88 Energy (88E) , an Alaska-focused hydrocarbon explorer, issued an update on its PEL 93 onshore acreage in the Owambo Basin, Namibia. 88E holds a 20% working interest in PEL 93 with an option to earn up to 45% interest.
88 Energy announced the completion of 2D seismic processing and interpretation over PEL 93 by operator Monitor Exploration. 88E said the initial interpretation identified a suite of 10 'significant independent structural closures' within the licence area.
Additionally, Monitor's analysis confirmed multiple 'significant leads' in the southern area of PEL 93, each with large structural closures, with some covering up to 100 km2 and exhibiting clear hydrocarbon charge potential.
Next, 88E will independently validate Monitor's findings and work with the joint venture to integrate all other available data with the 2D seismic dataset. A prospective resource estimate is then targeted for H1 2025 following the internal review of Monitor's data.
View from Vox
88 Energy confirms initial processing and interpretation of 2D seismic data over its 20%-owned PEL 93, as it continues to advance the onshore acreage in the prospective Owambo Basin, Namibia alongside partner and operator Monitor Exploration. 88E initially acquired the 203-line km 2D seismic for PEL 93 in Q3 2024. The results will be independently validated, followed by a prospective resource estimate targeted for H1 2025, and an initial exploration well later in 2025.
Additionally, as the dataset is expanded, further leads should be identified. Recon Africa is already actively exploring the area, which should further accelerate 88E's work programme. Recon is currently developing the Naingopo-1 well on nearby PEL 73 - the first well specifically targeting the Damara play, which is the same play interpreted by 88E and Monitor on PEL 93.
While initial exploration of the region had focused on the shallow Karoo play, developers have recently given more attention to the deeper and largely untested Damara play (see map below) where significant exploration targets have been found of equivalent size to those discovered in offshore Namibia. For context, approx. 88% of recent offshore wells have successfully discovered oil. Overall, based on previous and adjacent exploration of the area, the Owambo Basin has already proven to be highly prospective with a ready path to market.
The newly processed seismic data produced a detailed image, enabling precise interpretation of the Damara play in both the Mulden and Otavi reservoir targets (see map below). Volumetrics are expected to estimate a significant prospective resource from both reservoirs, validating PEL 93 as a project with significant scale and opportunity.
PEL 93 is a rich 18,500km2 onshore acreage, comprising blocks 1717 and 1817 in the Owambo Basin. It is more than 10 times larger than 88E's Alaskan portfolio, and more than 70 times larger than Project Phoenix (88E's largest asset in Alaska). 88E can acquire a total of 45% working interest in PEL 93 under its 3-stage farm-in agreement with Monitor Exploration. Namibia represents one of the last frontier oil and gas jurisdictions capable of delivering multi-billion barrel discoveries as evidenced by recent offshore discoveries.
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