GCI88 Energy wraps up 2D seismic survey at PEL 93, advancing exploration of Namibia's Owambo Basin
() , an Alaska-focused hydrocarbon explorer, announced the completion of Polaris' 2D seismic acquisition programme at 's Petroleum Exploration Licence 93 (PEL 93) 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 eventually own 45% of PEL 93.
said the programme had successfully acquired 203-line km of 2D seismic data using Polaris' vibroseis crew. Data processing is ongoing, both in the field and at Earth Signal Processing in Calgary, with final interpretation expected by Q4 2024.
Once processed, the new 2D seismic data will 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.
Nearby operator Recon Africa recently spudded its first well Naingopo-1 on PEL 73. Recon's development is expected to speed up understanding of the resource potential at PEL 93 and the Damara Play within the Owambo Basin. BW Energy has farmed into Recon's PEL 73 with a US$16m equity investment for 20% interest, demonstrating growing industry interest in the area. 88 Energy aims to fast track its own exploration drilling with an initial well planned for H2 2025.
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88 Energy continues to report good progress from its PEL 93 asset in Namibia. PEL 93 is a rich 18,500km2 onshore acreage, comprising blocks 1717 and 1817 in the Owambo Basin. 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.
had previously awarded the 2D seismic contract for PEL 93 to Polaris, which successfully acquired 203-line km of high-quality data. With the programme complete, interpretation is ongoing and 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 2025.
Additionally, as the dataset is expanded, further leads will be identified. Recon Africa is already actively exploring the area, which should further accelerate '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.
While initial exploration of the region has focused on the shallow Karoo play, developers have recently given more attention to the deeper and largely untested Damara play (see below) where significant independent 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.
Namibia represents one of the last frontier oil and gas jurisdictions capable of delivering multi-billion barrel discoveries, as evidenced by the 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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