The Minister of Mines and Energy in Namibia, Africa, approved the assignment by Serica of a 30% interest in the Luderitz Basin license to Exploration (Luderitz Basin) Ltd., a subsidiary of BP.

The assignment results from the farmin by BP to Serica's license offshore Namibia, which was announced in March. Under the terms of the farmin, BP has agreed to earn a 30% interest in the license by meeting the full cost of a 3D seismic survey over an area of up to 4,150 sq km.

The participants in the block are: Serica Energy Namibia B.V., operator, 55%; Exploration (Luderitz Basin) Ltd., 30%; National Petroleum Corp. of Namibia (Pty) Ltd., 10%; and Indigenous Energy (Pty) Ltd., 5%.