88E’s Namibian license extended through to October 2026

Our oil and gas Investment 88 Energy (ASX: 88E) now has an extra 12 months to work on its Namibian asset.

88E announced an extension to the expiry date for its Namibian licenses.

88E currently owns 20% of the Namibian acreage with a right to earn up to 45% - joint ventured with Monitor Exploration.

Monitor is a private explorer with links to one of our other Investments Invictus Energy.

88E and Monitor recently completed a 203km 2D seismic survey on the project and late last year after processing all the data identified 10 independent structural closures across the project.

Next for the project, was to put together all available data and deliver an independently certified Prospective Resource estimate.

The prospective resource estimate was originally due in H1-2025 so we could get news on that front at any moment.

Today’s announcement gives 88E and its JV partner a 12 month extension on the license expiry date through to 2 October 2026.

As part of the license extension the JV have also amended their work program so that the next 12 months will be focused on the following:

(Source)

We are most looking forward to the prospective resource estimate AND the identification of potential drill targets.

What else is happening in Namibia?

88E’s acreage sits right next door to Recon Africa’s project where Recon is in the middle of a multi-well drill program.

So far, Recon have drilled its first well and managed to sign a US$16M farm-out agreement with BW Energy for 20% of its project.

Next Recon is gearing up to drill its Kavango West 1X well (July 2025), which 88E says “has striking similarities to Lead 9 located in the southern area of PEL 93”.

Any success in Recon’s next well could bring with it interest into 88E’s ground…

What’s next for 88E?

🔄 Maiden prospective resource estimate for Namibian Asset (H1 2025)

We want to see 88E declare a maiden prospective resource across the ~10 independent structures mapped on its project.

This could come at any moment, given 88E had initially given guidance for this to be released in H1-2025.

Ultimately the prospective resource estimate is a pre-cursor to 88E defining drill targets on it’s Namibian acreage - which is the 4th objective we are tracking for 88E in our Investment Memo:

Objective #4: Firm up drill target at the Namibian asset

Milestones

✅ 2D seismic program starts
✅ 2D seismic program completed
✅ 2D seismic results & interpretation
🔄 Maiden prospective resource estimate
🔲 Primary drill target selected

Source: “What we want to see 88E deliver” - 88E Investment Memo 20 May 2024