Serica Energy plc reported operational updates on seismic operations off the coast of Namibia.
Serica was formally awarded the rights to a 6,718 square mile (17,400 square kilometer) license in the Central Luderitz Basin on December 19, 2011. In March the Company announced that it had reached agreement with BP under which BP would earn a 30 percent interest in the license by meeting the full cost of a 1,602 square mile (4,150 square kilometer) 3D seismic acquisition program. Serica retains a 55 percent interest in the license and is Operator of the license.
Operations have made rapid progress. The 3D acquisition commenced on May 10 with the 10 streamer vessel Polarcus Nadia. On June 17, the Company passed the 579 square mile (1,500 square kilometer) mark and, as a result, has now met the license obligations for seismic acquisition in full. Data acquisition continues with the survey expected to last through the summer. Data acquired to-date has been of good quality and is expected to fully delineate a number of significant prospects which have already been identified on the license.
In addition to paying the full cost of the survey BP has an option to acquire a further 37.5 percent of the license by drilling and testing a well.
Tony Craven Walker, Chairman and Interim Chief Executive of Serica commented: "Although we have met with some weather delays we are very pleased with the progress of seismic operations to-date. Within six months of the license award Serica has completed the seismic acquisition obligations required during the first four year period of the license, a record achievement. The survey, one of the largest to be undertaken off Namibia, continues with results expected later this year following which, with BP, we will be looking to making a drilling decision.
"Offshore Namibia remains one of the few under-explored regions worldwide with very large resource potential. With the rapid build up of operations Serica has demonstrated its ability as an Operator and its commitment to Namibia. We look forward to completing the survey and moving to the drilling phase."
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