Oil exploration company 88 Energy has launched a 2D seismic acquisition program for petroleum exploration license (PEL) 93 in the Owambo Basin, onshore Namibia.
The acquisition program contract was awarded to mining resource company Polaris, which mobilized its vibroseis units and recording equipment to the site in late-June.
“The commencement of the 2D seismic acquisition program for Petroleum Exploration License 93 is an important step in advancing our understanding of our vast, underexplored acreage position in the Owambo Basin in Namibia,” stated 88 Energy Managing Director Ashley Gilbert.
Situated within the uncharted Damara system, the program covers 18,500km2 and is designed to gather approximately 200-line km of 2D seismic data. The data will be used as part of a validation process for up to 10 independent structural closures identified from prior airborne gravity and magnetic data.
The acquisition is expected to be completed by Q3 2024, with data processing scheduled to conclude by Q4. Results from the acquisition will be integrated with existing exploration data to refine current prospect interpretation and identify future potential drilling locations.
88 Energy is expected to deliver maiden prospective resources and pinpoint future drilling locations within 12 months of data acquisition.
88 Energy holds a 20% working interest in PEL 93 and has the option to earn up to a 45% stake through additional staged farm-in activities.
