Key facts about 88 Energy's seismic contract award

88 Energy Limited (ASX: $88E) has awarded the 2D seismic data acquisition program for Petroleum Exploration Licence 93 (PEL 93) to Polaris Natural Resources Development Ltd. The program, already paid for as part of the farm-in agreement with Monitor Exploration (Namibia) Pty Ltd, aims to acquire a minimum of ~200-line km of 2D seismic, with data acquisition set to commence mid-2024. The data will be used to validate 10 independent structural closures identified from airborne geophysical methods in pursuit of a maiden prospective resource declaration. 88 Energy holds a 20% working interest in PEL 93 and can earn up to a 45% non-operated interest via farm-in.

Executive commentary on the seismic contract award

We are pleased to announce the awarding of the 2D seismic data acquisition program for PEL 93 to Polaris. This program is a significant step in our exploration efforts in Namibia, as it will provide crucial data to validate structural closures and pursue a maiden prospective resource declaration. The vast acreage of PEL 93 holds considerable potential, and we are committed to leveraging this opportunity to fast-track drilling and unlock the onshore resource potential in Namibia. The seismic program is expected to be completed in Q3 2024, with processing of the data anticipated to be finished in Q4 2024, paving the way for identifying possible exploration drilling locations.

Summary of 88 Energy's seismic contract award and outlook

88 Energy Limited (ASX: $88E) has awarded the 2D seismic data acquisition program for PEL 93 to Polaris, marking a significant milestone in its exploration endeavors. The program aims to validate structural closures and pursue a maiden prospective resource declaration using the acquired data. With the potential for more leads to be identified as the dataset is expanded, the company is targeting the fast-tracking of drilling, with the first potential exploration well expected as early as 2H 2025. The seismic program is expected to provide crucial insights that will guide the identification of possible exploration drilling locations. Additionally, the identification of significant new structural play in the Owambo Basin further underscores the promising nature of this exploration initiative. As the program progresses, 88 Energy remains focused on leveraging this opportunity to unlock the substantial resource potential in Namibia and achieve its exploration goals.