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

88 EnergyAnnouncement

08/07/2024 07:00

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RNS Number : 4655V  88 Energy Limited  08 July 2024

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 18,500km(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.

 

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

 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

 

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