Windhoek, Namibia – November 11, 2025 – MEL Oil and Gas Exploration (MELN), a subsidiary of Monitor Exploration Limited, acting for the PEL 93 Joint Venture in the Owambo Basin, Namibia, has contracted South Africa–based Xcalibur to conduct an airborne magnetic, radiometric, and scalar gravity survey over part of PEL 93.
The survey is the final element to be integrated with existing geological and geophysical datasets, including the 2024 2D seismic survey (200 km), to select locations for our drilling programme which is anticipated to commence in the last quarter of 2026.
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Preparations for the gravity and magnetic survey commenced in June–July 2025, encompassing extensive local community engagement activities and the amendment of the existing Environmental Clearance Certificate (ECC) to include airborne gravity operations.
The survey will be executed using a single-engine Air Tractor aircraft, equipped with Xcalibur’s advanced XMAG system for magnetic and gravity data acquisition, covering approximately 6,000 line kilometres. The aircraft will deploy the iCORUS system, a lightweight, high-precision strapdown airborne gravity gradiometer and gravimeter with an accuracy of approximately 1 mGal (RMS). The iCORUS system offers significant advantages over conventional gradiometers in managing flight turbulence and can withstand accelerations of up to 20 g during operation.
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The aircraft will be equipped with an Airborne Magnetometer, Gamma Ray Spectrometer, GPS Navigation and Positioning Equipment, Attitude Sensor, and a Digital Data Acquisition System (XDAS). Following a comprehensive terrain and drape analysis, Xcalibur has confirmed that only minimal operational constraints are expected during the survey.
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Acquisition is scheduled to commence in January 2026, with final processed and interpreted results anticipated by the end of February 2026.
This forthcoming survey constitutes the final stage in enhancing our knowledge of PEL 93’s subsurface potential and preparing the Joint Venture to commence drilling its initial prospect in the fourth quarter of 2026.
The PEL 93 Joint Venture has as partners, MEL Oil & Gas Exploration (Namibia) (Pty) Ltd with 55 percent; 88 Energy Limited, the ASX and AIM listed company with 20 percent; Legend Oil Namibia (Pty) Ltd with 15 percent; and NAMCOR, the Namibian State Oil company with 10 percent.