Namibia Block PEL93 (1717 & 1817)
Monitor Exploration Limited (MEL) have recently (November 2023) completed a farm in from 88 Energy who are conributing:
US$3.7M over four instalments, in consideration for past costs as well as a carry of up to the first US$3 million1 of the 2024 work program which includes an ~200 line-kilometer 2D seismic acquisition, for a total of a 20% working interest in PEL 93.
Ten independent structural closures identified from airborne geophysical methods and partly verified by existing 2D seismic coverage
Aerial extents for each of the leads ranges from 70 sqkm to 186 sqkm
Ethane concentration measured in soil samples over interpreted structural leads validates active petroleum system
Passive seismic anomalies also align closely to both interpreted structural leads and measured alkane molecule (c1-c5) concentrations in soil
2D seismic program planned for mid2024 with final program designed to be low-impact and utilise existing road and trail networks
Program scheduled to acquire a minimum of ~200 line-kilometers of new 2D seismic
Scalable approach with lines to be added or removed contingent on lineby-line results
Program objective to further validate the large-scale structural closures interpreted from airborne data and observed on the eastern flanks of the Owambo Basin
Commitment to participate in extensive community engagement prior to executing the 2D seismic acquisition