WINDHOEK, Namibia—September 2, 2026—Namibia is undergoing an exciting time in a largely unexplored region, where 88 Energy Limited, a company listed on the Australian Stock Exchange (ASX), is progressing with its efforts to drill its most advanced target in the Owambo Basin located in mainland Namibia.
The company informed had indicated that as of September 1, 2026, the company involved in Petroleum Exploration License 93 (PEL 93) has filed an application to begin a new exploration phase for a period of two years starting from October 3, 2026. The planned scheme spans drilling and preparation of at least one exploratory well, subject only to the approval of the competent Namibian institutions.
The focal point of the campaign is Prospect 9, which has become the top drilling site under the license after extensive geological and geophysical studies. The joint company has executed 203 kilometers of modern two-dimensional seismic data and almost 6,000 line kilometers of high-resolution airborne gravity, magnetic, and radiometric surveys. In summary, these databases created a clearer reflection about what is below the surface and provided more information about the geometry of the most attractive structures.
The interest towards PEL 93 has intensified as a result of some recent events that took place about 100 kilometers due east at ReconAfrica’s Kavango West 1X well in neighboring PEL 73. On July 16, 2026, natural gas arrived at the surface during trials of the Elandshoek Formation; just on August 17, 2026, hydrocarbons were also discovered on the surface from the upper Huttenberg Formation—the second hydrocarbon reservoir was confirmed. ReconAfrica will move on to perform a horizontal open-hole test with the goal to reach one kilometer within the Huttenberg formation.
In the case of 88 Energy, PEL 93’s results matter not because they confirm that a discovery was made on the field but for the reason that they confirm the existence of a working petroleum system somewhere in the most general Owambo basin and Damara Fold Belt.
Currently, PEL 93 occupies approximately 18,500 square km, and 88 Energy has a fully vested 20% non-operating interest in the field. The JV has filed a plan to relinquish 50% of the concession, which is more than the required 25%, therefore allowing the exploration efforts to be targeted at the most promising areas while keeping such targets like Prospect 9.
Renewal plans have been set for a two-year term under which the joint venture has committed to a minimum expenditure of US$10 million, with 88 Energy’s interest expected to be approximately $2.67 million.
This company, which has started as a frontier exploration endeavor, seems to be entering a more exciting phase. Now the next biggest question to be answered is not so much about the location of hydrocarbons but about whether Prospect 9 will be able to prove the presence of hydrocarbons.
