Monitor Exploration and joint venture partner has completed initial processing and interpretation of the 2D seismic acquisition at PEL 93, an 18,500 km 2 licence in the Owambo Basin, onshore Namibia.
Monitor Exploration and joint venture partner has completed initial processing and interpretation of the 2D seismic acquisition at PEL 93, an 18,500 km2 licence in the Owambo Basin, onshore Namibia.
Interpretation has identified an initial suite of 10 significant independent structural closures within the licence area.
‘Monitor’s initial interpretation of the 2024 2D seismic data confirms the presence of multiple significant leads in the southern area of PEL 93, each with large interpreted structural closures, with some individual leads covering up to approximately 100km2, exhibiting prominent vertical relief and clear hydrocarbon charge potential from source rocks beneath the prospects and in the kitchen to the north,’ said the joint venture partners in a statement.
Joint venture partner 88 Energy is validating Monitor's findings and work with the will integrate all available well log data, airborne geophysics, soil geochemistry together with the 2D seismic dataset.
A prospective resource estimate for PEL 93 is targeted for completion in 1H 2025, following the internal review of Monitor's seismic interpretation.
Monitor has employed various geophysical and geochemical techniques to evaluate the potential of the licence since the award of PEL 93 in 2018. Ten independent structural closures were initially identified using airborne geophysical methods and later refined with newly interpreted 2D seismic data.
Further analysis of ethane (C2H6 or ‘C2’) concentrations in soil samples over these structures suggests the presence of an active petroleum system. Passive seismic anomalies also align closely with structural leads and measured alkane (C1-C5) concentrations in soil.
These results will contribute to a final prospective resource estimate, completion in the first half of 2025. The JV may conduct further geophysical activities including, acquisition of additional 2D seismic data before the next phase of the PEL93 work-programme, which includes a single well commitment. Additional 2D seismic may be acquired over lead 11 which has recently emerged as a result of additional mapping by Monitor, based on existing gravity and geochemical data.
Monitor Exploration is operator of Petroleum Exploration Licence 93, with a 55% interest while 88 Energy, holds 20%. Legend Oil (15%) and the National Petroleum Corporation of Namibia (Namcor) 10%.
