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Serica Share Chat (SQZ)



Share Price: 9.675Bid: 9.60Ask: 9.75Change: 0.00 (0.00%)No Movement on Serica
Spread: 0.15Spread as %: 1.56%Open: 9.675High: 0.00Low: 0.00Yesterday’s Close: 9.675


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riddler
Posts: 58,462
Premium Chat Member
Off Topic
Opinion:No Opinion
Price:29.25
2 x RNS
15 Mar '12
Serica awards 3D seismic contract in Luderitz Basin Blocks, offshore Namibia

London, 15 March 2012 - Serica Energy plc (AIM & TSX: SQZ) announces that, it has signed a contract with Polarcus Seismic Limited utilising the 10-streamer vessel Polarcus Nadia for an extensive 3D seismic acquisition survey in Serica's Luderitz Basin Blocks 2512A, 2513A, 2513B and 2612A (part), located offshore Namibia.

The survey, planned to commence in early April and cover an area of up to 4,150 square kilometres, will considerably exceed Serica's obligations for seismic acquisition under the licence terms. It is aimed to achieve three objectives
 
willpetty
Posts: 1,336
Off Topic
Opinion:No Opinion
Price:29.25
possibly
15 Mar '12
but a pity sqz had to bp 30 just to do the seismic - how much more will they have to give or raise to do the drill?
SusieB
Posts: 893
Off Topic
Opinion:No Opinion
Price:29.25
Great RNS
15 Mar '12
ash666
Posts: 4,319
Observation
Opinion:No Opinion
Price:29.25
RNS 2
15 Mar '12
Serica awards 3D seismic contract in Luderitz Basin Blocks, offshore Namibia

London, 15 March 2012 - Serica Energy plc (AIM & TSX: SQZ) announces that, it has signed a contract with Polarcus Seismic Limited utilising the 10-streamer vessel Polarcus Nadia for an extensive 3D seismic acquisition survey in Serica's Luderitz Basin Blocks 2512A, 2513A, 2513B and 2612A (part), located offshore Namibia.

The survey, planned to commence in early April and cover an area of up to 4,150 square kilometres, will considerably exceed Serica's obligations for seismic acquisition under the licence terms. It is aimed to achieve three objectives:

· to delineate one of the three large four-way dip closed structures already identified on the blocks,
· to identify the potential for stratigraphic pinch out prospects which are likely to have formed in conjunction with large channel sand features present in the blocks, and
· to seek to demonstrate the presence of hydrocarbon indicators.

The full cost of the survey is to be met by BP who will earn a 30% interest in the Licence under a farm-out agreement with Serica announced today (see separate announcement). Following completion of the seismic survey the interests in the Licence will be held by Serica Energy Namibia B.V. (a wholly owned subsidiary of Serica) (55%), Exploration (Luderitz Basin) Limited (a wholly owned subsidiary of BP) (30%), National Petroleum Corporation of Namibia (Pty) Limited (10%) and Indigenous Energy (Pty) Limited (5%).

Serica will continue to be the operator of the Licence for the seismic survey.
ash666
Posts: 4,319
Observation
Opinion:No Opinion
Price:29.25
RNS
15 Mar '12
BP to farm-in to Serica's Luderitz Basin Blocks, offshore Namibia

London, 15 March 2012 - Serica Energy plc (AIM & TSX: SQZ) announces that, subject to the consent of the Ministry of Mines and Energy in Namibia, BP will be joining Serica in the exploration of Licence 0047 offshore Namibia by farming-in to Serica's interest.

The Licence, comprising Blocks 2512A, 2513A, 2513B and 2612A (part), was recently awarded to Serica Energy Namibia B.V. (a wholly owned subsidiary of Serica) and covers an area of approximately 17,400 square kilometres in the deep water central Luderitz Basin. Serica currently has an 85% interest in the blocks. Its partners are the National Petroleum Corporation of Namibia (Pty) Limited ("NAMCOR") (10%) and Indigenous Energy (Pty) Limited ("IEPL") (5%). Both NAMCOR's and IEPL's interests are carried by Serica for prescribed work programmes.

Under the transaction, BP will pay to Serica a sum covering Serica's past costs and earn a 30% interest in the Licence by meeting the full cost of an extensive 3D seismic survey. As a result of the farm-out, Serica's interest in the Licence following completion of the seismic survey will be 55%. Serica has also announced today that it has signed a contract with Polarcus Seismic Limited to acquire up to 4,150 square kilometres of 3D seismic across the Licence (see separate announcement).

The deep water geological basins offshore Namibia, including the Luderitz Basin, are at the early frontier stage of exploration. 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 hydrocarbon potential of the area has not yet been fully tested. Water depths in Serica's Luderitz Basin blocks range from 300 to 3,000 metres. Drilling in these depths of water, whilst becoming more commonplace in the industry, requires sophisticated drilling techniques and equipment and is very costly.

Serica has therefore granted an option for BP to increase its interest in the Licence by meeting the full cost of drilling and testing an exploration well to the Barremian level before the end of the first four year exploration period. In the event that this option is exercised, Serica's interest in the Licence will be 17.5% 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 Licence during the initial seismic period with BP taking over as operator if it exercises its option to drill and test a well.

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

"Serica's licence interests in the emerging Atlantic margin basins offshore Ireland, Morocco and Namibia are attracting growing industry interest. In Namibia we recognise the benefits of having a partner who brings technical and development expertise to the gr
willpetty
Posts: 1,336
Observation
Opinion:No Opinion
Price:29.25
possible placing
14 Mar '12
thnx both - I was just wondering why the sp is beginning to bow down and combined with the new commitments of a new block one possibility is a placing - but that's all it is I have not looked at the cash or the likely expenses of a drill with farm in
halffull
Posts: 308
Observation
Opinion:No Opinion
Price:29.25
Farm in Partner
14 Mar '12
According to the Galvan report they are looking for a partner for the acreage in Namibia'
Savo13
Posts: 1,367
Off Topic
Opinion:No Opinion
Price:29.25
riddler
14 Mar '12
I think this is a miss post, should belong some where else. There is no need for funds at this stage.
riddler
Posts: 58,462
Premium Chat Member
Off Topic
Opinion:No Opinion
Price:29.25
will petty
14 Mar '12
they had quite a lot of net cash, so wouldn,t imagine a placing at this stage
willpetty
Posts: 1,336
Question
Opinion:No Opinion
Price:29.25
placing on the way?
14 Mar '12
the recent blip up could be related to the Cove news but its trending gently down - for the moment but its time will come no doubt...does anyone know are they planning a placing??? loss-making and with need to fund new exploration seems likely



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