By Josh White
Date: Friday 10 May 2024
LONDON (ShareCast) - (Sharecast News) - 88 Energy announced the awarding of a contract for a 2D seismic acquisition programme for its PEL 93 licence in Namibia on Friday.
The AIM-traded firm said the contract was awarded to Polaris Natural Resources Development.
It described the seismic programme as a crucial step in the exploration process, which it had already paid for as part of its farm-in agreement with Monitor Exploration Namibia, allowing it to earn its initial 20% working interest in PEL 93.
The seismic programme aimed to acquire a minimum of around 200 line kilometres of 2D seismic data, with data acquisition set to start in mid-2024.
It said the data would be instrumental in validating 10 independent structural closures identified from airborne geophysical methods and existing 2D seismic data.
The ultimate goal was to declare a maiden prospective resource, enhancing the understanding of the potential of PEL 93.
Covering a 18,500 square kilometre onshore acreage position comprising blocks 1717 and 1817 in the Owambo Basin, Namibia, PEL 93 reportedly had significant exploration potential.
Through the farm-in agreement, 88 Energy had the opportunity to earn up to a 45% non-operated interest in the licence.
The company also said that the plans of a nearby operator to drill three to four wells in the Owambo Basin, with the first well expected to be spud in mid-2024, represented a significant catalyst for understanding the onshore resource potential in Namibia.
At 1045 BST, shares in 88 Energy were down 0.63% at 0.16p.
Reporting by Josh White for Sharecast.com.
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Currency | UK Pounds |
Share Price | 0.090p |
Change Today | 0.008p |
% Change | -7.69 % |
52 Week High | 0.38 |
52 Week Low | 0.090 |
Volume | 12,408,428 |
Shares Issued | 28,934m |
Market Cap | £26.04m |
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No dividends found |
Time | Volume / Share Price |
16:35 | 250,000 @ 0.090p |
16:35 | 250,000 @ 0.090p |
15:42 | 159,999 @ 0.099p |
15:20 | 58,347 @ 0.099p |
12:58 | 3,763 @ 0.097p |
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