In a bold bid to unveil Namibia’s onshore resource treasures, 88 Energy has launched a major 2D seismic acquisition program for its petroleum exploration licence 93 (“PEL 93”) within the Owambo Basin's uncharted Damara system. The ambitious initiative that covers 18,500 square kilometres of largely-unexplored territory, represents a pivotal milestone for both the company and the region, with an eye to unlocking new oil discoveries.
In a bold bid to unveil Namibia’s onshore resource treasures, 88 Energy has launched a major new 2D seismic acquisition program for its petroleum exploration licence 93 (“PEL 93”) within the Owamba Basin's uncharted Damara system.
The ambitious initiative that covers 18,500 square kilometres of largely-unexplored territory – some 2.2 per cent of the entire country – represents a pivotal milestone for both the company and the region, with an eye to unlocking new oil discoveries.
According to the company, the program designed to gather some 200 line kilometres of 2D seismic data –a key step in trying to validate up to 10 independent structural closures identified from prior airborne gravity and magnetic data. With the seismic data acquisition slated for completion in the third quarter of this financial year, followed by data processing in the fourth quarter, 88 Energy should be able to deliver a maiden prospective resource and pinpoint future drilling locations within 12 months.
The company’s strategic investment in the seismic program has secured it an initial 20 per cent working interest in PEL 93, with an option to increase the stake to 45 per cent through additional staged farm-in activities. Management says the initiative highlights its commitment to using innovative geophysical techniques to uncover the hidden hydrocarbon treasures of the region.
88 Energy managing director Ashley Gilbert said: “The commencement of the 2D seismic acquisition program for Petroleum Exploration Licence 93 is an important step in advancing our understanding of our vast, underexplored acreage position in the Owambo Basin in Namibia. The 2D seismic program is expected to be completed in Q3 2024 and we look forward to updating shareholders once data processing, interpretation, and analysis have been finalised."
Polaris Natural Resources Development, renowned for its expertise in seismic acquisition, has been given the job of executing the program. Deploying its vibroseis units and recording equipment in late June, Polaris is expected to deliver comprehensive seismic data that will be integrated with historical exploration data to refine current prospect interpretations and deliver a prospective resource estimate.
The Owambo Basin, traditionally explored for its shallow Karoo play, is now drawing attention to the deeper, untapped Damara zone. The company understands that the target, which is characterised by large fold and thrust structures, holds a promise of significant exploration targets akin to those found offshore in Namibia.
Recent subsurface investigations by Monitor Exploration (Namibia) have highlighted the basin’s substantial hydrocarbon potential, with geochemical and geophysical techniques successfully validating the presence of an active petroleum system.
As part of broader exploration renaissance in the region, 88 Energy’s efforts are set against a backdrop of successful offshore discoveries where about 88 per cent of recent wells have struck oil. The imminent drilling of up to four wells by a neighbouring operator, Canadian explorer ReconAfrica, in the Owambo Basin, has further emphasised the exploration rush into the deeper system.
With the seismic acquisition underway and promising geological formations awaiting further exploration, 88 Energy’s initiative in the Owambo Basin could help herald in a new era of onshore oil and gas discovery in Namibia. And as the company and its partners delve deeper into the basin’s subsurface secrets, the potential for significant hydrocarbon discoveries could well mean something of a transformation for Namibia’s energy landscape.
Is your ASX-listed company doing something interesting? Contact: matt.birney@businessnews.com.au
