Serica Energy plc announced the assignment by Serica of a 30 percent interest in Serica’s Luderitz Basin License 0047 to Exploration (Luderitz Basin) Limited, a wholly owned subsidiary of BP.
The assignment results from the farm-in by BP to Serica’s License offshore Namibia which was announced in March this year. Under the terms of the farm-in, BP has agreed to earn a 30 percent interest in the License by meeting the full cost of a 3D seismic survey over an area of up to 1,602 square miles (4,150 square kilometers) across the License.
The amendment to the License 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 License novation, BP will reimburse Serica a sum covering Serica’s past costs. BP has an option to acquire a further 37.5 percent of the license from Serica by meeting the full cost of drilling and testing an exploration well to the Barremian level.
Source; Rigzone
