Serica Starts Extensive Seismic Survey Offshore Namibia

Serica Energy plc announced that the Polarcus Nadia, a 10-streamer seismic vessel under contract with Polarcus Seismic Limited, has arrived on station in Serica's Luderitz Basin Blocks 2512A, 2513A, 2513B and 2612A (part), located offshore Namibia.

The vessel arrived in Namibia on April 29 after a 3,150 mile mobilization from Tanzania and is preparing to deploy streamers for an extensive 3D seismic survey in the south eastern portion of Serica's blocks. The area to be surveyed, amounting to up to 1,602 square miles (4,150 square kilometers), comprises one of the largest 3D seismic surveys to be undertaken offshore Namibia. The survey is planned to take three months to complete and is aimed at achieving three objectives:

  • fully delineate a large four-way dip closed structure which underlies the survey area,
  • map potential pinch out prospects which are expected to been have formed in conjunction with a large channel sand feature crossing the survey area, and
  • demonstrate hydrocarbon potential through the presence of hydrocarbon indicators.

The 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, and subject to certain ministerial consents, the participants in the License will be:

  • 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: "This major offshore survey will provide much valuable pre-drill information to assist in evaluating the significant potential of the Luderitz Basin and the fact that we are commencing the survey outside the normal season demonstrates Serica's commitment to an accelerated exploration program. The presence of very large structures in the area licensed to Serica is already known and the survey will provide the necessary detail on which we can plan a drilling program.

At the time of the formal award of the License in December 2011 Serica stated its intentions to undertake seismic work in the first half of 2012. This survey is fully in line with that schedule and marks an important step in Serica's operations in Namibia. We are delighted with the help and encouragement that we have received from the Namibian authorities to enable the survey to get underway so quickly."