88 Energy (ASX: 88E, AIM: 88E) shares soar on ‘successful’ 2D seismic acquisition in Namibia

Highlights

• The 2D seismic acquisition for Petroleum Exploration Licence 93 (PEL 93) was completed within budget, on schedule and without any recordable safety incidents.
• A total of 203-line km of 2D seismic data has been successfully acquired .
• The program is expected to result in the estimation of a maiden prospective resource and identifications of locations for future potential drilling.
• 88E shares surged by 25%.

88 Energy Limited (ASX: 88E, AIM: 88E) has successfully completed its 2D seismic acquisition program for PEL 93 in Namibia. The program, which acquired 203-line km of 2D seismic data, was completed within budget and on schedule, with no recordable safety incidents.

Acquisition of high-quality seismic data

The program utilised Polaris’ vibroseis crew under favourable weather conditions, ensuring real-time quality control and monitoring. Employing well-calibrated seismic sources and receivers, the approach delivered high-quality data, characterised by better frequency content, seismic signal strength, and integrity compared to the previously acquired Accelerated Weight Drop trial lines.

Vibroseis technology is renowned for its controlled energy, repeatability, and bandwidth. The successful outcomes validate its selection for PEL 93, promising an accurate depiction of subsurface geological structures in the Damara play.

Data processing and interpretation in progress

Data processing is underway both in the field, generating quality control stacks, and at Earth Signal Processing in Calgary, where final imaging of data will be conducted by onshore, high-resolution 2D seismic data processing specialists.

Interpretation of the new lines is anticipated in the fourth quarter of 2024.

These findings will integrate with historical exploration data to refine the current prospect interpretations, particularly focusing on assessing the size and quality of the anticipated Damara fold structures within PEL 93.

This work sets the stage for an independent Certified Prospective Resource assessment, enabling precise identification of drilling locations and planning for future drilling activities. Additionally, the acquisition program is expected to facilitate the forecasting of a maiden prospective resource.

Strategic interest in PEL 93

88E owns a 20% stake in PEL 93 through its Namibian subsidiary, with the potential to increase this to 45% through staged farm-in activities. The completion of this acquisition program satisfies the required licence commitment for the first renewal exploration period.

88E shares jump

Following this update, shares of 88E surged by 25% to trade at AU$0.002 apiece at the time of writing on 24 July 2024.