Monitor Exploration has completed a comprehensive data integration exercise over Petroleum Exploration Licence 93 (PEL 93) in Namibia's onshore Owambo basin, significantly advancing its exploration efforts. The company integrated newly acquired airborne gravity, magnetic, and radiometric survey data with existing 2D seismic, soil gas samples, and remote sensing data. This work has strengthened confidence in a drill-ready prospect, Prospect 9, which is estimated to contain 1 billion barrels of unrisked mean resources. The operator now classifies this prospect as drill-ready and plans to collaborate with partners—88 Energy, Legend Oil, and state-owned Namcor—to agree on a drilling location for early 2027, with an environmental impact assessment for a likely two-well program to commence soon.

The integrated interpretation also supports the identification of more than 10 additional leads, demonstrating the multi-prospect potential of the licence. PEL 93 is located in the centre of the Owambo basin, which Monitor believes offers more favourable subsurface potential compared to ReconAfrica's acreage to the east. Monitor argues that an igneous complex underlying the eastern part of the basin has degraded reservoirs at the Mulden level in ReconAfrica's Naingopo-1X and Kavango-West-1X wells, where sandstones are reported as completely cemented, and may also affect the Otavi carbonate play. In contrast, PEL 93 lies far from this igneous complex and its degradational effects. Additionally, a greater presence of Mulden shale in the centre of the basin is expected to improve seal probability and limit cementation issues by reducing fluid movement that could damage reservoir properties.

Namibia's Petroleum Commissioner, Maggy Shino, confirmed at the Namibia International Energy Conference that Monitor has mapped at least 13 leads of high prospectivity, with Prospect 9 standing out as a structure with proven unrisked reserves of about 1 billion barrels.