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Approval Given for BP to Join Serica in License 47

Source: www.gulfoilandgas.com 6/25/2012, Location: Africa

Serica Energy plc is pleased to announce that the Minister of Mines and Energy in Namibia has consented to the assignment by Serica of a 30% interest in Serica's Luderitz Basin Licence 0047 to Exploration (Luderitz Basin) Limited, a wholly owned subsidiary of BP, and the novated Licence has been approved by the Ministry.

The assignment results from the farm-in by BP to Serica's Licence offshore Namibia which was announced in March this year. Under the terms of the farm-in, BP has agreed to earn a 30% interest in the Licence by meeting the full cost of a 3D seismic survey over an area of up to 4,150 square kilometres across the Licence.

The amendment to the Licence has been ratified by the Petroleum Commissioner and the participants in the block are now as follows:

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 (NAMCOR) 10% Indigenous Energy (Pty) Limited 5%

As a result of the Licence novation, BP will reimburse Serica a sum covering Serica's past costs. BP has an option to acquire a further 37.5% of the licence from Serica by meeting the full cost of drilling and testing an exploration well to the Barremian level.

Tony Craven Walker, Chairman and Interim Chief Executive of Serica commented.
"We are pleased that the Minister of Mines and Energy in Namibia has consented to BP joining Serica and its partners in our exploration plans for the Luderitz Basin blocks. Both Serica and BP have shown significant commitment to the exploration efforts taking place offshore Namibia and we welcome the support and assistance which has been given by the Ministry to enable joint operations to proceed so quickly, smoothly and efficiently.

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Related Categories: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Industrial Development  Insurance  Investment  Mergers and Acquisitions  Risk Management 

Related Articles: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Insurance  Investment  Mergers and Acquisitions  Risk Management 


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