88 Energy Ltd (AIM: 88E, ASX: 88E, OTC: EEENF) has announced the commencement of a 2D seismic acquisition program in the Owambo Basin, onshore Namibia.
The company holds a 20% interest in the project, located under Petroleum Exploration Licence 93 (PEL 93), and is earning this stake by financing the seismic activities.
The goal is to collect approximately 200 line km of 2D seismic data. The acquisition phase is expected to be completed in the third quarter, with data processing scheduled to conclude in the fourth quarter.
The data collected in the program aims to validate up to 10 known areas of interest, previously identified through airborne gravity and magnetic data.
This program is also expected to be a precursor to estimating maiden prospective resources and identifying potential drilling locations for future campaigns.
“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 company stated.
88 Energy has the option to earn up to a 45% stake in Owambo by funding the work detailed in its joint venture agreement.
The company noted that drilling is expected soon in the neighbouring acreage, where a “nearby operator” will drill up to four wells. 88 Energy views this as “a significant catalyst for understanding the onshore resource potential in Namibia.”
88 Energy’s investments onshore Namibia coincide with significant recent discoveries stimulating the country’s offshore oil and gas industry.
