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Tuesday, December 24, 2013
Serica Energy received notice that its farm out partner, BP, based on a portfolio review, decided not to exercise the option to increase its interest in Luderitz Basin license 0047, offshore Namibia. The option, which expires December 31, obligated BP to drill a well on the license before the end of 2015.
Under the terms of the farm-out agreement with BP, the UK major will re-assign its 30% interest to Serica with effect from the end of 2013. From that date Serica will hold an interest of 85% in the license with its partners NAMCOR holding 10%, and Indigenous Energy (Pty) Ltd. holding 5%.
Serica said that with positive results from the 3D survey and recent third party drilling demonstrating the regional presence of both source rock and recovered oil samples, it believes that all of the necessary ingredients for significant oil accumulations are present in its license area.
The withdrawal of BP leaves Serica with a valuable and extensive data set and interpretation and provides the company with an opportunity to attract new partners and to retain a larger percentage interest.
Tony Craven Walker, chairman and interim CEO, said “We appreciate the significant contribution that BP has made to the early stage exploration of our Luderitz blocks. The 3D survey which we undertook with them and which was fully funded by BP has clearly demonstrated the very real potential that exists on the blocks and which has been confirmed by independent reports. We shall now progress discussions with other major companies who have expressed an interest to participate in the next stage, which will include the drilling of a well. We are excited about the prospects and, with the benefit of extensive 3D coverage providing clear evidence of the potential, we expect to be able to retain an increased position in the drilling phase.”
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