Monitor Exploration receives extension to PEL 93, onshore Namibia

Monitor Exploration Ltd. received an extension for petroleum exploration license 93 (PEL 93) in Owambo basin, onshore Namibia, from The Ministry of Mines and Energy of the Republic of Namibia, joint venture partner 88 Energy Ltd. said in a July 2 release.

The ministry formally approved a 12-month extension to the first renewal exploration period, moving the expiration date to Oct. 2, 2026. Work commitments under the extension include acquisition of an airborne gravity and magnetic survey, supplemented by radiometric data, integration of datasets to support drilling location selection, completion of an environmental impact assessment (EIA) for drilling, and a minimum gross spend of $800,000.

The joint venture partners is preparing to begin an airborne gravity survey in second-half 2025 focusing on the southern portion of the license area. This follows the identification of Lead 9, a large anticlinal structure, during a 2024 2D seismic program. Lead 9 is similar to Recon Africa's Kavango West 1X well in that both show a large structural closure including the shallow clastic reservoirs, the deeper Otavi carbonate reservoir seen in Naingopo-1 and the deeper source rocks, 88 Energy said.

The regional structural model suggests the presence of a series of similar features extending across southern Owambo basin, the company continued. Early gravity and radiometric data suggest even larger structural leads may be present in southeast of the block.

PEL 93 contains an 18,500 sq km onshore acreage position comprising Blocks 1717 and 1817 in Owambo basin. In 2024, 88 Energy entered into a three-stage farm-in agreement (FOA) for up to a 45% non-operated working interest in the license (OGJ Online, Jan. 30, 2024). Subsequently, 88 Energy transferred 20% working interest to operator Monitor Exploration Ltd. as part of Stage 1 of the FOA.