Windhoek, Namibia, 20 July, 2026 – Monitor Exploration Ltd (“Monitor”) as the Operator(1) of the PEL93 Joint Venture(2) covering Blocks 1717 and 1817 in the centre of the Owambo Basin, onshore Namibia, is pleased to congratulate ReconAfrica on their positive 16 July 2026 announcement on their production test interim results.
Monitor praises ReconAfrica on their successful flow of hydrocarbons to surface in their Kavango-West-1X well within their license PEL73. After their many tantalizing reports of oil and gas shows in the wells they have drilled, we commend them for their persistence and for now providing conclusive proof that the Owambo Basin hosts movable hydrocarbons. Our long-held belief that our own PEL93 license, in the centre of the Owambo Basin, has the potential to contain massive resources, has been significantly bolstered by these results.
As ReconAfrica have explained, the Elandshoek formation, where they have tested, is dependent on a fracture network. As such a cased hole test is not optimal, potentially suffering from fracture cementing. The formation should respond much more positively to open hole testing from deviated or horizonal wells, ensuring a larger network of fractures are fully connected to the wellbore.
Preparations Underway for Prospect 9 Drilling
Monitor is moving ahead with preparations for drilling our first exploration well in PEL93, currently expected in the second half of 2027. Our first well will target Prospect 9, a ~100 km2 closure with potential for more than one billion barrels of recoverable oil. This was identified on our 2023 and 2024 2D seismic surveys and further delineated by the airborne gravity, magnetic and radiometric survey completed earlier this year. This closure is one of many similar structures identified in PEL93, which now has a multi-billion barrel lead inventory.
Strategic Geological Advantages of PEL 93
Prospect 9 has some similarities with Recon’s Kavango-West-1X well in that it has a large structure at the Otavi level, while the basin central position of PEL93 brings many additional advantages, reducing the risk of reservoir damage and increasing the potential for giant commercial discoveries, specifically:
- Optimal Updip Migration and Charge | Prospect 9 and the majority of other structures identified in PEL93 lie in the southern part of the block, with excellent access to charge as they are updip from the extensive source kitchen developed in the centre of the basin. The prospect for full reservoir is therefore excellent;
- Superior Reservoir Quality | Monitor also expects high reservoir quality in PEL93 we are far from the igneous complex which underlies much of the acreage on the basin’s eastern flank. Igneous activity can result in degradation of formations like the Otavi carbonate and Mulden clastic;
- Proven Top Seals | Shales identified in the Mulden section in the West of the basin are expected to extend into PEL93, providing seals for our large identified structures and protection from the cementation seen in this formation further East.
We wish ReconAfrica continued success in their testing and sidetrack operations, which will unquestionably provide us further insight into how best to exploit our opportunity.
About Monitor Exploration
Monitor Exploration is an onshore oil and gas exploration private company dedicated to unlocking the vast, untapped hydrocarbon potential of the Owambo Basin in northern Namibia. As the Operator(1) of PEL93, Monitor utilizes modern geophysical datasets to de-risk high-impact exploration targets on behalf of its Joint Venture partners: 88 Energy Ltd (ASX listed), Legend Oil Namibia (Pty) and Namcor E&P.
(1) Monitor Exploration Limited wholly owns Mel Oil and Gas Exploration Namibia (Pty) Ltd which, as a Namibian entity, directly holds its working interest in PEL 93.
(2) PEL 93 Joint Venture JOA: 55% – Monitor Exploration Ltd ; 20% – 88 Energy Ltd (ASX listed) ; 15% – Legend Oil Namibia (Pty); 10% – Namcor E&P.