NAMIBIA — 88 Energy Limited has announced the start of a 2D seismic data acquisition program for Petroleum Exploration License (PEL) 93 in the Owambo Basin, onshore Namibia.
The program aims to acquire approximately 200-line kilometres of 2D seismic data across an underexplored area covering 18,500 square kilometres within the basin.
The company, through its wholly-owned Namibian subsidiary, currently holds a 20 per cent working interest in PEL 93, with an option to increase its stake to 45 per cent through additional staged farm-in activities.
Polaris Natural Resources Development Ltd has been awarded the contract for the seismic acquisition program and has already mobilised vibroseis units and recording equipment to the site in late June 2024.
Ashley Gilbert, Managing Director of 88 Energy, stated: “The commencement of the 2D seismic acquisition program for Petroleum Exploration License 93 is an important step in advancing our understanding of our vast, underexplored acreage position in the Owambo Basin in Namibia.”
The program is expected to be completed by the third quarter of 2024, with data processing scheduled to conclude in the fourth quarter.
The newly acquired data will be integrated with existing historical exploration information to refine current prospect interpretations and identify potential future drilling locations.
Previous subsurface investigations in PEL 93, conducted from 2018 onwards, employed various geophysical and geochemical techniques to assess the acreage’s potential.
These included airborne gravity and magnetic surveys, reprocessing of existing 2D seismic coverage, and soil sample analysis for methane and ethane concentrations.
The Owambo Basin has garnered increased attention due to its substantial potential, particularly in the deeper and largely untested Damara Play.
This play resulted from a significant fold and thrust episode, creating large anticlinal structures that serve as promising exploration targets.
88 Energy anticipates delivering maiden prospective resources and identifying future drilling locations within 12 months of data acquisition.
This seismic program marks a crucial step in the company’s exploration efforts in Namibia, as it seeks to capitalise on the region’s growing oil and gas potential.
