PEL93 onshore Namibia to undergo gravity survey

88 Energy Limited has secured license extension for 12 months from the Namibian Government, extending the PEL 93 First Renewal Exploration Period to 2 October 2026

During the extended period the company will aim datasets Integration to select drilling location, and complete an Environmental Impact Assessment (EIA) for drilling. 

The PEL 93 is located in the Owambo Basin, onshore Namibia.

A farmout agreement with Monitor Exploration Limited for a joint venture gives 88 Energy Limited a 20% working interest in PEL 93. By way of an amendment on the agreement, the partners have introduced a new stage 1A work programme to target pre-drill de-risking.

The 2024 2D seismic data collected from an anticlinal structure -- Lead 9 -- spreading across 100 sq km has led to new insights to be unlocked from a gravity survey area. The partners have hence included on the programme a high-resolution gravity survey to focus on the southern area of PEL 93. The survey will be supplemented by radiometric data. 

This anticipation has been strengthened by similar findings from the Kavango West 1X exploration well where ReconAfrica is now all set to start drilling this month. 

Lead 9 is similar to Recon’s imminent Kavango West 1X well in that both show a very large and robust structural closure including the shallow clastic reservoirs, the deeper Otavi carbonate reservoir seen in Naingopo-1 and the deeper source rocks.

Monitor's statement read, “Our early results are pointing to something potentially significant in the southern area of PEL 93 in the Owambo Basin. With multiple datasets aligning and the prospect of even larger structures emerging, the Joint Venture is building momentum towards a drilling event and what could be a basin opening discovery with broad implications for all of Namibia given the significance in unlocking a major new hydrocarbon play.”