Offshore staff

LONDON – Namibia’s government has formally confirmed the award of a petroleum agreement to Serica Energy for an offshore license in the central Luderitz basin.

This covers blocks 2512A, 2513A, 2513B and 2612A. Serica in turn has agreed to make signature payments amounting to $3 million to state-owned NAMCOR. These include shares in Serica, the aim being to provide NAMCOR and the Government with a further return in the event of success with the project.

Serica has initiated contact with geophysical service contractors about starting a 3D seismic survey during the current operational window.

This is one of the commitments in the initial four-year exploration period of the license. Serica must also undertake reprocessing of existing 2D data.

The company expects to drill the first well on the license during year four.

01/04/2012