88 Energy Ltd (AIM: 88E, ASX: 88E, OTC: EEENF) has informed investors that it has successfully completed the 2D seismic acquisition program onshore in Namibia.
The program, covering 203 line-km in the Owambo Basin, was finished on time and within budget.
Data processing is currently underway, with final imaging results anticipated by the fourth quarter.
The findings are expected to validate ten structural closures identified from existing airborne gravity and magnetic data.
The goal is to advance these prospects to the point where the company can commission an estimate of maiden Prospective Resources and identify potential drilling locations.
88 Energy highlighted in a statement: “The captured data is of high quality and demonstrates considerably better seismic signal strength, frequency content, and integrity.”
They also noted that the initial view of the data validated the company’s use of ‘Vibroseis’ technology in the program.
Additionally, the AIM-quoted explorer mentioned that earlier this month, a neighbouring operator, Reconnaissance Energy Africa (Recon Africa), spudded its first well on an adjacent license. Shortly after, another firm, BW Energy, agreed to invest $16 million to acquire 20% of the company while funding 3D seismic and a new 2-well program.
This project, located immediately to the east of 88 Energy’s acreage, is expected to see three or four new wells drilled over the coming years.
