Exploration activity in Namibia’s onshore Owambo Basin is gathering pace, with two junior operators consolidating their positions as the basin enters a potentially transformational phase driven by testing at the nearby Kavango West-1X well and an expanding presence of international oil majors across adjacent offshore licences.
88 Energy has announced that its 20% working interest in Petroleum Exploration Licence 93 (PEL 93) is now fully earned and unconditional, following an amendment to its Farm-In Agreement with operator Monitor Exploration. The revised terms cancel Stage 2 and Stage 3 farm-in obligations, removing approximately $15 million in minimum forward financial exposure and freeing the company to focus capital on its priority Alaskan assets while retaining meaningful upside exposure to what could be a basin-opening onshore play in Namibia.
Monitor has also completed an integrated interpretation of newly acquired airborne gravity, magnetic, and radiometric survey data over PEL 93, combining the results with historical 2D seismic, passive seismic, soil gas sampling, and remote sensing data. The work has confirmed Lead 9 as a priority future drilling candidate and expanded the block’s multi-lead exploration inventory, providing improved structural definition and de-risking the overall exploration portfolio.
Regional context is being provided by ReconAfrica’s ongoing production testing at the adjacent Kavango West-1X well on PEL 73. Success at Kavango West-1X would constitute a basin-opening event, with direct positive implications for the prospectivity of PEL 93 and the broader Owambo Basin.
Stamper Wins PEL 102 Extension in Lüderitz Basin
Offshore, Stamper Oil & Gas Corp has received ministerial approval for an extension of Petroleum Exploration Licence 102 in Namibia’s Lüderitz Basin to October 7, 2026. The extension was granted to operator NAMCOR on behalf of the joint venture partners, following an application lodged in July 2025. Stamper’s 66.67%-owned subsidiary NASMAM Investments holds the group’s interest in the licence.
The work programme commitments for the extension period include planning the acquisition of 3D seismic data, updating the prospect portfolio, conducting sequence stratigraphic analysis, and determining prospect risk — with a minimum budget commitment of $500,000. Stamper noted that industry validation of its multi-basin strategy continues to build, pointing to BP’s planned acquisition of PEL 97, 99, and 100 in the Walvis Basin and Petrobras joining TotalEnergies in a planned acquisition of PEL 104 in the Lüderitz Basin — adjacent to Stamper’s own PEL 102.
Source: energy-pedia.com | namibiaoilandgas.com