{"id":15766,"date":"2026-05-13T08:02:37","date_gmt":"2026-05-13T08:02:37","guid":{"rendered":"https:\/\/www.oilnewskenya.com\/?p=15766"},"modified":"2026-05-13T08:02:37","modified_gmt":"2026-05-13T08:02:37","slug":"namibia-88-energy-earns-20-interest-following-amendment-to-the-farm-in-agreement-with-monitor-exploration","status":"publish","type":"post","link":"https:\/\/www.oilnewskenya.com\/index.php\/namibia-88-energy-earns-20-interest-following-amendment-to-the-farm-in-agreement-with-monitor-exploration\/","title":{"rendered":"NAMIBIA: 88 Energy Earns 20 Interest Following Amendment to the Farm-In Agreement with Monitor Exploration"},"content":{"rendered":"\n

88 Energy Limited has provided an update on its interest in Petroleum Exploration Licence 93 (PEL 93<\/strong>), onshore Namibia, following an amendment to the Farm-In Agreement with operator Monitor Exploration Limited (Monitor<\/strong>).<\/p>\n\n\n\n

The amended agreement confirms 88 Energy’s 20% working interest as fully earned and unconditional, simplifies the original structure and removes future funding obligations under the farm-in.<\/strong><\/h4>\n\n\n\n

Monitor has also made available its integrated aerogravity, magnetic and radiometric interpretation, enhancing subsurface understanding at PEL 93, strengthening advanced lead definition and further de\u2011risking key exploration leads.<\/p>\n\n\n\n

Concurrently, 88 Energ says that the ongoing exploration and production testing at the nearby Kavango West-1X well (ReconAfrica owned and operated PEL 73), provides important regional context, with success representing a potential basin\u2011opening event that could materially underpin a re-rate in the value of 88 Energy’s position.<\/p>\n\n\n\n

Amended Farm-in Agreement<\/h2>\n\n\n\n

The amendment resets the commercial framework for PEL 93, to appropriately reflect its evolving technical maturity, align risk and capital exposure with 88 Energy’s broader portfolio strategy and to allow management to maintain focus on its priority Alaska assets while retaining exposure to a potentially basin\u2011opening onshore Namibia play.<\/p>\n\n\n\n

Key terms:<\/h4>\n\n\n\n

\u00b7    Fully vested and unconditional 20% working interest.<\/strong><\/p>\n\n\n\n

\u00b7    Stage 2 and Stage 3 farm<\/strong>\u2011in obligations cancelled<\/strong>, removing reassignment risk and future funding obligations outside the Joint Operating Agreement (JOA<\/strong>).<\/p>\n\n\n\n

\u00b7    Reduces 88 Energy’s minimum financial exposure by US$15 million<\/strong> and preserves balance sheet flexibility.<\/p>\n\n\n\n

\u00b7    Meaningful exposure to frontier basin upside retained,<\/strong> with full non\u2011consent and withdrawal protections under the JOA.<\/p>\n\n\n\n

\u00b7    Clears the way for various to third-party funding structures,<\/strong> including potential introduction of direct third\u2011party funding or the possible formation and public listing of a Namibia\u2011focused entity to hold joint interests in PEL 93, without obligating 88 Energy to fund or underwrite future development.<\/p>\n\n\n\n

\u00b7    Potential participation in upside is preserved,<\/strong> via the option to participate in next-stage funding or structuring solutions.<\/p>\n\n\n\n

PEL 93 Technical Update<\/h2>\n\n\n\n

Monitor has completed an integrated interpretation of the recently acquired airborne gravity, magnetic and radiometric survey data over PEL 93. The work integrated the new datasets with historical 2D seismic, passive seismic and legacy data, including additional 2D seismic shot in late-2024, soil gas sampling and remote sensing.<\/p>\n\n\n\n

Key outcomes:<\/h4>\n\n\n\n

\u00b7    Positive interpretation of results has enhanced the subsurface understanding of the licence area.<\/p>\n\n\n\n

\u00b7    Lead 9 confirmed as a priority future drilling candidate.<\/p>\n\n\n\n

\u00b7    Results support expansion of a multi-lead exploration inventory.<\/p>\n\n\n\n

\u00b7   Improved structural definition across the block, de\u2011risking the exploration inventory beyond structural considerations.<\/p>\n\n\n\n

Monitor also noted the presence of at least one mature source rock demonstrated by oil and gas shows in wells drilled by near\u2011neighbour ReconAfrica to the east of the basin, notably the Kavango West\u20111X well, in combination with legacy geological evidence across the basin.<\/p>\n\n\n\n

Further, reservoirs and seals were identified in both the Mulden and Otavi sections in the Etosha\u20115\u20111A well drilled in the western part of the basin in 1991, which are expected to continue into the central basin.<\/p>\n\n\n\n

Importantly, PEL 93 lies away from an igneous complex identified in the eastern basin that appears to have degraded reservoir quality in some nearby wells, and benefits from increased Mulden shale content that may improve seal capacity and reservoir preservation.<\/p>\n\n\n\n

Newly generated advanced lead maps illustrate the structural configuration of Lead 9 and surrounding leads, highlighting multiple robust closures across the licence.<\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Regional Exploration Activity<\/h2>\n\n\n\n

Activity across the Owambo Basin continues to build, with ReconAfrica progressing production testing at the Kavango West-1X discovery in adjacent PEL 73.<\/p>\n\n\n\n

This work is expected to provide critical insight into hydrocarbon deliverability and inform broader basin potential. Success would represent a basin-opening event, with direct positive implications for the prospectivity of PEL 93.<\/p>\n","protected":false},"excerpt":{"rendered":"

88 Energy Limited has provided an update on its interest in Petroleum Exploration Licence 93 (PEL 93), onshore Namibia, following an amendment to the Farm-In Agreement with operator Monitor Exploration … Read More<\/a><\/p>\n","protected":false},"author":2,"featured_media":15768,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_feature_clip_id":0,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":false,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"font":"","enabled":false},"version":2},"jetpack_post_was_ever_published":false},"categories":[7442,7445,11],"tags":[11398,12489,11397,1675,11507,10018,7589],"class_list":["post-15766","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-countries","category-southern-africa","category-top-news","tag-88-energy","tag-kavango-west-1x-well-2","tag-monitor-exploration","tag-namibia","tag-owambo-basin","tag-pel-93","tag-reconafrica","entry"],"jetpack_publicize_connections":[],"jetpack_featured_media_url":"https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2026\/05\/Namibia-Monitor-Exploration.png?fit=550%2C516&ssl=1","jetpack_shortlink":"https:\/\/wp.me\/p5JWkQ-46i","jetpack-related-posts":[{"id":14054,"url":"https:\/\/www.oilnewskenya.com\/index.php\/namibia-88-energy-executes-3-stage-farm-in-agreement-with-monitor-exploration-for-pel-93\/","url_meta":{"origin":15766,"position":0},"title":"NAMIBIA: 88 Energy Executes 3-stage Farm-in Agreement\u00a0with Monitor Exploration\u00a0for PEL 93","author":"","date":"November 13, 2023","format":false,"excerpt":"88 Energy LimitedHAS announceD the execution of a three stage farm-in agreement with a wholly-owned subsidiary of Monitor Exploration Limited to earn up to a 45% non-operated working interest in onshore\u00a0Petroleum Exploration Licence 93 (PEL 93), located in the Owambo Basin, Republic of Namibia (Namibia). Farm-In Agreement Highlights \u00b7\u00a0\u00a0\u00a0Farm-In Agreement\u2026","rel":"","context":"In "Countries"","block_context":{"text":"Countries","link":"https:\/\/www.oilnewskenya.com\/index.php\/category\/countries\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2023\/11\/Namibia-PEL-93.png?fit=562%2C549&ssl=1&resize=350%2C200","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2023\/11\/Namibia-PEL-93.png?fit=562%2C549&ssl=1&resize=350%2C200 1x, https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2023\/11\/Namibia-PEL-93.png?fit=562%2C549&ssl=1&resize=525%2C300 1.5x"},"classes":[]},{"id":14233,"url":"https:\/\/www.oilnewskenya.com\/index.php\/namibia-88-energy-acquires-20-wi-in-pel-93\/","url_meta":{"origin":15766,"position":1},"title":"NAMIBIA: 88 Energy Acquires 20% WI in PEL 93","author":"","date":"February 22, 2024","format":false,"excerpt":"88 Energy Limited has announced the successful WI Transfer by Monitor Exploration Limited to 88 Energy in relation to Petroleum Exploration Licence 93 (PEL 93), located in the Owambo Basin, Republic of Namibia following receipt of the approval of the Ministry of Mines and Energy. In November 2023 88 Energy,\u2026","rel":"","context":"In "Countries"","block_context":{"text":"Countries","link":"https:\/\/www.oilnewskenya.com\/index.php\/category\/countries\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2024\/02\/Namibia-PEL-93.png?fit=562%2C549&ssl=1&resize=350%2C200","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2024\/02\/Namibia-PEL-93.png?fit=562%2C549&ssl=1&resize=350%2C200 1x, https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2024\/02\/Namibia-PEL-93.png?fit=562%2C549&ssl=1&resize=525%2C300 1.5x"},"classes":[]},{"id":14495,"url":"https:\/\/www.oilnewskenya.com\/index.php\/namibia-88-energy-provides-pel-93-update\/","url_meta":{"origin":15766,"position":2},"title":"NAMIBIA: 88 Energy Provides PEL 93 Update","author":"","date":"September 2, 2024","format":false,"excerpt":"In November 2023 88 Energy, via its wholly-owned Namibian subsidiary, executed a three-stage farm-in agreement (FOA) for up to a 45% non-operated working interest in the onshore Petroleum Exploration Licence (PEL 93) covering 18,500km2 of underexplored acreage within the Owambo Basin in Namibia.\u00a0 In February 2024, the Company announced the\u2026","rel":"","context":"In "Countries"","block_context":{"text":"Countries","link":"https:\/\/www.oilnewskenya.com\/index.php\/category\/countries\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2024\/07\/Namibia-PEL-93-1.png?fit=562%2C549&ssl=1&resize=350%2C200","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2024\/07\/Namibia-PEL-93-1.png?fit=562%2C549&ssl=1&resize=350%2C200 1x, https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2024\/07\/Namibia-PEL-93-1.png?fit=562%2C549&ssl=1&resize=525%2C300 1.5x"},"classes":[]},{"id":14391,"url":"https:\/\/www.oilnewskenya.com\/index.php\/namibia-88-energy-commences-2d-seismic-acquisition-program-for-pel-93\/","url_meta":{"origin":15766,"position":3},"title":"NAMIBIA: 88 Energy Commences 2D Seismic Acquisition Program for PEL 93","author":"","date":"July 8, 2024","format":false,"excerpt":"88 Energy Limited has announced the commencement of the 2D seismic data acquisition program for PEL 93. The program has been designed to acquire approximately 200-line km of 2D seismic data. PEL 93 covers 18,500km2 of underexplored sub-surface within the Owambo Basin in Namibia. 88 Energy, through its wholly-owned Namibian\u2026","rel":"","context":"In "Countries"","block_context":{"text":"Countries","link":"https:\/\/www.oilnewskenya.com\/index.php\/category\/countries\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2024\/07\/Namibia-Owambo-Basin.png?fit=621%2C337&ssl=1&resize=350%2C200","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2024\/07\/Namibia-Owambo-Basin.png?fit=621%2C337&ssl=1&resize=350%2C200 1x, https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2024\/07\/Namibia-Owambo-Basin.png?fit=621%2C337&ssl=1&resize=525%2C300 1.5x"},"classes":[]},{"id":15151,"url":"https:\/\/www.oilnewskenya.com\/index.php\/namibia-88-energy-secures-12-month-extension-for-pel-93-to-commence-the-airborne-gravity-survey\/","url_meta":{"origin":15766,"position":4},"title":"NAMIBIA: 88 Energy Secures 12-month Extension for PEL 93 to Commence the Airborne Gravity Survey","author":"","date":"July 4, 2025","format":false,"excerpt":"The Ministry of Mines and Energy of the Republic of Namibia has formally approved a 12-month extension to the First Renewal Exploration Period for PEL 93. Issued under Section 30 (2A) of the Petroleum (Exploration and Production) Act, the extension moves the current expiry date from 2nd October 2025 to\u2026","rel":"","context":"In "Countries"","block_context":{"text":"Countries","link":"https:\/\/www.oilnewskenya.com\/index.php\/category\/countries\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2025\/07\/NAMIBIA-PEL-93.jpg?fit=307%2C280&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":14323,"url":"https:\/\/www.oilnewskenya.com\/index.php\/namibia-88-energy-awards-polaris-2d-seismic-acquisition-contract-for-pel-93\/","url_meta":{"origin":15766,"position":5},"title":"NAMIBIA: 88 Energy Awards Polaris 2D Seismic Acquisition Contract for PEL 93","author":"","date":"May 10, 2024","format":false,"excerpt":"88 Energy\u00a0has announced the awarding of the 2D seismic data acquisition program for\u00a0PEL 93\u00a0to Polaris. This program is set to acquire a minimum of\u00a0~200-line km of low-impact 2D seismic. 88 Energy, through its wholly-owned Namibian subsidiary, holds a 20% working interest in PEL 93, which covers 18,500km2 of underexplored sub-surface\u2026","rel":"","context":"In "Countries"","block_context":{"text":"Countries","link":"https:\/\/www.oilnewskenya.com\/index.php\/category\/countries\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]}],"jetpack_sharing_enabled":true,"jetpack_likes_enabled":true,"_links":{"self":[{"href":"https:\/\/www.oilnewskenya.com\/index.php\/wp-json\/wp\/v2\/posts\/15766","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.oilnewskenya.com\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.oilnewskenya.com\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.oilnewskenya.com\/index.php\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.oilnewskenya.com\/index.php\/wp-json\/wp\/v2\/comments?post=15766"}],"version-history":[{"count":1,"href":"https:\/\/www.oilnewskenya.com\/index.php\/wp-json\/wp\/v2\/posts\/15766\/revisions"}],"predecessor-version":[{"id":15769,"href":"https:\/\/www.oilnewskenya.com\/index.php\/wp-json\/wp\/v2\/posts\/15766\/revisions\/15769"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.oilnewskenya.com\/index.php\/wp-json\/wp\/v2\/media\/15768"}],"wp:attachment":[{"href":"https:\/\/www.oilnewskenya.com\/index.php\/wp-json\/wp\/v2\/media?parent=15766"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.oilnewskenya.com\/index.php\/wp-json\/wp\/v2\/categories?post=15766"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.oilnewskenya.com\/index.php\/wp-json\/wp\/v2\/tags?post=15766"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}