88 Energy Eyes Namibia Upside with New Airborne Survey and Regional Drilling Wins

Exploration Momentum Builds in Namibia’s Owambo Basin

88 Energy Limited (ASX, 88E) has provided a promising update on its exploration activities within Petroleum Exploration Licence 93 (PEL 93) in Namibia’s Owambo Basin. Holding a 20% stake in the joint venture, the company is gearing up for a high-resolution airborne geophysical survey scheduled for the first quarter of 2026. This survey aims to capture detailed magnetic and gravity data to sharpen the understanding of the basin’s subsurface architecture and identify key structural features that could host hydrocarbons.

The planned survey is a critical step in refining prospect interpretations and advancing drill target identification. It will integrate with existing seismic and geophysical datasets, which have already highlighted several large structural closures, including a notable Lead 9 prospect spanning approximately 100 square kilometres.

Regional Success Fuels Confidence

Confidence in the Damara Fold Belt play, which extends into PEL 93, has been bolstered by recent drilling success on adjacent acreage (PEL 73) by ReconAfrica. Their Kavango West 1X well encountered around 400 metres of gross hydrocarbon-bearing section, including 64 metres of net pay within the Otavi carbonate sequence. This discovery not only confirms the presence of hydrocarbons but also highlights the reservoir potential of the Otavi carbonate system; a key target across the region.

ReconAfrica’s plans for production testing in early 2026 further underscore the play’s promise. Monitor Exploration, 88 Energy’s joint venture partner and operator for PEL 93, has noted that structural trends and reservoir targets identified at Kavango West 1X appear to extend into their licence area, reinforcing the prospectivity of their mapped leads.

Strategic Partnerships and Next Steps

Since entering PEL 93, 88 Energy and Monitor Exploration have made significant progress, including a farm-in agreement allowing Monitor to acquire up to 45% interest and the completion of 203 kilometres of 2D seismic acquisition. The JV has also secured a licence extension to October 2026, providing a runway to advance exploration activities.

Looking ahead, the joint venture is actively pursuing farm-in partners to support the next phase of exploration, which will likely include further seismic acquisition and ultimately drilling. The upcoming airborne survey results will be pivotal in maturing drill-ready targets and defining the prospective resource potential within PEL 93.

Overall, 88 Energy’s update paints a picture of a company methodically advancing its position in a highly prospective but still emerging hydrocarbon province, leveraging both its own technical work and encouraging regional results to build momentum.