LONDON (ShareCast) - Oil and gas explorer Serica Energy has reported the arrival of the Polarcus Nadia, a 10-streamer seismic vessel, in Serica's Luderitz Basin Blocks 2512A, 2513A, 2513B and 2612A, which are located offshore Namibia.

The cost of the survey is to be met by BP which will earn a 30% interest in the licence under a farm-out agreement with Serica, which holds a 55% share in the licence. National Petroluem and Indigenous Energy own a 10% and five per cent stake, respectively.

The Polarcus Nadia will be used for an extensive 3D seismic survey in the south eastern portion of Serica's blocks. The survey, which is set to take three months to complete, will cover an area of up to 4,150 square kilometres, one of the largest 3D seismic surveys to be undertaken offshore Namibia.

The company hopes that the survey will demonstrate hydrocarbon potential through the presence of hydrocarbon indicators, and hopes to map out potential pinch out prospects which are expected to been have formed in conjunction with a large channel sand feature crossing the survey area. The survey is also being carried out to fully delineate a large four-way dip closed structure which underlies the survey area.

Tony Craven Walker, Serica's Chairman and Interim Chief Executive said in a statement: "This major offshore survey will provide much valuable pre-drill information to assist in evaluating the significant potential of the Luderitz Basin and the fact that we are commencing the survey outside the normal season demonstrates Serica's commitment to an accelerated exploration programme. The presence of very large structures in the area licensed to Serica is already known and the survey will provide the necessary detail on which we can plan a drilling programme.

"At the time of the formal award of the Licence in December 2011 Serica stated its intentions to undertake seismic work in the first half of 2012. This survey is fully in line with that schedule and marks an important step in Serica's operations in Namibia. We are delighted with the help and encouragement that we have received from the Namibian authorities to enable the survey to get underway so quickly."

NR

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