Serica making rapid progress in Namibia

published 19 June 2012

Serica Energy, an oil and gas outfit with major licence interests offshore West Africa, has said 'rapid progress' has been made at the 17,400 square kilometre licence in the Central Luderitz Basin, offshore Namibia.

On June 17th the company passed the 1,500 square kilometre mark and, as a result, has now met the licence obligations for seismic acquisition in full. The data acquisition is expected to last through the summer.

To date, the data acquired has been of good quality and is expected to result in a number of significant prospects which have already been identified on the licence.

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Chairman and Interim Chief Executive of Serica Tony Craven Walker said: "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 licence award Serica has completed the seismic acquisition obligations required during the first four year period of the licence, 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."

Serica holds a 55% interest in the licence and is the operator, while BP holds a 30% interest in exchange for paying the full cost of the survey. BP has an option to acquire a further 37.5% of the licence by drilling and testing a well.

The share price rose 2.11% to 24.25p by 08:47.