of future drilling campaign
88 Energy Ltd (AIM:88E, ASX:88E, OTCQB:EEENF, FRA:POQ), an oil and gas exploration company listed in London and Sydney, has said that recent exploration success in Namibia's Damara Fold Belt has strengthened the case for its planned airborne geophysical survey on Petroleum Exploration Licence 93.
The company holds a 20% interest in the onshore licence, which covers a large area in the Owambo Basin, and is operated by Monitor Exploration.
A high-resolution magnetic and gravity survey is scheduled for the first quarter of 2026 to refine mapping of the basin's structural features and improve definition of drillable targets.
The results will be integrated with existing seismic and geophysical datasets to support resource assessments and future exploration activity.
Monitor Exploration said the new data would “materially improve prospect mapping and support the maturation of drill-ready targets ahead of future exploration drilling”.
PEL 93 contains several mapped leads, including Lead 9, a structural closure with an approximate areal extent of 100 square kilometres identified following 203 kilometres of two-dimensional seismic completed in 2024.
The joint venture secured an extension of the licence to October 2026 and is also preparing for future seismic acquisition and discussions with potential farm-in partners.
88 Energy said results from the Kavango West 1X well, drilled on adjacent acreage by ReconAfrica, provided further encouragement for the play.
On 3 December, ReconAfrica reported 400 metres of gross hydrocarbon-bearing section and 64 metres of net pay in the Otavi carbonate sequence on Petroleum Exploration Licence 73, located within the same fold belt trend as PEL 93.
Production testing is scheduled for the first quarter of 2026.
Monitor Exploration said the results “materially enhance the potential of the regional petroleum system and support prospectivity of PEL 93”, noting that structural trends from Kavango West were interpreted to extend into the licence area.