88 Energy Secures Unconditional 20% Stake in Namibia PEL 93, Cuts US$15m Funding Risk

88 Energy has amended its farm-in agreement with Monitor Exploration, securing an unconditional 20% working interest in Namibia’s PEL 93 while cancelling Stage 2 and Stage 3 obligations. The revision eliminates reassignment risk, simplifies the commercial structure, and reduces minimum future funding exposure by around US$15 million, de-risking the position and allowing focus on Alaska assets. Monitor’s integrated geophysical surveys refined structures and prioritised Lead 9 for drilling, with 88 Energy retaining options to increase its stake via third-party funding or a Namibia listing. Nearby ReconAfrica testing at Kavango West-1X could validate the basin, boosting PEL 93 prospects. The deal enhances the company’s risk/reward profile.