E&P

88 Energy's 20% working interest in PEL93 will be fully earned and unconditional.

88 Energy Limited has a newfound interest in Petroleum Exploration Licence 93 (PEL 93), onshore Namibia, since there has been an amendment to the Farm-In Agreement with operator Monitor Exploration Limited (Monitor)

Now it is confirmed that 88 Energy's 20% working interest will be fully earned and unconditional and it will help to simplify the original structure and remove future funding obligations under the farm-in. Stage 2 and Stage 3 farm‑in obligations have been cancelled to reduce minimum forward financial exposure by approximately US$15mn.

"The amendment to the PEL 93 farm‑in agreement is a value-accretive outcome for 88 Energy shareholders, which secures our 20% working interest on an unconditional basis while removing future funding obligations. This provides highly capital-efficient exposure to a rapidly emerging large-scale frontier, with significant exploration upside potential,” said Ashley Gilbert, managing director of 88 Energy.

Monitor has completed an integrated interpretation of the recently acquired airborne gravity, magnetic and radiometric survey data over PEL 93. The work integrated the new datasets with historical 2D seismic, passive seismic and legacy data, including additional 2D seismic shot in late-2024, soil gas sampling and remote sensing. Monitor also noted the presence of at least one mature source rock demonstrated by oil and gas shows in wells drilled by near‑neighbour ReconAfrica to the east of the basin, notably the Kavango West‑1X well, in combination with legacy geological evidence across the basin.

Further, reservoirs and seals were identified in both the Mulden and Otavi sections in the Etosha‑5‑1A well drilled in the western part of the basin in 1991, which are expected to continue into the central basin. Importantly, PEL 93 lies away from an igneous complex identified in the eastern basin that appears to have degraded reservoir quality in some nearby wells, and benefits from increased Mulden shale content that may improve seal capacity and reservoir preservation. In conjunction with Monitor, 88 Energy is assessing results with a view to progressing a Prospective Resource assessment in accordance with ASX requirements. “Monitor's integrated aerogravity, magnetic and radiometric interpretation materially advances our understanding of the subsurface, strengthening advanced lead definition and confirming Lead 9 as a compelling drilling candidate,” adds Gilbert.

ReconAfrica is progressing production testing at the Kavango West-1X discovery in PEL 73. This work will provide critical insight into hydrocarbon deliverability and inform broader basin potential. Success could lead to a basin-opening event, with direct positive implications for the prospect of PEL 93. “Combined with increasing activity across the basin, including ReconAfrica's ongoing testing programme at its adjacent Kavango West-1X well, PEL 93 is perfectly positioned within a highly prospective and evolving petroleum system,” concludes Gilbert.

Block G continues to see multiple productive and asset integrity projects.

The Block G acquisition offshore Equatorial Guinea leads Panoro Energy ASA’s dynamic operational and financial updates ahead of Q1 2026 results

With the acquisition of an additional 40.375% in the Block that raises its total interests to 54.625%, the company is anticipating to attain group net production of 20,000 bopd during the course of 2027. This will enhance joint-venture role influencing future production growth, work programme and efficiency, while Panoro sees an increase in both frequency and size of crude oil liftings.

Meanwhile, Block G continues to see multiple productive and asset integrity projects for field life extension, and the partners are evaluating the potential for future infill drilling campaigns in the Okume Complex, using a conventional jack-up rig in shallow water, and subsea infill wells at the Ceiba field.

Julien Balkany, executive chairman of Panoro, said, “Q1 was a period of strong strategic and operational delivery for Panoro, highlighted by the announcement of a transformational, highly accretive acquisition of an additional 40.375% interest in Block G, just prior to the escalation of geopolitical events in the Middle East that has led to major disruption of regional trade flows and substantial increase in global oil prices. This opportune transaction further strengthens the scale and cash flow potential of Panoro, creating a materially larger, more resilient business in order to deliver enhanced shareholder returns. The acquisition received strong endorsement from the capital markets with the associated equity private placement and bond tap issuance both multiple times oversubscribed and closed within a matter of hours.

“Operationally, we delivered pro forma working interest production of 14,960 bopd, supported by stable performance across our core portfolio and we are on track to achieve 20,000 bopd during 2027.

“Looking ahead, our priorities remain unchanged: deliver our pipeline of high-impact organic growth opportunities, starting with the MaBoMo Phase 2 drilling campaign at our cornerstone Dussafu block offshore Gabon mid-year, maturing the Bourdon discovery towards FID and evaluating the new state-of-the-art seismic data we have recently acquired covering the Niosi, Guduma and Dussafu blocks which will allow us to confirm future drilling targets.

“In Equatorial Guinea, we have also received for the first time contingent resources recognition for Block EG-23 where we have high-graded the exciting Estrella discovery as a potential fast-track appraisal and development project that could be tied back to existing infrastructure as we position Panoro for the next phase of material production and free cash flow growth.”

Zarat Discovery is being opened up for bidders as a unitised oil and gas resource. (Image source: Joint Oil)

Joint Oil has appointed Moyes & Co as its strategic advisor ahead of a new bid round for Zarat Development offshore Tunisia as part of two commercial packages for interested production and exploration companies

The Zarat development besides, Moyes will also be tackling for Joint Oil the Joint Oil Block Exploration Acreage via an exploration and production sharing agreement (EPSA). These will include an exploration and production sharing agreement (EPSA) for new plays, leads and prospects within the Joint Oil Block Exploration Acreage.

The 3000 sq km-long acreage that lies at a water depth of 80-120 m, comes with seismic data of 6,500 km in 2D and 1,900 km in 3D. The area comprises multiple wells, including Zohra-1 (1976), El Amal South 1 (1999), Besmah-1 (2002), El Amal North 1 (2002), and Zarat North 1 (2010). The surrounding areas include producing fields from Libya, such as El Bouri, El Jurf and Bihr El Salam, and Hasdrubal, Ashtart, Miskar and Didon in Tunisia. The acreage thus holds a strategically rich position along the southern margin of the Pelagian Basin within the geological extension of the Sabratha–Gabes Basin. This is likely to ensure long-term value generation, thanks to easily accessible established regional infrastructure, operational synergies and export pathways.

Lying in the Tunisia-Libya border, the Zarat Discovery is being opened up for bidders as a unitised oil and gas resource for development. This will be governed by a Development and Production Sharing Agreement (DPSA), Unitization Agreement (UA), Unit Operating Agreement (UOA), and Operating Services Contract (OSC). In partnership with Moyes, Joint Oil is providing investors with a robust data framework and a clear commercial path toward developing these significant unitised resources.

The new bid round will open on 1 August 2026, running through 30 November 2026, and the last date for submission will be 1 December 2026.

Winning bidders will be informed by 31 January 2027, with formal awards expected by 31 March 2027.

Africa Energy is aiming to bag a 75% direct interest in Block 11B/12B.

Africa Energy Corp is preparing to navigate delays on the acquisition of interests in Block 11B/12B offshore the Republic of South Africa as the Western Cape High Court has mandated the role of an environmental authorisation for strict assessments before granting permission for production and exploration 

The company has received a further extension, pushed to 4 November 2026, for the submission of a new Environmental and Social Impact Assessment (ESIA) before the Minister of Mineral and Petroleum Resources. This aligns with the region's advancement of an empowered environmental authorisation for offshore exploration operations in Block 5/6/7 that demands additional, new and amended environmental assessments before proceeding with exploration projects.

Africa Energy, which indirectly holds a 10% participating interest now in Block 11B/12B through its investment in Main Street 1549 Pty Ltd, is aiming to bag a 75% direct interest in the block following the withdrawal of partners previously involved and the consequent restructuring of Main Street. The recognition of both these significant steps hang on the relevant regulatory approvals by South African authorities, and their formal grant of production rights in relation to Block 11B/12B. 

With the grant of the environmental authorisation determining the grant of the production right, the company is now closely working with its advisors, including legal counsel, to figure out how to tackle the ESIA demands.