88 Energy Ltd (AIM:88E, ASX:88E, OTC:EEENF) confirmed its diversification and expansion, as its proposed initial investment in Namibia was given the greenlight.
The company, in a statement, said that the Namibian Ministry of Mines and Energy had now approved the transfer of a 20% working interest in Petroleum Exploration Licence 93 (PEL 93), onshore in the Owambo Basin.
This is the first of three steps in a farm-in arrangement that can see 88 Energy eventually accumulate up to 45% of the vast exploration project that spans some 18,500 square kilometres.
Stage 1 sees 88 Energy invest US$0.7 million initially, followed by a $3 million carry for the 2024 work programme – which will include the capture of 2Dseismic data.
“Namibia represents one of the last frontier oil and gas jurisdictions capable of delivering multi-billion barrel discoveries, as evidenced by recent offshore discoveries,” the company said.
It added: “The forward work-program will start with a low impact 200 line-km 2D seismic program focusing on confirming the structural closures of the 10 independent leads identified.
“The 2D seismic program will be conducted in mid-2024 following a period of planning, public consultation, updating of environmental compliance requirements and receipt of relevant approvals.”
Elsewhere, investors continue to look forward to upcoming well testing in Alaska.