88 Energy (ASX:88E) Extends Namibian Oil Play as ASX 200

2 min read | July 03, 2025 04:53 PM AEST | By Team Kalkine Media

88 Energy (ASX:88E) Extends Namibian Oil Play as ASX 200 — Image source: Shutterstock

Focus on Southern Owambo Basin as Lead 9 Drives Interest

The exploration campaign is centred around Lead 9, a large-scale anticlinal structure previously identified during the 2024 seismic program. The next steps include a high-resolution airborne gravity survey targeting the southern portion of PEL 93. The aim is to generate detailed subsurface data, quantify prospective resources, and outline drilling prospects within the basin.

Monitor Exploration has described the initial indicators from this area as promising, citing multiple aligned datasets and the presence of additional emerging structures. This could shape the basin as a future frontier within Namibia’s hydrocarbon landscape.

Third-Party Drilling Near PEL 93 Adds Regional Momentum

Activity surrounding the Owambo Basin is gaining momentum with ReconAfrica preparing to drill the Kavango West 1X well in the adjacent Damara Fold Belt. The well is targeting a substantial fold structure and carbonate reservoir similar to Lead 9. The outcome of this drilling effort could impact geological assessments across the broader region, including areas within PEL 93.

88 Energy has noted that results from Kavango West could contribute to basin-wide confidence in the Otavi carbonate play, adding broader industry attention to the area.

Joint Venture Pushes Forward with Shared Technical Funding

88 Energy and Monitor Exploration will fund the upcoming program on equal terms, working collaboratively toward key milestones ahead of the current licence deadline. The companies are set to initiate the airborne gravity survey in the second half of the year, which will complement seismic data gathered previously and refine the project’s geological model.

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