88 Energy (88E) , an Alaska-focused hydrocarbon explorer, announced the transfer of a 20% working interest by Monitor Exploration to 88 Energy in relation to Petroleum Exploration Licence 93 (PEL 93), located in the Owambo Basin, Namibia. The transfer follows approval by the Namibian Ministry of Mines and Energy and represents Stage 1 of a 3-stage farm-in agreement for up to 45% non-operated working interest in PEL 93.
PEL 93 is a vast 18,500km2 onshore acreage position comprising blocks 1717 and 1817 in the Owambo Basin, Namibia. In Stage 1, 88 Energy will invest US$0.7m with up to a US$3.0m carry for a 2024 work programme to include the acquisition of c. 200 line-km of low-impact 2D seismic.
The seismic acquisition is planned for mid-2024, with a potential initial exploration well targeting the Damara play to be drilled as early as H2 2025. 88E noted recent Namibian offshore results in the nearby Orange Basin where GALP Energia confirmed the discovery of a "significant column of light oil in reservoir-bearing sands of high quality" in their first exploration well (Mopane-1X) in block PEL 83.
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88 Energy has initiated Stage 1 of its 3-stage farm-in agreement with Monitor Exploration, granting it entry into PEL 93, a rich 18,500km2 onshore acreage comprising blocks 1717 and 1817 in the Owambo Basin, Namibia. 88E can acquire a total of 45% working interest in PEL 93 under the agreement, beginning with 20% in Stage 1. PEL 93 comprises an extensive lead portfolio with 10 significant structural closures identified through a range of geophysical and geochemical methods. There is considerable potential for more leads as the dataset is expanded.
Operator Monitor Exploration has assessed and validated significant potential in the acreage since award of PEL 93 in 2018. The forward work programme will start with a low impact ~200 line-km 2D seismic programme focusing on confirming the structural closures of the 10 independent leads identified. The 2D seismic programme will be conducted in mid-2024 following a period of planning, public consultation, updating of environmental compliance requirements, and receipt of relevant approvals.
Results from the 2D seismic programme will then be incorporated into existing historical exploration data over the acreage, with results used to identify possible exploration drilling locations. An initial exploration well targeting the Damara play can be drilled as early as H2 2025.
Namibia represents one of the last frontier oil and gas jurisdictions capable of delivering multi-billion barrel discoveries, as evidenced by recent offshore discoveries. Nearby GALP Energia's Mopane-1X represents the 5th major oil discovery in under 2 years within the Orange Basin and confirms the extension of the petroleum play from TotalEnergies and Shell's acreages.
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