Windhoek, Namibia – 11 Feb 2026 – As previously announced, Monitor Exploration and its joint venture partners have progressed to the next phase of exploration following the successful 2024 2D seismic campaign, which confirmed 11 structural leads with multi-billion-barrel hydrocarbon potential.
To further de-risk the most promising targets, the JV has initiated a high-resolution airborne gravity, magnetic, and radiometric survey across PEL 93.
COMMENCEMENT OF OPERATIONS
Survey acquisition commenced on Sunday, 8 February, and is expected to run for approximately three weeks, targeting completion by the end of the month.
The program will cover approximately 6,000 line-kilometers in total. Current weather forecasts are favorable, and no operational delays are anticipated at this stage.
LOCAL ENGAGEMENT AND TRANSPARENCY
Monitor Exploration has placed strong emphasis on transparent communication and community engagement ahead of the survey.
Farmers and landowners within the survey area were informed in advance, and regional public offices received prior notification of operations.
Meetings with local communities were organized at multiple locations to explain the purpose and scope of the project and to address questions directly.
Dedicated communication channels have been made available to local residents, and a radio broadcast was aired at the start of the campaign to inform the public about the aircraft’s presence, flight patterns, and operating altitude at 150 m on average.
DRILLING IS NEXT
Following completion of the airborne survey, results are expected by the end of Q1 2026. Based on results, Monitor and its jv partners anticipate advancing into the next exploration phase — drilling. This includes selecting the optimal drilling locations and initiating a full Environmental Impact Assessment (EIA) for drilling operations. The EIA process is expected to take approximately 9 months, including the issuance of an Environmental Clearance Certificate (ECC) by the Ministry.
In parallel, Monitor is progressing financial planning to secure funding for a targeted two-well drilling campaign with locations to be finalized in mid-2026. Technical preparations are also underway, including early engagement to secure an appropriate drilling rig from the region to ensure operational readiness.
Monitor remains committed to conducting its exploration activities responsibly, safely, and in close cooperation with partners and local stakeholders.
JV STRUCTURE
The PEL 93 Joint Venture has as partners
55% MEL Oil & Gas Exploration (Namibia) (Pty) Ltd
20% 88 Energy Limited, the ASX and AIM listed company
15% Legend Oil Namibia (Pty) Ltd
10% NAMCOR, the Namibian State Oil company