Serica Energy plc announced that the Minister of Mines and Energy in Namibia has consented to the assignment by Serica of a 30 percent interest in Serica's Luderitz Basin License 0047 to Exploration (Luderitz Basin) Limited, a wholly owned subsidiary of BP, and the novated License has been approved by the Ministry.
The assignment results from the farm-in by BP to Serica's License offshore Namibia which was announced in March this year. Under the terms of the farm-in, BP has agreed to earn a 30 percent interest in the License by meeting the full cost of a 3D seismic survey over an area of up to 1,602 square miles (4,150 square kilometers) across the License.
The amendment to the License has been ratified by the Petroleum Commissioner and the participants in the block are now as follows:
As a result of the License novation, BP will reimburse Serica a sum covering Serica's past costs. BP has an option to acquire a further 37.5 percent of the license from Serica by meeting the full cost of drilling and testing an exploration well to the Barremian level.
Tony Craven Walker, Chairman and Interim Chief Executive of Serica commented: "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.
Serica's Annual General Meeting is being held in London on 28 June 2012 and we hope to give further updates to our shareholders on operations at the meeting."
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