88 Energy matures Namibian targets

 88 Energy Limited has concluded a high-resolution gravity survey over the southern portion of petroleum exploration licence 93 (PEL 93). The data acquired from the survey is expected to play a fundamental role in identifying and refining structural leads, ultimately informing the selection of potential well locations within the Owambo Basin.

The company, which holds a 20% working interest in the Namibian licence, confirmed that the interpretation of the new dataset is now underway. This information will be integrated with existing geological and geophysical records to sharpen prospect definitions ahead of a planned drilling campaign. The survey focused on an area where multiple structural leads have already been mapped, fitting into a broader strategic effort to mature targets within the underexplored Kavango region.

Regional momentum and technical insights

Recent exploration efforts in the basin have been bolstered by nearby activity, where ongoing production testing is providing vital technical insights. These developments offer a clearer understanding of the region’s petroleum systems and reservoir potential, adding significant momentum to the company’s onshore ambitions.

Beyond its operations in Namibia, 88 Energy reported a quarter-end cash balance of A$5.5 million (£2.9 million) as of 31 March 2026. Exploration and evaluation expenditure during this period amounted to approximately A$0.3 million. This spending included permitting and planning for the Augusta-1 well, the acquisition of 3D seismic data in Alaska, and work programme costs associated with PEL 93, including the recently completed gravity survey.

Strengthened financial position

Corporate and administrative costs for the quarter totalled A$0.8 million, which included A$0.2 million in director fees—a figure representing a slight decline from the previous quarter.

The company’s financial standing has strengthened significantly since the reporting period ended. A A$5 million equity placement was successfully completed, raising the pro forma cash position to approximately A$10 million. With the interpretation of the PEL 93 survey currently in progress, 88 Energy intends to utilise the results to guide critical drilling decisions and advance its long-term exploration strategy in Namibia, with the first exploration well targeted for 2026.