88 Energy Ltd (EEENF)

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Announcement --- Namibia farm-in

From: ASX
re: $EEENF
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ABN 80 072 964 179
This announcement contains inside information
88 Energy Limited
NAMIBIAN OIL AND GAS FARM-IN AGREEMENT
88 Energy Limited (ASX:88E, AIM:88E, OTC:EEENF) (88 Energy or the Company) is pleased to
announce the execution of a three stage farm-in agreement (Farm-In Agreement) with a wholly-owned
subsidiary of Monitor Exploration Limited (Monitor) to earn up to a 45% non-operated working interest
in onshore Petroleum Exploration Licence 93 (PEL 93), located in the Owambo Basin, Republic of
Namibia (Namibia).
Farm-In Agreement Highlights
• Farm-In Agreement provides a staged entry into PEL 93, a vast 18,500km2 onshore acreage
position comprising blocks 1717 and 1817 in the Owambo Basin, Namibia (the Licence).
• Namibia represents one of the last frontier oil and gas jurisdictions capable of delivering multi-billion
barrel discoveries, as evidenced by the recent Venus-1X offshore light oil discovery.
• Exposure to a first-class operating jurisdiction, with a highly competitive petroleum regime.
• Farm-In Agreement provides an opportunity to earn a significant working interest with future
potential to transition to project operator.
• Farm-in to PEL 93 and forward work-program complementary to 88E’s existing Alaskan exploration
and appraisal activities.
• Partner and operator, Monitor, has deep technical experience with extensive in-country and
regional knowledge.
• The Licence includes an extensive lead portfolio, with ten significant independent structural
closures identified from a range of geophysical and geochemical techniques. Considerable
potential for more leads to be identified as dataset is expanded.
• Pathway to potential commercialisation with logical staged work-program.
• Forward program to include acquisition of ~200 line-kilometres of low-impact 2D seismic planned
for mid-2024 and potential initial exploration well targeting the Damara play as early as H2 CY2025.
• Farm-in Agreement remains subject to Namibian government and other regulatory approvals,
which are expected to be received by Q1 2024.
88 Energy Managing Director, Ashley Gilbert, commented:
“The execution of this farm-in agreement with Monitor provides 88 Energy and its shareholders with a
fantastic opportunity to earn a significant working interest in a very large scale, highly prospective,
under-explored acreage position on attractive and logically staged commercial terms.
source: https://wcsecure.weblink.com.au/pdf/88E/02739242.pdf?bcsi_scan_b9c1724afa447587=rp7DDFzhQSa2owrR4ZesFYaGIdQPAAAABgQQbg==&bcsi_scan_filename=02739242.pdf
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