Monitor Oil News Today

88 Energy has completed the first stage of its farm-in to a massive 18,500 square kilometres of ground in Namibia’s Owambo Basin – one of the globe’s last remaining onshore frontier petroleum basins. It now has a 20 per cent interest in the ground and can up its share to 37.5 per cent in phase two and 45 per cent in phase three of the farm-in.

88 Energy has revealed it will earn a 45 per cent interest in 18,500 square kilometres of onshore petroleum acreage in Namibia’s Owambo Basin in a diversification from its Phoenix operation in Alaska.

The farm-in agreement provides a staged entry into PEL 93, an onshore acreage position comprising blocks 1717 and 1817 in the Owambo Basin.

88 Energy has signed an agreement to earn 45% stake in onshore petroleum exploration licence 93 (PEL 93) in the Owambo Basin, Namibia.