88 Energy Ltd (AIM:88E, ASX:88E, OTC:EEENF) told investors it has hired a contractor for a 2D seismic acquisition program for its exploration project onshore Namibia.
Polaris Natural Resources Development was awarded the contract, for a programme that’s scheduled to start in mid-2024. It will acquire a minimum of 200 kilometres of seismic data.
AIM-quoted 88 Energy is funding the seismic work as part of its farm-in agreement with Monitor Exploration, through which the company is earning its initial 20% interest in the project.
Through the seismic programme, 88 Energy aims to confirm 10 structural closures identified through geophysical methods and existing seismic surveys.
It is designed to support a new maiden prospective resource estimate, and, importantly, will help will inform the selection of exploration drilling locations.
Seismic data capture is expected to be complete by Q3 2024, and the subsequent data processing is anticipated in Q4 2024.
The three-staged farm-in agreement with Monitor can see 88 Energy acquire up to 45% of the project over time.