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Wednesday, July 24, 2024
88 Energy announced that the 2D seismic data acquisition program for PEL 93 over the Owambo Basin, Namibia, has been completed on time and within budget with no recordable safety incidents.
The program acquired 203 line-km of 2D seismic data utilizing Polaris’ vibroseis crew. The program was carried out in favorable weather conditions, with reliable and well-calibrated seismic sources and receivers, and real-time quality control and monitoring. As a result, the captured data is of high quality and demonstrates considerably better seismic signal strength, frequency content, and integrity than the previously acquired Accelerated Weight Drop trial lines. Vibroseis technology was selected due to its reputation for repeatability, controllable energy and bandwidth.
This outcome validates the selection of acquisition method for PEL 93 and is expected to deliver an excellent image for the accurate interpretation of the subsurface geological structures of the Damara play. Processing of the data is ongoing both in the field, where quality control stacks continue to be produced, and at Earth Signal Processing in Calgary, the onshore, high-resolution 2D seismic data processing specialists responsible for finalizing the imaging of the dataset. Interpretation of the new lines is currently expected in Q4 2024.
Results from the new 2D seismic data will be integrated with existing historical exploration data to refine current prospect interpretation. Determination of the size and quality of a number of the Damara fold structures that are expected to be present in PEL 93 is the key purpose of the program; this work will form the basis for an independent Certified Prospective Resource assessment. This will allow for more accurate drilling location identification and enable planning for potential future drilling events.
PEL 93, Owambo Basin, Onshore Namibia
PEL 93 covers 18,500 sq km of underexplored sub-surface within the Owambo Basin in Namibia. 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. Completion of more than 200 line-km of 2D seismic data fulfils the required license commitment for the First Renewal Exploration period.
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