Completion of seismic in Luderitz Basin, Namibia

RNS Number : 5497N

Serica Energy plc

01 October 2012

 



Serica Energy plc

("Serica" or the "Company")

Serica completes 3D seismic acquisition in Luderitz Basin, offshore Namibia

London, 1 October 2012 - Serica Energy plc (TSX & AIM: SQZ) announces that it has successfully completed the acquisition of 4,180 square kilometres of 3D seismic data in its Luderitz Basin Blocks, offshore Namibia.  The survey, conducted by Serica on behalf of its partners in the Licence, BP, NAMCOR and IEPL, commenced on 10 May and took four and a half months to complete. The survey was undertaken by Polarcus Seismic Limited using the 10-streamer seismic vessel Polarcus Nadia.

The participants in the Licence are:

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	10%
Indigenous Energy (Pty) Limited	5%

Tony Craven Walker, Serica's Chairman and Interim Chief Executive said:

"The completion of this extensive survey, only nine months after the award of the licence, is an important step in the exploration of this largely unexplored basin.  The data is of exceptional quality and has been acquired in the south east of the licence area over a clearly defined prospect which is located in a good setting for potential reservoir development.  It is now being processed fully to delineate the prospect and to identify additional prospects associated with locally present channel sands.

Initial results are expected to be available around the end of the year and will be amalgamated with regional geological information prior to determining a forward drilling programme."

Enquiries:

Serica Energy plc
Tony Craven Walker, Chairman & Interim CEO	[e-mail]	[phone]
Peter Sadler, Business Development Director	[e-mail]	[phone]
Chris Hearne, CFO	[e-mail]	[phone]
J.P.Morgan Cazenove
Michael Wentworth-Stanley	[e-mail]	[phone]
RBC Capital Markets
Matthew Coakes	[e-mail]	[phone]
College Hill
Nick Elwes	[e-mail]	[phone]
Catherine Wickman	[e-mail]	[phone]
Alexandra Roper	[e-mail]	[phone]

The technical information contained in the announcement has been reviewed and approved by Peter Sadler, Business Development Director of Serica Energy plc. Peter Sadler is a qualified Petroleum Engineer (MSc Imperial College, London, 1982) and has been a member of the Society of Petroleum Engineers since 1981.

NOTES TO EDITORS

Serica Energy was formed in 2004 and, since then, has drilled 19 wells in locations as diverse as the UK Offshore, the Atlantic margin offshore Ireland, offshore Indonesia (North West Sumatra, East Kalimantan and Java) and offshore Vietnam.  Seventeen of these wells were drilled by the Company as Operator, fourteen of the wells encountered oil or gas and six of these were commercial.  The first of the commercial discoveries, the Kambuna field in North West Sumatra, was developed by the Company.  The second, the Columbus field in the UK North Sea, is now in the pre-development stage with project sanction pending. The Company also has a residual economic interest in the Bream oil field offshore Norway, which will be crystallised when the field is developed, and licence interests offshore Ireland, Morocco and Namibia.

The Company is listed on both the Toronto Stock Exchange and the London AIM under the ticker SQZ. 

To receive Company news releases via email, please contact [e-mail] and specify "Serica press releases" in the subject line.

FORWARD LOOKING STATEMENTS

This disclosure contains certain forward looking statements that involve substantial known and unknown risks and uncertainties, some of which are beyond Serica Energy plc's control, including: geological, geophysical and technical risk, the impact of general economic conditions where Serica Energy plc operates, industry conditions, changes in laws and regulations including the adoption of new environmental laws and regulations and changes in how they are interpreted and enforced, increased competition, the lack of availability of qualified personnel or management, fluctuations in foreign exchange or interest rates, stock market volatility and market valuations of companies with respect to announced transactions and the final valuations thereof, and obtaining required approvals of regulatory authorities. Serica Energy plc's actual results, performance or achievement could differ materially from those expressed in, or implied by, these forward looking statements and, accordingly, no assurances can be given that any of the events anticipated by the forward looking statements will transpire or occur, or if any of them do so, what benefits, including the amount of proceeds, that Serica Energy plc will derive therefrom.

 

END

 

 

MSCEFLBBLBFEFBQ