88 Energy Ltd (AIM:88E, ASX:88E, OTC:EEENF) Limited told investors it has begun a 2D seismic acquisition programme in the Owambo Basin, onshore Namibia.
The explorer holds a 20% interest in the project, in Petroleum Exploration Licence 93 (PEL 93), and it is earning its stake by funding the seismic work.
It aims to acquire around 200-line km of 2D seismic data, with the programme expected to be complete in the third quarter with data processing due to be finished in the fourth quarter.
Data captured in the programme is intended to validate up to 10 known areas of interes, previously identified using airborne gravity and magnetic data.
It is also expected that the programme can be a precursor to the estimation of maiden prospective resources, and help pinpoint potential drilling locations for future campaigns.
“Initial exploration in the Owambo Basin has focused on the shallow Karoo Play, with recent attention turning to the substantial potential of the deeper and largely untested Damara Play,” the company noted in a statement.
88 Energy has the option to earn up to a 45% stake in Owambo, by funding work detailed in its joint venture agreement.
The explorer noted that drilling is soon expected in neighbouring acreage, where a “nearby operator” will drill up to four wells – the company sees this as “ a significant catalyst for understanding the onshore resource potential in Namibia”.
88 Energy’s investments onshore Namibia comes as the country’s offshore oil and gas industry has seen significant stimulus from recent discoveries.