Monitor Exploration Ltd. plans to drill in Prospect 9 of Petroleum Exploration License 93 (PEL 93) in Namibia’s onshore Owambo basin based on flow tests from nearby PEL 73 , said JV partner 88 Energy Ltd. in a Sept. 1 release.

The PEL 93 joint venture (JV) has formally applied to enter the second renewal exploration period, starting Oct. 3, 2026, with a proposed work program that includes preparation for and drilling of at least one exploration well during the 2-year renewal period. The first exploration well is expected to spud in 2027.

Recent production testing at Kavango West 1X in PEL 73, about 100 km east of PEL 93 within Owambo basin and Damara Fold Belt play, flowed hydrocarbons to surface from both the Elandshoek and Huttenberg formations. These results provide further evidence of a working petroleum system within the basin and continue to de-risk hydrocarbon charge and prospectivity at PEL 93, the company said.

PEL93 covers about 18,500 sq km within the center of Owambo basin. Monitor is confident that prospects have access to an additional source rock. Offset wells demonstrate the potential for improved reservoir quality in both the Otavi carbonate, where Reconnaissance Energy Africa Ltd. declared a discovery, and the younger Mulden clastics which provide a second prospective zone in PEL93.

The JV has undertaken an extensive program of geological and geophysical work across PEL 93 to progressively define basin architecture, mature its exploration inventory, and identify priority drilling locations. Completed work includes acquisition of 203 km of modern vibroseis 2D seismic data, acquisition of about 6,000 line-km of high-resolution airborne gravity, magnetic and radiometric data, integration of seismic, airborne geophysical, well and regional geological datasets, and high-grading of the license’s prospect and lead inventory.

Integration of the airborne survey with the existing datasets has materially improved structural definition across PEL 93 and increased confidence in the geometry of the highest-ranked exploration targets, according the JV.

Prospect 9 in the Damara Fold Belt trend has emerged as the highest-ranked opportunity within the license area and is classified as a drill-ready prospect. The prospect comprises a large anticlinal structure containing multiple stacked reservoir objectives, across three stratigraphic levels and is interpreted to represent a major structural closure, forming part of a broader trend of similarly sized exploration opportunities identified within the retained license area.

The principal exploration target is the Otavi carbonate sequence, with secondary objectives identified within the Kombat sandstone sequence.

The integrated interpretation has also supported the definition of a broader multi-target exploration inventory across PEL 93, comprising Prospect 9 and a further 13 exploration leads. A number of these structures are of comparable scale to Prospect 9 and may warrant further seismic evaluation as future drilling candidates.

PEL 93 unrisked prospective recoverable resources are estimated to be 7.6 billion bbl oil and 32.7 tcf gas.

Entry into the second renewal exploration period and the proposed work program remain subject to approval by the relevant Namibian authorities.

Monitor Exploration is operator of PEL 93 (55%) on behalf of partners 88 Energy (20%), NAMCOR (10%), and Legend Oil Namibia (15%).