Serica Energy plc announces that, following a portfolio review, BP has decided not to exercise an option to increase its interest inLuderitz Basin licence 0047, offshore Namibia. The option, which expires at the end of 2013, required BP to drill a well on the licence before the end of 2015.

Accordingly, under the terms of Serica's farm-out agreement with BP, BP will re-assign its 30% interest to Serica with effect from the end of 2013. From that date Serica will hold an interest of 85% in the licence with its partners National Petroleum Corporation of Namibia (Pty) Limited (NAMCOR) holding 10%, and Indigenous Energy (Pty) Limited holding 5%.

Tags: Serica Energy plc