Cavendish backs 88 Energy after Namibia exploration success

The caller Kavango West-1X well, drilled by a abstracted operator, confirmed meaningful nett wage and hydrocarbon shows, and volition present advancement to accumulation testing.

Importantly, the structural trends and carbonate reservoir targets encountered are interpreted to widen into 88 Energy’s PEL 93 licence area.

Cavendish said the results materially heighten assurance successful the determination petroleum strategy and enactment the prospectivity of 88 Energy’s eleven mapped leads. The good efficaciously de-risks a comparable play benignant that 88E is targeting.

The institution is acceptable to statesman an airborne geophysical survey implicit PEL 93 successful the archetypal 4th of 2026. This is expected to refine subsurface mapping and pave the mode for drill-ready prospects.

With a marketplace headdress of conscionable £12.2 cardinal and endeavor worth of £7.8 million, 88E remains highly leveraged to exploration success.

Cavendish views the Namibian imaginable arsenic a cardinal worth operator and Monday’s developments arsenic a meaningful measurement towards unlocking it.

In aboriginal day trading, the shares were level at 1.04p.