Serica Energy Sells BP Stake In Namibia Offshore License
15 Março 2012 - 5:15AM
Dow Jones News
Serica Energy PLC (SQZ.T) said Thursday that BP PLC (BP.LN) has
agreed to earn a minority stake in its offshore Namibia exploration
license by covering past costs and paying for an extensive
three-dimensional seismic survey.
Serica currently holds an 85% stake in exploration license 0047
and has agreed to farm out 30% to BP. The National Petroleum
Corporation of Namibia Ltd. holds a 10% stake and Indigenous Energy
Ltd. holds the remaining 5%.
The deep water geological basins offshore Namibia, including the
Luderitz Basin, are at the early frontier stage of exploration and
having a major like BP on board, should reduce the financial and
technical risk to the minnow.
Although the presence of very large structures have been shown
to exist from seismic surveys, very few wells have been drilled in
the deeper water Namibian basins to date and the full oil and gas
potential of the area hasn't yet been fully tested. Water depths in
Serica's Luderitz Basin blocks range from 300 to 3,000 meters.
Drilling in these depths of water, while becoming more commonplace
in the industry, requires sophisticated drilling techniques and
equipment and is very costly, Serica noted.
As such, Serica has also granted BP an option to increase its
interest in the license by meeting the full cost of drilling and
testing an exploration well before the end of the first four-year
exploration period.
In the event that this option is exercised, Serica's interest in
the license will fall to 17.5%, with costs carried through the
first well, which will have very considerable value if the
exploration drilling is successful.
Serica will continue to be the operator of the license during
the initial seismic period with BP taking over as operator if it
exercises its option to drill and test a well.
Serica's chairman and interim chief executive Tony Walker said:
"Serica's license interests in the emerging Atlantic margin basins
offshore Ireland, Morocco and Namibia are attracting growing
industry interest. In Namibia we recognize the benefits of having a
partner who brings technical and development expertise to the group
to complement Serica's early stage exploration capability."
Serica shares closed Wednesday at 29.25 pence.
-By Iain Packham, Dow Jones Newswires; 44-20-7842-9269;
iain.packham@dowjones.com