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88 Energy retains buy rating with 1,786% upside as Namibia exploration advances to next phase

Market News
01 Sep 2026
Proactive Investors
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Bullish
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88 Energy has maintained a 'buy' rating and a 19.8p price target from broker Cavendish, citing a potential 1,786% upside. The company is moving forward with its Namibian exploration by applying for the second renewal period of its PEL 93 joint venture, focusing on high-potential drilling targets like Prospect 9. This phase involves relinquishing half the acreage to concentrate resources and is backed by a $10 million minimum expenditure, with 88 Energy's share at $2.67 million. Nearby natural gas flow tests have reduced geological risks, but progress depends on approval from Namibian authorities before drilling can begin.

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