88 Energy Ltd (AIM:88E, ASX:88E, OTC:EEENF) has announced the successful completion of its 2D seismic processing over Petroleum Exploration Licence 93 (PEL 93), located in the Owambo Basin, Namibia.
Initial analysis of the processed seismic data has validated potential leads previously identified using legacy datasets, 88 Energy said in a statement.
The exploration company now anticipates it will complete new resource estimates and select future well locations by the end of the first quarter of 2025.
88 Energy noted that the seismic data covered 203 line-kms captured in the second quarter of 2024, and it was processed by Canadian seismic data specialist Earth Signal.
It identified several significant structures with a “high signal-to-noise” ratio across all nine seismic lines.
The company highlighted that the data suggests that "Lead 9," described as a large structural feature spanning approximately 186 square kms, has clear access to hydrocarbons from central basin source rocks.
The company anticipates completing the resource estimates and drilling location selection by the first quarter of 2025, and said it expects its efforts may be bolstered by nearby exploration results from Reconnaissance Energy Africa Ltd (TSX-V:RECO, OTCQX:RECAF)’s Naingopo-1 well, which is currently underway.
Specifically, 88 Energy noted that the next phase of work will assess the Mulden and Otavi reservoirs to pinpoint future drilling locations across the 18,500 km² license area.
88 Energy has a 20% working interest in PEL 93 through its Namibian subsidiary, with an option to increase to 45% through further farm-in activities.