- Following an extensive tender procedure, Monitor has awarded the 2D seismic acquisition program of a minimum of 200-line-km to the Canadian company Polaris Natural Resources Development Ltd. Contract signature, expected before end May 2024, will be followed by immediate mobilization of crew and equipment. Acquisition is planned for July-August 2024, with in field processing providing results overnight and final processing results expected September-October 2024.
- With this upcoming 2D seismic survey, Monitor is on track with its planned work program in the current First Renewal Period, and we target to drill our first potential exploration well in H2-2025.
- The survey data will be used to validate the 10 independent structural closures identified so far from: airborne geophysical methods, passive seismic, existing 2D seismic and a soil geochemical survey, with several areas where these methods show alignment of anomalies. There is considerable potential for more leads as we continue to expand the dataset within PEL 93.
- Our neighbour Recon Africa announced drilling of their next well in June 2024, and further 2-3 wells to follow shortly after, to further explore the Karoo and Damara plays, located on the flanks of the Owambo basin. Their results will impact our understanding of the local resource potential and may de-risk our Damara lead inventory which currently has a mean recoverable resource potential of 7.6Bbbls of oil or 32.7Tcf of gas.
- Owambo basin potential:
Extract from 88 Energy announcement from 10 May 2024. Full announcement here.