Approval Granted for Second Renewal Exploration Period in Namibia’s Owambo Basin PEL-93

WINDHOEK, NAMIBIA – 3 November 2026 — Monitor Exploration Limited (“Monitor”), as operator on behalf of the PEL 93 Joint Venture (Monitor 55%; 88 Energy Ltd 20%; Legend Energy 15%; Namcor 10%), is pleased to announce that the Ministry of Industries, Mines and Energy has formally granted approval to enter the Second Renewal Exploration Period for their licence in the centre of the Owambo Basin, onshore Northern Namibia, PEL 93.

Monitor extends its sincere gratitude to the Ministry of Industries, Mines and Energy for their continued support and ongoing commitment to advancing Namibia’s onshore energy potential.

Two-Year to Execute Prospect 9 Exploration Well

The Second Renewal Exploration Period provides the Joint Venture with a 2-year licence term running through to October 2028, dedicated to drilling its first exploration well in the heart of the highly prospective Owambo Basin.

The Joint Venture has completed extensive technical evaluations and successfully identified 11 leads and a drillable prospect designated as Prospect 9.

Environmental Permitting

Preparations for the drilling campaign are actively underway. The Joint Venture has formally commenced the Environmental Impact Assessment (EIA) for the drilling programme. The EIA study will take approximately 5 months to complete, followed by an estimated 3 – 5 months for the review and issuance of the Environmental Clearance Certificate (ECC) by the Ministry of Environment, Forestry and Tourism

Local Community Engagement

The Joint Venture is committed to local content by providing training, official certification, and direct employment opportunities for Namibian citizens, particularly in the Tsumeb area, across all phases of field operations.

About Monitor Exploration Limited

Monitor Exploration Limited is an independent oil and gas exploration company focused on unlocking frontier energy potential across Africa through sustainable practices, technical excellence, and strong host-nation partnerships.

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