88 Energy Limited (DI) (88E)

Sector:

Energy Producers

Index:

FTSE AIM All-Share

 1.15p
   
  • Change Today:
      0.000p
  • 52 Week High: 3.31
  • 52 Week Low: 1.05
  • Currency: UK Pounds
  • Shares Issued: 1,157.35m
  • Volume: 10,241
  • Market Cap: £13.31m

88 Energy upbeat on PEL 93 initial seismic data

By Josh White

Date: Tuesday 10 Dec 2024

LONDON (ShareCast) - (Sharecast News) - 88 Energy announced the initial interpretation of 2D seismic data for its PEL 93 exploration licence in Namibia's Owambo Basin on Tuesday, which were processed by Monitor Exploration and confirmed 10 independent structural leads.

The AIM-traded firm said the seismic data revealed multiple structural closures in the southern area of the licence, with some individual leads spanning about 100 square kilometers and showing prominent vertical relief.

It said the leads demonstrated clear hydrocarbon charge potential, supported by source rocks beneath the prospects and in the northern kitchen area.

The findings reinforced the licence's potential as a promising exploration opportunity.

PEL 93, covering 18,500 square kilometers, is operated by Monitor Exploration, which holds a 55% working interest.

88 Energy, through its subsidiary, holds a 20% stake, with the option to increase it to 45% under the 2024 work programme.

Other stakeholders included Legend Oil Namibia at 15%, and Namibia's national oil company Namcor at 10%.

88 Energy said further analysis would integrate well log data, airborne geophysics, soil geochemistry, and seismic results, with a prospective resource estimate expected by the first half of 2025.

Early findings suggested an active petroleum system, supported by ethane concentrations in soil samples and passive seismic anomalies aligning with the identified structural closures.

Future work could include additional 2D seismic acquisition, particularly over newly-identified leads, before advancing to a single well commitment as part of the exploration programme.

The next steps remained subject to exploration outcomes, government approvals, and joint venture agreements.

At 1537 GMT, shares in 88 Energy were down 5.55% at 0.09p.

Reporting by Josh White for Sharecast.com.

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88E Market Data

Currency UK Pounds
Share Price 1.15p
Change Today 0.000p
% Change 0.00 %
52 Week High 3.31
52 Week Low 1.05
Volume 10,241
Shares Issued 1,157.35m
Market Cap £13.31m

88E Star Ratings

Compare performance with the sector and the market.
more star ratings
Key: vs Market vs Sector
Value
72.42% above the market average72.42% above the market average72.42% above the market average72.42% above the market average72.42% above the market average
88.57% above the sector average88.57% above the sector average88.57% above the sector average88.57% above the sector average88.57% above the sector average
Price Trend
93.84% below the market average93.84% below the market average93.84% below the market average93.84% below the market average93.84% below the market average
80.82% below the sector average80.82% below the sector average80.82% below the sector average80.82% below the sector average80.82% below the sector average
Income Not Available
Growth
20.06% above the market average20.06% above the market average20.06% above the market average20.06% above the market average20.06% above the market average
31.91% above the sector average31.91% above the sector average31.91% above the sector average31.91% above the sector average31.91% above the sector average

88E Dividends

No dividends found

Trades for 30-May-2025

Time Volume / Share Price
08:07 7,786 @ 1.13p
08:07 2,038 @ 1.13p
08:00 336 @ 1.13p
08:00 81 @ 1.13p

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