Exploration and production firm 88 Energy has awarded a contract to seismic company Polaris Natural Resource Development for a 2D seismic acquisition program in Petroleum Exploration License (PEL) 93 – located onshore Namibia in the Owambo Basin.
Under the terms of the contract, Polaris will acquire a minimum of 200 km of 2D seismic data. The data acquisition is expected to start in mid-2024 following a period of planning, public consultation and approvals, and aims to be complete by Q3, 2024. The processing of the data is anticipated to be complete by Q4, 2024.
The data will allow 88 Energy to validate 10 independent structural closures identified from airborne geophysical methods. The company plans to spud an exploration well in the second half of 2025, using the results of the seismic program to fast-track drilling.
The seismic program was funded as part of 88 Energy’s acquisition of a 20% working interest in PEL 93 from Monitor Exploration Namibia in February 2024. The acquisition provides 88 Energy with the option to earn up to a 45% non-operated working interest in PEL 93 via an existing three-stage farm-in agreement.
