Serica Wraps Up Seismic Gig Offshore Namibia

Serica Energy plc has successfully completed the acquisition of 1,614 square miles (4,180 square kilometers) of 3D seismic data in its Luderitz Basin Blocks offshore Namibia. The survey, conducted by Serica on behalf of its partners in the Licence, BP, NAMCOR and IEPL, commenced May 10 and took four and a half months to complete. The survey was undertaken by Polarcus Seismic Limited using the 10-streamer seismic vessel Polarcus Nadia.

The participants in the Licence are:

• Serica Energy Namibia B.V. (a wholly owned subsidiary of Serica) - Operator 55%
• Exploration (Luderitz Basin) Limited (a wholly owned subsidiary of BP) 30%
• National Petroleum Corporation of Namibia (Pty) Limited 10%
• Indigenous Energy (Pty) Limited 5%

Tony Craven Walker, Serica's chairman and interim chief executive said:

"The completion of this extensive survey, only nine months after the award of the license, is an important step in the exploration of this largely unexplored basin. The data is of exceptional quality and has been acquired in the south east of the license area over a clearly defined prospect which is located in a good setting for potential reservoir development. It is now being processed fully to delineate the prospect and to identify additional prospects associated with locally present channel sands.

"Initial results are expected to be available around the end of the year and will be amalgamated with regional geological information prior to determining a forward drilling program."

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