• 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: https://www.bp.com/content/dam/bp/business-sites/en/global/corporate/pdfs/news-and-insights/speeches/speech-archive/future-trends-in-global-oil-and-gas-exploration.pdf

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

• 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.