(Alliance News) - 88 Energy Ltd on Friday said it has awarded its 2D seismic data acquisition program for PEL 93 licence in Namibia to Polaris Natural Resources Development Ltd.
The Alaska-focused oil exploration company said the program is set to acquire a minimum of 200-line kilometres of low-impact 2D seismic.
88 Energy, through its wholly-owned Namibian subsidiary, holds a 20% working interest in PEL 93, which covers 18,500km squared oof underexplored sub-surface within the Owambo Basin in Namibia.
88 Energy can earn up to a 45% non-operated working interest in PEL 93 via its existing three-stage farm-in agreement, which it signed in November with a subsidiary of Monitor Exploration Ltd.
Shares in 88 Energy were down 3.1% at 0.16 pence each in London on Friday afternoon.
By Sabrina Penty, Alliance News reporter
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88 Energy (88E)