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

Highlights

• 88 Energy confirms 12-month extension of Namibian onshore exploration venture

• High-resolution airborne survey planned to assess structural leads in PEL 93

• Industry interest builds with third-party drilling in adjacent Damara Fold Belt

Oil and gas exploration company 88 Energy Ltd (ASX:88E), listed on the ASX 200, has reaffirmed its strategic presence in Africa with an extension of its onshore exploration licence in Namibia. The company, in partnership with Monitor Exploration, has committed to another year of technical activity in Petroleum Exploration Licence (PEL) 93 within the Owambo Basin.

This initiative marks a renewed phase of development as the company and its joint venture partner aim to advance early-stage geological understanding and exploration planning within the licence area.

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.