Exito Energy Resources (“Exito”) and Monitor Exploration Ltd (“MEL”), operating in Namibia through its subsidiary Mel Oil and Gas Exploration Namibia (Pty) Ltd (“MELN”), both holding neighbouring exploration licenses in Namibia’s onshore Owambo Basin, have entered into a collaborative agreement to jointly advance exploration efforts within Exito’s PEL 105 during its Initial Exploration Period.
PEL 105 is located to the East of our PEL 93.
Combining their expertise and resources, the companies will focus on identifying hydrocarbon potential by integrating remote sensing data with existing gravity, magnetic, geochemical, and passive seismic information.
They will work closely with Pioneer Oil and Gas Consulting (www.pioneeroilgas.com), the technical advisor supporting both companies’ exploration activities.
Upon completing this initial phase, the partners will consider further studies, such as 2D seismic surveys, to refine potential drilling locations. Exito may also bring in additional partners for the next exploration phase.
Monitor retains the option to seek approval to become a direct license holder in PEL 105, strengthening their collaborative partnership.
About Exito Energy Resources
Exito Energy Resources holds a petroleum exploration license (PEL 105) over 17,035 square kilometers in Namibian blocks 1718 and 1818. Committed to sustainable energy practices, Exito aims to responsibly explore these areas while minimizing environmental impact and fostering local partnerships. With a focus on long-term value creation, the company has invested significant capital in securing and maintaining the license, positioning itself to contribute to Namibia’s energy future through careful resource management and exploration innovations.