88 Energy (88E) has outlined the next steps on Petroleum Exploration Licence 93 (PEL 93) in Namibia’s onshore Owambo Basin, where it holds a 20% working interest (WI) in a joint venture (JV) targeting the emerging Damara Fold Belt play.
The company said an airborne geophysical survey is scheduled for Q1 2026 to collect high-resolution magnetic and gravity data, which should help map basin architecture and key structural features. In addition, the results are expected to be integrated with existing datasets to refine prospect interpretations and support the selection of potential drilling targets.
PEL 93 is described as containing structural and stratigraphic trap styles similar to those targeted by recent regional drilling. Since entering the licence, 88 Energy noted that the JV executed a farm-in agreement in 2023, then in 2024 completed 203 kilometres of two-dimensional (2D) seismic that confirmed several large structural closures, including Lead 9 with an approximate areal extent of 100 square kilometres.
During 2025, the JV completed further integration of seismic and geophysical datasets to progress prospective resource assessments, secured a licence extension to October 2026, and set out plans for an airborne gravity, magnetic and radiometric survey. As operator, Monitor Exploration is due to run the airborne programme during 2026, with the company indicating the work should improve subsurface imaging, better define basin geometry and help mature drill-ready targets ahead of future exploration drilling.
Going forward, the JV also plans to define prospective resource potential across identified leads, continue farm-in discussions to support the next phase of exploration, and prepare for further seismic acquisition and drilling target selection.
The update also highlighted nearby activity on PEL 73, where ReconAfrica reported positive results from the Kavango West 1X well on 3 December 2025. ReconAfrica reported roughly 400 metres of gross hydrocarbon-bearing section within the Otavi carbonate sequence, with 64 metres of net hydrocarbon pay indicated by wireline logs and supported by mud log anomalies, alongside additional hydrocarbon shows in deeper fractured limestone intervals. ReconAfrica said it plans a production testing programme in Q1 2026 to assess reservoir deliverability.
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The near-term catalyst here is data. If the Q1 2026 airborne survey sharpens the mapping of structural closures and helps prioritise drill-ready targets, it could make PEL 93 easier to market to farm-in partners. ReconAfrica’s nearby results add interest, but the next meaningful de-risking step for 88 Energy’s licence is demonstrating that its own lead inventory can be matured into credible drilling candidates.