88 Energy to earn up to 45% interest in Namibia’s PEL 93 with Monitor Exploration
88 Energy Limited has executed a three-stage farm-in agreement with Monitor Exploration Limited to earn up to a 45% non-operated working interest in Petroleum Exploration Licence 93 (PEL 93), located in Namibia’s Owambo Basin. The agreement involves staged entry into an 18,500 km² onshore acreage in Namibia, with a total anticipated investment of up to US$18.7 million.
Farm-In Agreement Highlights:
- The agreement provides 88 Energy with a significant working interest in the PEL 93, consisting of blocks 1717 and 1817.
- Namibia’s exploration potential, as evidenced by recent significant offshore discoveries, is a key factor in this agreement.
- The agreement aligns with 88 Energy’s existing Alaskan exploration activities and introduces a new geographical focus.
- Monitor Exploration brings extensive technical experience and regional knowledge to the partnership.
- Planned activities include acquiring approximately 200 line-kilometers of 2D seismic by mid-2024 and potentially drilling an exploration well targeting the Damara play by the second half of 2025.
Major Exploration Move: 88 Energy Partners with Monitor for Namibian Oil and Gas Venture
Ashley Gilbert, Managing Director of 88 Energy, stated: “We are very pleased to be partnering with Monitor, who will provide a wealth of technical expertise. This farm-in agreement presents a fantastic opportunity for our shareholders.”
PEL 93 covers a vast area in the north of Namibia, identified as a highly prospective new exploration zone. 88 Energy has been impressed with Monitor’s systematic exploration approach since the award of PEL 93 in 2018. The partnership aims to explore the potential of the Damara Fold belt and the Owambo Basin.
About 88 Energy and Monitor Exploration:
88 Energy is an oil and gas exploration company with a focus on assets in Alaska and now Namibia. Monitor Exploration, with its extensive regional knowledge, acts as the operator for PEL 93, complemented by private Namibian company Legend Oil Namibia and the National Petroleum Corporation of Namibia.