Monitor Exploration (MEL), as Operator of the Onshore Namibia Owambo Basin Petroleum Exploration Licence PEL 93, has been Granted One-Year Extension to Advance Exploration and an Upcoming Airborne Gravity, Magnetic and Radiometric Survey.

Core elements:

• One-year extension to current First Renewal Exploration Period granted until Oct 2026
• Airborne gravity, magnetic and radiometric acquisition to be acquired in Q3 2025, with results in Q4 2025
• Monitor roadmap and finance going into drilling phase in 2026-2027

1-Year Extension

We are pleased to announce that PEL 93 has been granted a one-year extension to the current First Renewal Period. This additional time enables us to advance key exploration activities and further validate our promising leads—most notably Lead 9—before finalising drilling locations.

Airborne Gravity, Magnetic and Radiometric Survey

As part of this additional phase, we plan to undertake a high-resolution airborne gravity, magnetic and radiometric survey covering 6,000 line kms across the southern portion of PEL 93. This area includes the highly prospective Lead 9 and surrounding structures. Preparations for the survey are already underway, with acquisition commencement pending the contractor’s Namibian aviation permit, anticipated in Q3 2025. Results are expected in Q4 2025.

The airborne survey will employ fixed-wing XMAG technology to acquire high-resolution horizontal gradient magnetics, scalar gravity data as well as radiometric mapping. The survey will be conducted using a single-engine Air Tractor aircraft, ideally suited for low-level geophysical operations in rugged terrains. The aircraft will be equipped with a helicopter-mounted horizontal gradient magnetometer system, an iCorus scalar gravity meter, two RSI-500 gamma ray spectrometers, laser altimeter, DGPS navigation and positioning system, radar altimeter, and a pilot guidance and digital acquisition system. This advanced setup will enable precise mapping of subsurface structures to enhance our understanding of the block’s significant hydrocarbon potential.

The pre-drilling exploration activities will be jointly funded on a 50:50 basis by Monitor and 88 Energy, subject to a cost cap of US $1 million, unless otherwise agreed.

Roadmap

Together with our JV partners, Monitor will integrate the gravity, magnetic and radiometric results to select one or more drilling locations by July 2026. This will be aligned with commencement of a Drilling Environmental Impact Assessment (Drilling EIA), expected to take up to nine months, and start of the Second Renewal Period in October 2026 which lasts for 2 years and will see our first drilling operations. As part of the Farm Out Agreement between Monitor and 88 Energy, 88 Energy (88E) will fund the first US$7.5M of the estimated US$15M well cost, increasing its equity from current 20% to 37.5%. Monitor and 88E will then each hold 37.5%, with Legend at 15% and Namcor at 10%. For the second well, 88E holds an option—but not an obligation, and only if Monitor agree — to increase its interest to 45% by funding the first US$7.5M, with Monitor’s share adjusting accordingly to 30%.

PEL 93 is entering an exciting new phase, with momentum building toward a transformational drilling campaign in 2026.

KeyFacts Energy: Monitor Exploration Namibia country profile   l   88 Energy Namibia country profile  

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