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Wednesday, July 10, 2024
88 Energy announced the commencement of the 2D seismic data acquisition program for PEL 93. The program has been designed to acquire approximately 200-line km of 2D seismic data. PEL 93 covers 18,500 sq km of underexplored sub-surface within the Owambo Basin in Namibia.
Polaris Natural Resources Development was awarded the contract for the 2D seismic acquisition program and mobilized vibroseis units and recording equipment to the location in late June 2024. Polaris expects to complete the program in Q3 2024, with data processing anticipated to be finalized Q4 2024. Results from the new 2D seismic acquisition will be integrated with existing historical exploration data to refine current prospect interpretation. The outcome of this program will be the quantification of the size of the prospective resource through a certified Prospective Resource estimate, as well as the identification of future potential drilling locations.
Subsurface investigations completed from 2018 to date on PEL 93 by Monitor Exploration (Namibia) Pty Ltd included a range of geophysical and geochemical techniques to assess and validate the significant potential of the acreage. This included airborne gravity and magnetics, reprocessing of existing 2D seismic coverage, as well as measuring methane and ethane concentrations in soil samples over interpreted structural leads to successfully validate the existence of an active petroleum system. Passive seismic anomalies from this work aligned closely to both interpreted structural leads and measured alkane molecules (c1-c5) concentrations in soil.
Initial exploration in the Owambo Basin has focused on the shallow Karoo Play, with recent attention turning to the substantial potential of the deeper and largely untested Damara Play. The Damara Play resulted from a large fold and thrust episode, leading to large, anticlinal structures providing significant independent targets for exploration of an equivalent size to those discovered offshore Namibia. An exploration renaissance is underway in the region, with approximately 88% of recent offshore wells having successfully discovered oil.
88 Energy, through its wholly owned Namibian subsidiary, holds a 20% working interest in PEL 93, with an option to earn up to a 45% non-operated interest via additional staged farm-in activities.
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