88 Energy Limited (ASX:88E, AIM:88E, OTC:EEENF) (88 Energy or the Company) is pleased to announce the execution of a three stage farm-in agreement (Farm-In Agreement) with a wholly-owned subsidiary of Monitor Exploration Limited (Monitor) to earn up to a 45% non-operated working interest in onshore Petroleum Exploration Licence 93 (PEL 93), located in the Owambo Basin, Republic of Namibia (Namibia). 


  • Licence PEL 93 covers a vast 18,500 km2 acreage position, comprising blocks 1717 and 1817
  • PEL 93 occupies prime real estate in the Central Owambo Basin
  • Licence area equivalent in size to the entire (state-owned) North Slope of Alaska for big-hit discovery potential

Note: Maps are drawn in equivalent scales

  • The (arctic) North Slope of Alaska and African Continent share a commonality in oil and gas exploration, thought to be two of the last remaining global jurisdictions for true large-scale discovery potential
  • A high-profile paper published by BP (LSE: BP) highlighted Sub-Saharan Africa to be one of the few remaining underexplored conventional exploration regions globally1
  • The Owambo basin was identified alongside the prolific Congo basin as being one of the last remaining onshore frontier basins globally
  • Historical geopolitical sentiment has deterred oil and gas investment in the region. Following recent large Namibian oil and gas discoveries, there has been renewed interest in the region
  • Namibia is a politically stable country and accepting of international investment
  • A largely untouched basin is thought to exist, with a linked belt of structures (Southern Trans-African Rift and Shear System) stretching from the East African Rift to the Namibian Coast
  • Recent drilling results in nearby acreage within the Owambo Basin has highlighted the potential of a new and underexplored conventional oil and gas play – the Damara Fold belt

1.Retrieved 17 October 2023 from:

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 green1, 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

  • 88E’s farm-in enables fast-track near-term drilling, with the first exploration well planned for as early as 2H 2025
  • Initial program focused on the southern opportunity of the large acreage position, with further potential yet to be unlocked in the northern areas of the acreage
  • Independent resource certifiers scheduled to be engaged 2024, post the 2D seismic program, to validate Monitor’s internal resource assessment1
  • Monitor’s rich network of in-country exploration experience to be leveraged to unlock the full potential of blocks 1717 and 1817
  • The Damara Fold Belt Prospect L is expected to be spudded in the Owambo Basin by a near field Operator (TSX Listed Recon Africa, $200m Market Cap.) in mid-2024


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
2.Initial exploration period extended by two months to October 2023

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“The execution of this farm-in agreement with Monitor provides 88 Energy and its shareholders with a fantastic opportunity to earn a significant working interest in a very large scale, highly prospective, under-explored acreage position on attractive and logically staged commercial terms". Ashley Gilbert, Managing Director

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