Source - 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.

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