This announcement contains inside
information
8 July 2024
88 Energy
Limited
COMMENCEMENT OF 2D SEISMIC
ACQUISITION
FOR PEL 93, OWAMBO BASIN, NAMIBIA
Highlights
·
Commencement of 2D seismic acquisition program for Petroleum
Exploration Licence 93 (PEL
93 or the Licence)
over the Owambo Basin, Namibia.
· 88 Energy
has earned an initial 20% working interest in PEL 93 by funding the
seismic program.
· The
program has been designed to acquire a minimum of ~200-line km of
2D seismic data, with completion expected in Q3 2024.
· Acquired
seismic data is to be used as part of the validation process for up
to 10 independent structural closures identified from airborne
gravity and magnetic data.
· Expected
program outcomes include estimation of a maiden Prospective
Resource and identification of future potential drilling
locations.
· Imminent
commencement of drilling of the first of up to four
wells by a nearby operator in the Owambo Basin represents a
significant catalyst for understanding
the onshore resource potential in Namibia.
88 Energy Limited (ASX:88E, AIM:88E,
OTC:EEENF) (88 Energy or the Company) is pleased to announce 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 18,500km2 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.
Polaris Natural Resources
Development Ltd (Polaris) was awarded the contract for the 2D seismic
acquisition program (refer
to 88 Energy's ASX announcement, 10 May 2024) and mobilised
vibroseis units and recording equipment to location late June 2024.
Polaris expects to complete the program in Q3 2024, with data
processing anticipated to be finalised 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 have
successfully discovered oil.
PEL 93, Owambo Basin, Onshore
Namibia
Damara Play Exploration Drilling
Update
Reconnaissance Energy Africa Ltd
plan to spud imminently, the first of four planned wells, in
well-defined prospects within two distinct regional plays (Karoo
and Damara), as part of an initial exploration drilling campaign in
PEL073 and PEL001, on the flanks of the Owambo basin.
The Damara Play is characterised by
several coherent, mappable, large fold and thrust structures which
generated 19 prospects and 4 leads certified by third party
resource auditor, NSAI. The target structures observed are up to
25km in length and between 3 and 5km wide. Reservoirs are expected
to be encountered in both the marine/fluvial sandstones of the
Mulden formation as well as the fractured carbonates of the Otavi
Supergroup. The Otavi group was penetrated in well 6-2 and
contained oil shows on mud logs as well as oil saturations in
side-wall cores.
The Pre-Rift Karoo play interval is
interpreted to be late Neo-Proterozoic to Early Palaeozoic
sedimentary rocks which are analogous to the sediments of the
Owambo Basin to the west. Given their depth, modelled maturation,
geological age and geochemical data from wells and seeps, the
hydrocarbons are expected to be both light oil and gas.
About Polaris
Polaris
provides comprehensive project design and management,
state-of-the-art technologies, and a highly experienced team of
seismic professionals. Polaris provides a start to finish solution
using 'Best in Class' procedures and standards, and has contributed
to many world-class discoveries with over 1,000 projects completed
on four continents since 1996.
Polaris has succesfully completed 2D
seimsic acquitiion programs regionally for Invictus Energy
(ASX:IVZ) in Zimbawe and also for Reconnaissance Energy Africa Ltd
(TSX:RECO) in Namibia.
This
announcement has been authorised by the Board.
Media and Investor Relations
88
Energy Ltd
Ashley Gilbert, Managing
Director
Tel: +61 (0)8 9485 0990
Email:investor-relations@88energy.com
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Fivemark Partners, Investor and
Media Relations
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Michael Vaughan
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Tel: +61 (0)422 602 720
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EurozHartleys Ltd
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Dale Bryan
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Tel: +61 (0)8 9268 2829
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Cavendish Capital Markets Limited
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Tel: +44 (0)207 220 0500
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Derrick Lee
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Tel: +44 (0)131 220 6939
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Pearl Kellie
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Tel: +44 (0)131 220 9775
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