Monitor successfully transferred 20% Working Interest to 88 Energy

As of February 19, 2024:

  • Monitor successfully transferred a 20% Working Interest in PEL 93 (Owambo Basin) to 88 Energy, following approval by the Namibian Ministry of Mines and Energy.
  • In this first stage of a 3-stage farm-in, 88 Energy will provide a carry of $3million to fund acquisition of a minimum of 200 line-km of low-impact 2D seismic, planned for mid 2024. 
  • Subsequent stages see 88 Energy acquiring up to a 45% non-operated working interest through funding of exploration wells, with the first well targeting the Damara play as early as the second half of 2025.

88 Energy is a multi-listed (ASX:88E,AIM:88E, OTC:EEENF) oil and gas exploration and production company.

88 Energy has operator exploration interests in onshore Alaska and non-operator production interests in onshore Texas and now also in onshore Namibia.

Andrew Shrager, CEO of Monitor Exploration, says: “We are delighted to have completed this transaction with 88 Energy and to be moving ahead with our work programme to explore the multi-billion barrel potential of the Owambo Basin