88 Energy confirms 10 hydrocarbon leads in Namibia's PEL 93 after seismic analysis
() , an Alaska-focused hydrocarbon explorer, issued an update on its PEL 93 onshore acreage in the Owambo Basin, Namibia. 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. 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, 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. 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 '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 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 's Alaskan portfolio, and more than 70 times larger than Project Phoenix ('s largest asset in Alaska). 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.
Follow News & Updates from 88 Energy:
Disclaimer & Declaration of Interest
The information, investment views and recommendations in this article are provided for general information purposes only. Nothing in this article should be construed as a solicitation to buy or sell any financial product relating to any companies under discussion or to engage in or refrain from doing so or engaging in any other transaction. Any opinions or comments are made to the best of the knowledge and belief of the writer but no responsibility is accepted for actions based on such opinions or comments. Vox Markets may receive payment from companies mentioned for enhanced profiling or publication presence. The writer may or may not hold investments in the companies under discussion.