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Hydrocarbon survey planned for offshore Namibia

19th March 2012

Exploration company and engineers join forces to survey for offshore oil

Seismic survey to be carried out in several sites offshore Namibia

Oil and gas exploration company, Serica energy, has signed a contract
with marine geophysical company, Polarcus Seismic Limited, to survey an area offshore Namibia.

A 10-streamer vessel Polarcus Nadia will be used foor an extensive 3D seismic survey which will begin in April and cover up to 4,150 square kilometres.

The idea is to outline one of three large four-way dip closed structures already identified on the blocks; 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 survey costs will be met by BP who will earn a 30% interest in the Licence under a farm-out agreement, according to Serica.

After the survey has been conducted, the interests in the ;icence will be held by Serica Energy Namibia B.V. (55%), Exploration Limited (30%), National Petroleum Corporation of Namibia Limited (10%) and Indigenous Energy (Pty) Limited (5%).

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