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Tuesday, December 15, 2020
In its operational update released Dec 15, Serica Energy said following a full review of License 047 in Namibia, the company has now elected not to seek a further renewal period or to continue with a new license application and is therefore withdrawing from Namibia to focus on its North Sea portfolio.
“The pace of exploration activity in Namibia has been slower than we hoped, and the development of any discovery would likely have been expensive, time consuming and inconsistent with our sustainability objectives,” the statement read.
Serica was originally awarded License 047 in Namibia in November 2011, covering Blocks 2512A, 2513A, 2513B and 2612A (part). The initial work commitment was fulfilled when BP farmed-in to the license and funded a 3D seismic survey at no cost to Serica. In late 2013, BP decided to exit the license rather than making a commitment to drill in the next license period. Serica continued with its technical work to interpret the seismic and geological data, and secured extensions to the license and waivers on area relinquishment and well commitments.
Mitch Flegg, Chief Executive of Serica Energy, commented: “Serica is committed to protecting and increasing shareholder value against the current backdrop of lower oil prices and slowing industry commitment to deep-water exploration. We have therefore decided that the expense of maintaining the Namibian license will be better redirected to lower-risk, nearer-term opportunities to build on our North Sea portfolio where we are currently engaged in an exciting period of value-adding operations.
“I would like to thank the National Petroleum Corporation of Namibia (NAMCOR) and the Ministry for Mines and Energy for their support and assistance during our time in Namibia.”
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