88 Energy (88E) , an Alaska-focused hydrocarbon explorer, announced the award of a 2D seismic contract to Polaris Natural Resources Development for Petroleum Exploration Licence 93 (PEL 93), located in the Owambo Basin, Namibia. 88 Energy holds a 20% working interest in the acreage as part of a 3-stage farm-in agreement with Monitor Exploration that will see 88E eventually own 45% of PEL 93.
The seismic programme has already been paid for by 88E as part of the farm-in with Monitor. The programme is to acquire a minimum of 200-line km of 2D seismic, with data acquisition commencing in mid-2024. The data will then be used to validate 10 independent structural closures identified from airborne geophysical methods (and part existing 2D seismic), in order to establish a maiden resource for the asset.
88 Energy also noted that a nearby operator is currently drilling several wells in the Owambo Basin and aiming to spud the first one in mid-2024. This is expected to speed up understanding of the resource potential in the prospective onshore region of Namibia. 88 Energy aims to fast track its own exploration drilling with an initial well operational as early as 2H 2025.
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88 Energy has announced a significant step in the development of its recently acquired PEL 93 acreage in Namibia. PEL 93 is a rich 18,500km2 onshore acreage, comprising blocks 1717 and 1817 in the Owambo Basin. 88E can acquire a total of 45% working interest in PEL 93 under its 3-stage farm-in agreement with Monitor Exploration, with the first 20% secured via payment for the seismic programme.
To advance the programme, 88E has announced the award of a 2D seismic contract for PEL 93 to Polaris. The programme is expected to run until Q3 2024, with processing of the data expected to complete by Q4 2024. The data will then be used to validate 10 previously identified targets and establish a maiden resource for the asset, with an initial exploration well expected in 2H 2025.
Additionally, as the dataset is expanded, further leads are expected to be identified. Energy Africa is already actively exploring the area, which should further accelerate 88E's work programme. 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.
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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