Moving Forward into First Renewal Exploration Period
Monitor is pleased to announce that the Minister of Mines and Energy of Namibia Hon. Tom K. Alweendo has approved the First Renewal Exploration Period to October 2025 for our Owambo onshore licence, with a commitment of min. 200 km of additional 2D seismic acquisition at a minimum expenditure of US$ 2 Million for the said period. Upon satisfying results from the seismic work, we potentially aim at drilling two wells in 2025-2026.
Monitors welcomes New Partner 88 Energy
To assist us in the next stages of our work, we have entered into a Farm- out Agreement with 88 Energy Ltd, joining as a direct licence interest holder in stages. The basis of the Farm-out is described in the announcement on the Alternative Investment Market and Australian Stock Exchange made this morning.
88 Energy’s announcement from November 13th, 2023 here.
