LONDON (ShareCast) - (Sharecast News) - 88 Energy announced that it has secured a 12-month extension to its Petroleum Exploration Licence 93 (PEL 93) in Namibia's Owambo Basin on Wednesday, and has launched a new exploration programme targeting a potential basin-opening discovery.
The AIM-traded firm said the extension, granted by Namibia's Ministry of Mines and Energy, extended the first renewal exploration period to 2 October 2026.

It said the amended work programme, agreed with joint venture partner Monitor Exploration, included a high-resolution airborne gravity, magnetic and radiometric survey scheduled for the second half of 2025.

The survey would focus on the southern portion of PEL 93, where a major anticlinal structure known as 'Lead 9' has been identified in recent seismic data.

Lead 9 exhibits structural closure at multiple reservoir levels, including the Otavi carbonate, and is considered the primary drilling target.

"Our early results are pointing to something potentially significant in the southern area of PEL 93 in the Owambo Basin," the operator, Monitor, said.

"With multiple datasets aligning and the prospect of even larger structures emerging, the joint venture is building momentum towards a drilling event and what could be a basin-opening discovery with broad implications for all of Namibia."

The revised Stage 1A work programme also included a certified prospective resource report, environmental impact assessment for drilling, and identification of potential drilling locations.

88 Energy and Monitor would share costs equally under a $1m cap.

The joint venture noted that ReconAfrica's upcoming Kavango West 1X exploration well in the adjacent Damara Fold Belt could serve as a regional catalyst.

That well was targeting a similarly large fold structure and was scheduled to spud later this year.

88 Energy holds a 20% working interest in PEL 93.

The company said the combination of the licence extension, new exploration work and strengthening regional activity positioned the joint venture to play a key role in the next phase of exploration in Namibia's onshore Owambo Basin.

At 1016 BST, shares in 88 Energy were up 2.33% at 1.1p.

Reporting by Josh White for Sharecast.com.

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