In November 2023, 88 Energy Limited (ASX:88E, AIM:88E, OTC:EEENF) (88 Energy or the Company), through its wholly-owned Namibian subsidiary, entered into a three-stage farm-in agreement (FOA) for up to a 45% non-operated working interest (WI) in the onshore Petroleum Exploration Licence (PEL 93). This licence covers 18,500km2 of underexplored acreage within the Owambo Basin in Namibia. 

In February 2024, the Company announced the successful transfer of a 20% WI by operator, Monitor Exploration Limited (Monitor), as part of Stage 1 of the FOA. 

Monitor completed the processing and interpretation of the 2D seismic data for the exploration programme on PEL 93. Click here for the ASX Announcement providing an update on activities and key highlights related to PEL 93 as of 2 July 2025.