BP to join Serica on Namibia licence

Semisic_ship_-_SericaA 3D seismic survey of the offshore Luderitz Basin Licence 0047 will be carried out by the Polarcus Nadia vessel. (Image source: Serica Energy)Namibia’s minister of mines and energy, Isak Katali, has approved the assignment by Serica Energy of a 30 per cent interest in the offshore Luderitz Basin Licence 0047 to BP subsidiary Exploration (Luderitz Basin) Limited

Under the terms of the farm-in, which was initially announced in March 2012, BP has agreed to earn its 30 per cent interest in the licence by meeting the full cost of a 3D seismic survey carried out by the Polarcus Nadia vessel across the 4,150 sq km licence area.

Tony Craven Walker, chairman and interim chief executive of Serica, said, “We are pleased that the minister of mines and energy in Namibia has consented to BP joining Serica and its partners in our exploration plans for the Luderitz Basin blocks.

“Both Serica and BP have shown significant commitment to the exploration efforts taking place offshore Namibia and we welcome the support and assistance, which has been given by the ministry, to enable joint operations to proceed so quickly, smoothly and efficiently,” he added.

The amended licence, which has been ratified by the country’s petroleum commissioner, will now comprise of Serica’s subsidiary and block licence operator Serica Energy Namibia BV, who will retain a 55 per cent interest, with Exploration (Luderitz Basin) Limited taking on its agreed 30 per cent interest.

National Petroleum Corporation of Namibia (NAMCOR) will hold a 10 per cent interest in the licence, while Indigenous Energy will hold the remaining five per cent.

As a result of the licence novation, BP will reimburse Serica for its past costs, but will retain the option to acquire a further 37.5 per cent of the licence from Serica by meeting the full cost of drilling and testing an exploration well to the Barremian level.

Walker added that Serica’s would provide further updates on its other operations in Europe, Africa and Indonesia, as well as at the Luderitz Basin Licence 0047, at the company’s AGM in London later this week.

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