REG - 88 Energy Limited - Seismic Processing Complete PEL 93

88 EnergyAnnouncement

31/10/2024 07:00

For best results when printing this announcement, please click on link below:
https://newsfile.refinitiv.com/getnewsfile/v1/story?guid=urn:newsml:reuters.com:20241031:nRSe3860Ka&default-theme=true

RNS Number : 3860K  88 Energy Limited  31 October 2024

This announcement contains inside information

31 October 2024

 

 

88 ENERGY LIMITED

SEISMIC PROCESSING COMPLETE, SIGNIFICANT STRUCTURES CONFIRMED

PEL 93, OWAMBO BASIN, NAMIBIA

 

88 Energy Limited (ASX:88E, AIM:88E, OTC:EEENF) (88 Energy or the Company) is
pleased to announce the completion of 2D seismic processing over Petroleum
Exploration Licence 93 (PEL 93) in the Owambo Basin, Namibia.

Important Outcomes

·    Significant structures have been identified in the processed data,
which is yet to be interpreted in-house.

·    Effective acquisition parameters and high-quality data confirmed,
with processed data showing good signal-to-noise ratio across all nine
acquired seismic lines.

·    Interpretation of the new data will commence shortly in collaboration
with our Joint Venture (JV) partner, Monitor Exploration Limited (MEL).

·    Programme designed to enable an independent estimation of a maiden
independent Prospective Resource for PEL 93 and identify potential future
drilling locations.

·    Volumetrics are anticipated to estimate a significant prospective
resource from Mulden (Upper and Lower) and Otavi reservoirs, validating PEL 93
as a project with material scale and opportunity.

 

 

 

 

Figure 1: Aerial and 3D view of 2D lines and pre-seismic lead inventory
(structural leads derived from airborne gravity data).

 

The processing, conducted by Earth Signal in their Canadian offices, covered
203 line-km of 2D seismic data. Earth Signal's expertise in land seismic data
processing has produced an exceptional image, enabling detailed interpretation
of the Damara play in both the Mulden and Otavi reservoir targets.

 

 

Image 1: Acquisition of 203-line KM's of 2D seismic occurred in Q2 2024

A preliminary review of the 2D seismic data validates the interpretation of
several leads previously identified on legacy datasets. Initial structural
interpretation, which used the dimensions and orientation of an analogous
anticline studied in an outcrop to the south, has been completed by the
Company's JV partner, MEL. This analysis highlights Lead 9 as a very robust,
high-relief structure covering approximately 186 km(2), with clear access to
charge from the source rock interval in the centre of the basin.

 

Figure 2: Extract of 2D line and initial interpreted horizons and leads.

Figure 3: Conceptual Owambo Basin cross section highlighting critical elements
of the recently identified Damara Play, with noted untested potential oil pay
highlighted in green.

 

88 Energy and MEL will soon commence a detailed interpretation of the new 2D
seismic data to update the prospect inventory and aim to attain a maiden
independent Prospective Resource classification by Q1 2025. This work
programme will include mapping and assessing potential drilling locations
within the PEL 93 acreage, informed by insights from Recon Africa's Naingopo-1
well on nearby PEL 73. Volumetrics are anticipated to estimate a significant
prospective resource from Mulden (Upper and Lower) and Otavi reservoirs,
validating PEL 93 as a project with material scale and opportunity.

 

Forward Work-Program

 

Damara Play Exploration Drilling Update

In October 2024, our near neighbour, Reconnaissance Energy Africa Ltd (Recon
Africa) announced that the Naingopo-1 well on Petroleum Exploration Licence 73
(PEL 73) in the Owambo Basin is ongoing, with results anticipated in the next
few weeks. The Naingopo-1 well is the first drilled by Recon Africa
specifically targeting the Damara play, which is the same play interpreted by
88 Energy and its JV partner in the PEL 93 acreage. This recent activity has
drawn considerable attention from the oil and gas community, with Recon Africa
announcing a farm-out to BW Energy prior to the Naingopo-1 spud, validating
the efforts of Recon Africa and its peers in the basin to date.

 

PEL 93, Owambo Basin, Onshore Namibia

PEL 93 covers 18,500km(2) of underexplored sub-surface within the Owambo
Basin, 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 the acquisition and processing of more than 200 line-km of 2D seismic data
fulfils the required licence commitment for the First Renewal Exploration
period.

 

 

Figure 4: Location of PEL 93, onshore Owambo Basin, Namibia

 

 

This announcement has been authorised by the Board.

 

 

Media and Investor Relations

 

 88 Energy Ltd

 Ashley Gilbert, Managing Director
 Ashley Gilbert, Managing Director
 Tel: +61 (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 (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

 

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact
rns@lseg.com (mailto:rns@lseg.com)
 or visit
www.rns.com (http://www.rns.com/)
.

RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our
Privacy Policy (https://www.lseg.com/privacy-and-cookie-policy)
.   END  UPDQKDBPPBDKDKN