BP’s Namibia farm-in confirmed

Namibia’s Minister of Mines and Energy has approved BP’s farm-in of 30% to Serica Energy’s offshore Luderitz basin license 0047.

Offshore staff

LONDON– Namibia’s Minister of Mines and Energy has approved BP’s farm-in of 30% to Serica Energy’s offshore Luderitz basin license 0047.

The agreement was first announced in March. BP will cover the entire cost of a 3D seismic survey over an area of up to 4,150 sq km (1,602 sq mi) across the concession.

Participants in the block are now as follows:

Serica Energy Namibia – operator55%
Exploration (Luderitz Basin) (a wholly owned subsidiary of BP)30%
National Petroleum Corp. of Namibia (NAMCOR)10%
Indigenous Energy Ltd.5%

BP will also reimburse Serica a sum covering its past costs, and has an option to acquire a further 37.5% of the license by meeting the full cost of drilling and testing an exploration well to the Barremian level.

6/25/2012

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