Key insights from seismic data analysis

88 Energy (ASX:88E) has announced the initial interpretation results of its 2D seismic data for Petroleum Exploration Licence 93 (PEL 93) in Namibia's Owambo Basin. The analysis, conducted by Monitor Exploration Limited, identified ten significant structural closures, indicating potential hydrocarbon leads. These findings are primarily located in the southern area of PEL 93. The company plans to further validate these results and integrate additional data to enhance exploration efforts.

Strategic plans and future outlook

88 Energy's recent seismic data interpretation in PEL 93 suggests promising hydrocarbon potential with ten significant structural closures identified. The company aims to independently verify these findings and integrate them with additional data. A prospective resource estimate is anticipated by mid-2025, with the potential to increase its working interest from 20% to 45% under a Farm-In Agreement. This strategic move aligns with 88 Energy's ambition to enhance its exploration capabilities and resource potential in the Owambo Basin.

Executive commentary on seismic findings

The initial interpretation of the 2D seismic data in PEL 93 has identified multiple significant structural closures, which is a promising development for the exploration program. We are committed to validating these findings independently and integrating them with other data sources such as well logs and airborne geophysics. Our goal is to complete a prospective resource estimate by the first half of 2025.