Well-defined sedimentary basin with proven oil charge, reservoirs and seals

• A series of large, anticlinal structures have been identified in the onshore Owambo Basin, collectively expected to represent a multi-billion-barrel exploration opportunity
• Initial exploration in the Owambo basin has focused on the shallow, “Karoo play” however attention has turned to the significant potential of the deeper largely untested “Damara Play”
• The Damara play resulted from a large fold and thrust episode, providing significant independent targets for exploration of an equivalent size to those discovered offshore Namibia where an exploration renaissance is underway with ~88% success rate with recent wells discovering oil
• Monitor have utilised a range of geophysical and geochemical techniques to identify and validate the significant potential of the acreage

Figure: Idealised Owambo basin cross section highlighting critical elements of the recently identified Damara Play, with noted untested potential oil pay highlighted in green^{1, 2}

1. Recon 6-2 well resides approximately 250km east of PEL 93 
2.Structures within PEL 93 to be validated by 2024 2D seismic program

The forward work-program is subject to exploration results and relevant Government and Joint Venture approvals. 

1.For more information on Monitor’s assessment of PEL93 and their prior work-program and review of the resource potential visit https://www.monitorexploration.com/
2.Initial exploration period extended by two months to October 2023