REG - 88 Energy Limited - 2D Seismic Acquisition Completed for PEL 93

88 EnergyAnnouncement

24/07/2024 07:00

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RNS Number : 6190X  88 Energy Limited  24 July 2024

This announcement contains inside information

24 July 2024

 

 

88 ENERGY LIMITED

2D SEISMIC ACQUISITION COMPLETED

FOR PEL 93, OWAMBO BASIN, NAMIBIA

 

Highlights

·   The 2D seismic acquisition program for Petroleum Exploration Licence 93
(PEL 93 or the Licence) over the Owambo Basin, Namibia, completed on time and
within budget with no recordable safety incidents.

·   Program successfully acquired 203-line km of 2D seismic data using
Polaris' vibroseis crew.

·   Data processing is ongoing, both in the field and at Earth Signal
Processing in Calgary, with final interpretation expected by Q4 2024.

·   New 2D seismic data will be used as part of the validation process for
a number of the ten (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.

 

 

 

88 Energy Limited (ASX:88E, AIM:88E, OTC:EEENF) (88 Energy or the Company) is
pleased to announce that the 2D seismic data acquisition program for PEL 93
over the Owambo Basin, Namibia, has been completed on time and within budget
with no recordable safety incidents.

 

 

The program acquired 203 line-km of 2D seismic data utilising Polaris'
vibroseis crew. The program was carried out in favourable weather conditions,
with reliable and well-calibrated seismic sources and receivers, and real-time
quality control and monitoring. As a result, the captured data is of high
quality and demonstrates considerably better seismic signal strength,
frequency content, and integrity than the previously acquired Accelerated
Weight Drop trial lines 1  (#_ftn1) . Vibroseis technology was selected due to
its reputation for repeatability, controllable energy and bandwidth.

 

 1  Monitor Exploration Limited acquired 60km of Accelerated Weight Drop trial
lines in 2023.

This outcome validates the selection of acquisition method for PEL 93 and is
expected to deliver an excellent image for the accurate interpretation of the
subsurface geological structures of the Damara play. Processing of the data is
ongoing both in the field, where quality control stacks continue to be
produced, and at Earth Signal Processing in Calgary, the onshore,
high-resolution 2D seismic data processing specialists responsible for
finalising the imaging of the dataset. Interpretation of the new lines is
currently expected in Q4 2024.

Results from the new 2D seismic data will be integrated with existing
historical exploration data to refine current prospect interpretation.
Determination of the size and quality of a number of the Damara fold
structures that are expected to be present in PEL 93 is the key purpose of the
program; this work will form the basis for an independent Certified
Prospective Resource assessment. This will allow for more accurate drilling
location identification and enable planning for potential future drilling
events.

 

Damara Play Exploration Drilling Update

On 7 July 2024, our near neighbour Reconnaissance Energy Africa Ltd (Recon
Africa) spudded their first well Naingopo-1 on Petroleum Exploration Licence
73 (PEL 73) in the Owambo Basin. This is modelled to be a continuation of the
interpreted opportunity at PEL 93. Subsequently, growth-focused oil and gas
acquisition, development, and production company BW Energy Limited (BW Energy)
farmed into Recon Africa's Namibian acreage. BW Energy acquired a 20% working
interest in PEL 73, with a US$16 million equity investment, to participate in
two Damara Fold Belt exploration wells and a 3D seismic program, with an
option to participate in two Rift Basin exploration wells over a 2-year
period. This new investment demonstrates strong industry and capital market
support for the potential of the Owambo Basin, and in particular, the Damara
Play.

PEL 93, Owambo Basin, Onshore Namibia

 

PEL 93 covers 18,500km(2) 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.   Completion
of more than 200 line-km of 2D seismic data fulfils the required licence
commitment for the First Renewal Exploration period.

 

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

 Fivemark Partners, Investor and Media Relations
 Michael Vaughan                                  Tel: +61 (0)422 602 720

 EurozHartleys Ltd
 Dale Bryan                                       Tel: +61 (0)8 9268 2829

 Cavendish Capital Markets Limited                Tel: +44 (0)207 220 0500
 Derrick Lee                                      Tel: +44 (0)131 220 6939
 Pearl Kellie                                     Tel: +44 (0)131 220 9775

 

(#_ftnref1)

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