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88 Energy (ASX:88E) has revealed it’s set to kick off a 2D seismic run in Namibia on ground overlying what the company believes to be oil-bearing geology.
The company has seen the contract awarded to Polaris Natural Resources Development. The cost of works is already covered by way of a farm-in deal with Monitor Exploration, a local privately held entity.
The latter can win a 20% stake in the project by way of funding the seismic campaign. 200km worth of lines will be covered overheard with data collection starting “mid-year.”
Ultimately, geotechs are seeking to better refine data currently shaped up around 10 independent targets of interest across the onshore play – with a boundary envelope of some 18,500sq.km.
The company also has its eyes on a “nearby operator” set to spud a well in the same geological area, the Owambo Basin, which 88 Energy expects to give it some clues on what to expect.
The company is hopeful it can get to a potential first exploration well in the second half of the 2025 calendar year.
88E last traded at 0.4cps.
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