Serica Signs Seismic Survey Contract with Polarcus

Serica Energy plc has signed a contract with Polarcus Seismic Limited utilizing the 10-streamer vessel Polarcus Nadia for an extensive 3D seismic acquisition survey in Serica's Luderitz Basin Blocks 2512A, 2513A, 2513B and 2612A (part), located offshore Namibia.

The survey, planned to commence in early April and cover an area of up to 1,602 square miles (4,150 square kilometers), will considerably exceed Serica's obligations for seismic acquisition under the license terms. It is aimed to achieve three objectives:

• to delineate one of the three large four-way dip closed structures already identified on the blocks,
• to identify the potential for stratigraphic pinch out prospects which are likely to have formed in conjunction with large channel sand features present in the blocks, and
• to seek to demonstrate the presence of hydrocarbon indicators.

The full cost of the survey is to be met by BP who will earn a 30% interest in the License under a farm-out agreement with Serica. Following completion of the seismic survey the interests in the License will be held by Serica Energy Namibia B.V. (a wholly owned subsidiary of Serica) (55%), Exploration (Luderitz Basin) Limited (a wholly owned subsidiary of BP) (30%), National Petroleum Corporation of Namibia (Pty) Limited (10%) and Indigenous Energy (Pty) Limited (5%).

Serica will continue to be the operator of the License for the seismic survey.

Tony Craven Walker, Serica's Chairman and Interim Chief Executive said, "This is a very significant seismic contract and we are pleased that we have been able to arrange it so soon after being awarded the blocks in December. The large size of the survey and the fact that we have been able to make such an early start will assist us and our partners in bringing forward the decisions required prior to commencing a drilling program. The prospective nature of the under-explored deep water basins offshore Namibia offers great opportunity and Serica is pleased to be a playing significant part of this expanding effort."