The agreement was first announced in March. BP will cover the entire cost of a 3D seismic survey over an area of up to 4,150 sq km (1,602 sq mi) across the concession.
Participants in the block are now as follows:
Serica Energy Namibia – operator
55%
Exploration (Luderitz Basin) (a wholly owned subsidiary of BP)
30%
National Petroleum Corp. of Namibia (NAMCOR)
10%
Indigenous Energy Ltd.
5%
BP will also reimburse Serica a sum covering its past costs, and has an option to acquire a further 37.5% of the license by meeting the full cost of drilling and testing an exploration well to the Barremian level.
