NAMIBIA
ONSHORE NAMIBIAN OIL & GAS EXPOSURE
The Company holds a fully earned and unconditional 20% working interest in onshore Petroleum Licence 93 (PEL 93). The remainder of the licence is held by Operator and JV partner Monitor (55%), local JV partner Legend Oil (15%) and NAMCOR (10%). PEL 93 covers 18,500km2 of underexplored acreage within the Owambo Basin in Namibia. PEL93 licence is currently renewed through to October 2026 under its first exploration period.
In late 2024, the Joint Venture completed ~200 line-km of 2D seismic processing over PEL 93, revealing a significant structure, including Lead 9 with an approximate areal extent of 100km2.
A high-resolution gravity survey was subsequently completed by the JV in Q1 2026. Monitor completed an integrated interpretation of the recently acquired airborne gravity, magnetic and radiometric survey data over PEL 93. The work integrated the new datasets with historical 2D seismic, passive seismic and legacy data, including additional 2D seismic shot in late-2024, soil gas sampling and remote sensing.
Key outcomes and forward plan
Key outcomes:
- Positive interpretation of results has enhanced the subsurface understanding of the licence area.
- Lead 9 confirmed as a priority future drilling candidate.
- Results support expansion of a multi-lead exploration inventory.
- Improved structural definition across the block, de‑risking the exploration inventory beyond structural considerations.
Monitor also noted the presence of at least one mature source rock demonstrated by oil and gas shows in wells drilled by near‑neighbour ReconAfrica to the east of the basin, notably the Kavango West‑1X well, in combination with legacy geological evidence across the basin. ReconAfrica commenced production testing operations in March 2026 and will be conducting tests over six zones. Kavango West shares similar geological characteristics with Lead 9 in the Southern portion of PEL93.
The JVs forward plan includes:
- Defining prospective resource potential of identified leads within PEL93
- Progressing funding pathways, including potential third-party participation or formation of listed Namibia‑focused entity.
- Preparing for future seismic acquisition and identifying drilling targets
