88 Energy Commences 2D Seismic Data Acquisition Over Namibia License

MT Newswires Live07-08

88 Energy (ASX:88E) said the 2D seismic data acquisition program has commenced for petroleum exploration license 93 located within the Owambo Basin, Namibia, according to a Monday filing with the Australian Securities Exchange.

Polaris Natural Resources Development was awarded the contract for the program, which has been designed to acquire approximately 200-line kilometers of 2D seismic data. It is anticipated to be completed in the third quarter of the year, with data processing expected to be finalized in the fourth quarter. Results will be integrated with existing historical exploration data to refine prospect interpretation, the filing said.

Through its Namibian subsidiary, the company currently owns a 20% working interest in the license, with an option to earn up to a 45% non-operated interest via additional staged farm-in activities.

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