NAMIBIA: 88 Energy Commences 2D Seismic Acquisition Program for PEL 93

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 subsidiary, holds a 20% working interest in PEL 93, with an option to
earn up to a 45% non-operated interest via additional staged farm-in activities.

Polaris Natural Resources Development Ltd (Polaris) was awarded the contract for the 2D seismic acquisition program and mobilised vibroseis units and recording equipment to location late June 2024. Polaris expects to complete the program in Q3 2024, with data processing anticipated to be finalised Q4 2024. Results from the new 2D seismic acquisition will be integrated with existing historical exploration data to refine current prospect interpretation. The outcome of this program will be the quantification of the size of the prospective resource through a certified Prospective Resource estimate, as well as the
identification of future potential drilling locations.

Subsurface investigations completed from 2018 to date on PEL 93 by Monitor Exploration (Namibia) Pty Ltd included a range of geophysical and geochemical techniques to assess and validate the significant potential of the acreage. This included airborne gravity and magnetics, reprocessing of existing 2D
seismic coverage, as well as measuring methane and ethane concentrations in soil samples over interpreted structural leads to successfully validate the existence of an active petroleum system. Passive seismic anomalies from this work aligned closely to both interpreted structural leads and measured alkane molecules (c1-c5) concentrations in soil.

Initial exploration in the Owambo Basin has focused on the shallow Karoo Play, with recent
attention turning to the substantial potential of the deeper and largely untested Damara Play. The
Damara Play resulted from a large fold and thrust episode, leading to large, anticlinal structures
providing significant independent targets for exploration of an equivalent size to those discovered
offshore Namibia. An exploration renaissance is underway in the region, with approximately 88%
of recent offshore wells have successfully discovered oil.

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