88 Energy (88E) has applied to move its PEL 93 licence in Namibia's onshore Owambo Basin into its next two-year exploration phase, with plans to prepare for and drill at least one exploration well.
The company holds a fully earned 20% non-operated working interest in PEL 93, which covers about 18,500km². The licence is operated by Monitor Exploration, with NAMCOR and Legend Oil Namibia also holding interests.
The joint venture has applied to enter the Second Renewal Exploration Period from 3 October 2026, following an extensive technical programme that included around 6,000 line-kilometres of airborne gravity, magnetic and radiometric data alongside existing seismic, well and geological datasets.
That work has elevated Prospect 9 to the highest-ranked drilling opportunity within the licence area. The prospect is considered drill-ready by the operator and comprises a large anticlinal structure with multiple stacked reservoir targets across three stratigraphic levels.
The principal target is the Otavi carbonate sequence, with additional potential in the Kombat sandstone sequence.
The proposed renewal programme also follows encouraging regional developments 100km east of PEL 93, where ReconAfrica has reported hydrocarbons flowing to surface from both the Elandshoek and Huttenberg formations at its Kavango West 1X well.
88 Energy said the results provide further evidence of a working petroleum system within the broader Owambo Basin and Damara Fold Belt play, helping to de-risk hydrocarbon charge and prospectivity at PEL 93.
The joint venture has proposed relinquishing 50% of the existing licence area, above the statutory minimum requirement of 25%, allowing it to concentrate future exploration activity on the highest-ranked opportunities. The retained acreage includes Prospect 9 and a broader inventory of exploration prospects and leads.
Subject to approval from Namibian authorities, the next phase will focus on finalising the drilling location and well objectives, environmental and permitting work, detailed well design and cost estimation, rig and service availability, and the drilling of at least one exploration well.
The joint venture has proposed a minimum expenditure commitment of US$10 million for the two-year renewal period. Based on its 20% working interest and associated carry obligations, 88 Energy expects its share of the commitment to be ~US$2.67 million.
88 Energy Managing Director Ashley Gilbert said: “The submission of the renewal application, together with the proposed commitment to future exploration drilling, follows a substantial programme of technical work at PEL 93 that has progressively strengthened the definition of Prospect 9 and confirmed it as the project’s highest-ranking opportunity.
With our existing fully earned interest, no remaining farm-in obligation and a pathway to drilling, PEL 93 provides us with a capital-efficient exposure to a potentially significant frontier exploration opportunity, that we look forward to advancing alongside our partners”
View from Vox
PEL 93 is moving from technical definition towards a potential drilling phase, with Prospect 9 now established as the clear priority target. The regional flow results at Kavango West 1X add further support to the basin's petroleum potential, while 88 Energy's relatively modest US$2.67 million share of the proposed minimum commitment gives the company capital-efficient exposure to a potentially significant frontier exploration programme.