88 Energy (AIM:88E), which holds a fully earned 20% non-operated interest in Petroleum Exploration Licence 93 in Namibia's onshore Owambo Basin, said the PEL 93 joint venture has applied to enter a Second Renewal Exploration Period from 3 October.
The proposed two-year work programme includes preparation for, and drilling of, at least one exploration well, with a minimum expenditure commitment of $10 million; 88 Energy's pro-rata share is approximately $2.67 million.
The application follows integration of around 6,000 line-kilometres of airborne gravity, magnetic and radiometric survey data, which confirmed Prospect 9, a large anticlinal structure with multiple stacked reservoir targets, as the licence's highest-ranked drilling candidate.
The JV has also proposed relinquishing 50% of the current acreage, exceeding the statutory minimum of 25%, to concentrate on Prospect 9 and 13 other identified leads.
Supporting the case for a working petroleum system, ReconAfrica's Kavango West 1X well, around 100km east of PEL 93, has flowed hydrocarbons to surface from both the Elandshoek and Huttenberg formations, prompting a move to horizontal flow testing.
"With our existing fully earned interest, no remaining farm-in obligation and a pathway to drilling, PEL 93 provides us with a capital-efficient exposure to a potentially significant frontier exploration opportunity", said Ashley Gilbert, Managing Director of 88 Energy.
Entry into the new exploration period remains subject to approval by Namibian authorities.
News Intelligence what this means for the company
88 Energy's Namibian joint venture has applied to extend its PEL 93 exploration licence for two years with a $10 million work programme—88 Energy's share approximately $2.67 million—centred on drilling a confirmed prospect. A nearby flow test by ReconAfrica 100km away has demonstrated hydrocarbons in the basin, de-risking the petroleum system; however, entry into the new period remains subject to Namibian regulatory approval, and 88 Energy holds only a 20% non-operated interest with no farm-in obligations remaining.
The application advances 88 Energy's Namibian exposure toward drilling with no further capital calls on the company, but the $2.67 million commitment represents roughly 27% of its reported A$10 million cash position (30 April 2026), and regulatory approval is not assured. This remains a non-operated, minority-stake frontier play; the material near-term focus remains Project Phoenix in Alaska, where Burgundy has funded 100% of costs since February 2025.
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