Serica Surveying Namibia with 3D

Serica Energy updated the progress of its seismic operations in Namibia in the Central Luderitz Basin, License 0047. The company’s 3D seismic acquisition was launched in May by the Polarcus Nadia, and as of June 17 over 1,500 sq km had been acquired. Reaching the 1,500 mark fulfilled Serica’s seismic obligations on the license.

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.

Serica was formally awarded the license in December 2011 and in March reached an agreement with BP under which the British firm would earn a 30% interest in License 0047 by meeting the full cost of the 4,150 sq km 3D seismic acquisition program. Serica retains a 55% interest in the license and is operator.

In addition to paying the full cost of the survey BP has an option to acquire a further 37.5% stake 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."