The Ministry of Industries, Mines and Energy has extended 88 Energy’s PEL 93 licence until October, allowing for further geophysical surveys and prospect de-risking.
The company says exploration work on its Namibian offshore portfolio is progressing as the joint venture enters a new phase of technical de-risking.
Managing director Ashley Gilbert says the energy ministry has granted an extension of the first renewal exploration period, providing additional time to refine prospectivity and mature drill-ready targets.
Gilbert says near-term work will focus on the acquisition of new geophysical data to strengthen subsurface understanding in areas where multiple structural leads have already been identified.
“A high-resolution gravity survey is planned for the first quarter of the 2026 calendar year, covering the southern area of PEL 93 where several structural leads have been identified,” he says.
He says the survey is intended to support prospect ranking and reduce uncertainty ahead of future drilling decisions.
Gilbert says joint venture partner and operator Monitor Exploration will also undertake an airborne geophysical survey over PEL 93 this year to acquire high-resolution magnetic and gravity data.
According to the company, the programme is expected to improve subsurface imaging, define basin geometry and identify structural features considered critical to hydrocarbon prospectivity.
“The programme will acquire high-resolution magnetic and gravity data to enhance subsurface imaging, better define basin geometry and identify structural features critical to hydrocarbon prospectivity,” Gilbert says.
He says regional exploration activity has strengthened the investment case for PEL 93, citing positive results announced by ReconAfrica from the Kavango West 1X well in December 2025.
88 Energy says the well, located within the same Damara Fold Belt play fairway as PEL 93, has confirmed hydrocarbon-bearing intervals and net pay within the Otavi carbonate sequence.
“Structural trends for the carbonate reservoir targets intersected at Kavango West 1X are interpreted to extend into PEL 93, which lies approximately 200 kilometres to the east,” Gilbert says.
The company says forward plans for the PEL 93 joint venture include defining prospective resource potential across identified leads, progressing farm-in discussions to support the next exploration phase, and preparing for future seismic acquisition and drilling.
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