88 Energy's Namibian oil exploration license extended for a year

The Ministry of Industries, Mines and Energy has extended 88 Energy's PEL 93 license until October, allowing for further geophysical surveys and prospect de-risking. Managing director Ashley Gilbert stated that the extension of the first renewal exploration period provides additional time to refine prospectivity and mature drill-ready targets. Near-term work will focus on acquiring new geophysical data, with a high-resolution gravity survey planned for the first quarter of 2026 to cover the southern area of PEL 93. Joint venture partner and operator Monitor Exploration will also conduct an airborne geophysical survey over PEL 93 this year to acquire high-resolution magnetic and gravity data. Gilbert noted that regional exploration activity, including positive results from ReconAfrica's Kavango West 1X well in December 2025, has strengthened the investment case for PEL 93. The Kavango West 1X well, located within the same Damara Fold Belt play fairway as PEL 93, confirmed hydrocarbon-bearing intervals. Forward plans for the PEL 93 joint venture include defining prospective resource potential, progressing farm-in discussions, and preparing for future seismic acquisition and drilling.