Serica Energy is looking for new partners for deepwater acreage offshore Namibia where it has identified a 622 MMbbl prospect in the Luderitz Basin.

BP decided to quit the 0047 licence area at the end of 2013 and opted to re-assign its 30% equity to Serica under the terms of a previous farm-in deal. Serica is now left with 85% equity but the company says 4,180 sq km (1,613 sq miles) of 3-D seismic data paid for by BP has allowed the identification of three large four-way dipped structures, designated A, B and C.

All are said to have stacked reservoirs at Lower and Upper Cretaceous and Paleocene intervals. Prospect B has been independently assessed by Netherland Sewell and Associates in an independent competent persons report and is estimated to contain gross prospective oil resources of 622 MMbbl.

“All of the necessary ingredients for significant oil accumulations are present,” Serica said, adding: “The withdrawal of BP leaves Serica with a valuable and extensive data set and interpretation and provides the company with an opportunity to attract new partners and to retain a larger percentage interest.

As part of the licence obligation, one well is due to be drilled on the licence by the end of 2015.

Serica operates the Luderitz Basin licence 0047 with 85%, NamCor – the National Petroleum Corporation of Namibia – holds 10%, and Indigenous Energy holds 5%.

“We shall now progress discussions with other major companies who have expressed an interest to participate in the next stage, which will include the drilling of a well,” Serica chief executive Tony Craven Walker stated. “We are excited about the prospects and, with the benefit of extensive 3-D coverage providing clear evidence of the potential, we expect to be able to retain an increased position in the drilling phase,” he added.

Serica was awarded a Petroleum Agreement in December 2011 covering four blocks in the Luderitz Basin, 2512A, 2513A, 2513B and part of 2612A.

Offshore