NAMIBIA: 88 Energy Completes 2D seismic acquisition program for PEL 93

88 Energy has announced that the 2D seismic data acquisition program for PEL 93 over the Owambo Basin, Namibia, has been completed on time and within budget with no recordable safety incidents.

The program acquired 203 line-km of 2D seismic data utilising Polaris’ vibroseis crew. The program
was carried out in favourable weather conditions, with reliable and well-calibrated seismic sources
and receivers, and real-time quality control and monitoring. As a result, the captured data is of high
quality and demonstrates considerably better seismic signal strength, frequency content, and
integrity than the previously acquired Accelerated Weight Drop trial lines . Vibroseis technology
was selected due to its reputation for repeatability, controllable energy and bandwidth.

This outcome validates the selection of acquisition method for PEL 93 and is expected to deliver
an excellent image for the accurate interpretation of the subsurface geological structures of the
Damara play. Processing of the data is ongoing both in the field, where quality control stacks
continue to be produced, and at Earth Signal Processing in Calgary, the onshore, high-resolution
2D seismic data processing specialists responsible for finalising the imaging of the dataset.
Interpretation of the new lines is currently expected in Q4 2024.

Results from the new 2D seismic data will be integrated with existing historical exploration data to
refine current prospect interpretation. Determination of the size and quality of a number of the
Damara fold structures that are expected to be present in PEL 93 is the key purpose of the program;
this work will form the basis for an independent Certified Prospective Resource assessment. This
will allow for more accurate drilling location identification and enable planning for potential future
drilling events.