Serica Picks Up 4 Blocks Offshore Namibia

Serica confirmed the announcement made by the Namibian Ministry of Mines and Energy at the 18th Africa Upstream Conference being held in Cape Town that Serica has been awarded an 85% interest in a Petroleum Agreement covering four large blocks and part blocks in the prospective Luderitz Basin, offshore Namibia.

The award was to Serica Energy Namibia B.V., a wholly owned subsidiary of Serica, and in partnership with The National Petroleum Corporation of Namibia (Pty) Limited ("NAMCOR") and Indigenous Energy (Pty) Limited.

The Luderitz Basin is one of three under-explored sedimentary basins lying south of the Walvis Ridge offshore Namibia. The License Award comprises Blocks 2512A, 2513A, 2513B and 2612A (part) in the center of the basin and covers an area of approximately 17,400 square kilometres. Existing seismic data demonstrates the existence of large four-way dip closed structures lying wholly in the undrilled deep water parts of the License Area together with the potential for sizable trapping mechanisms in stratigraphic pinch outs towards the shelf margin.

During the initial four-year exploration period of the License Serica will conduct an extensive 3D seismic survey and undertake reprocessing of existing 2D seismic data. Whilst Serica will evaluate opportunities to bring forward early drilling of the large prospects already identified it is expected that the first well in the License will be drilled in the third or fourth year of the initial period.


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