Serica's four licence blocks in Namibia's offshore Luderitz Basin cover over 17,000 square kilometres and contain multiple carbonate and clastic prospects and leads which have been identified from 2D seismic, regional studies and over 4,000 square kilometres of proprietary 3D data.
Prospect B, one of three major structures identified at Lower Cretaceous (Barremian) level, has been fully delineated by high quality 3D seismic data shot in 2012. A giant structure mapped on high-quality 3D seismic data, it covers 700 square kilometres areal closure with up to 300 metres of vertical relief. It has a distinctive tiered back-stepping platform geometry, as well as internal seismic geometries including prograding clinoforms and mounded features, all of which are consistent with a large-scale carbonate platform build-up. The prospect is analogous to numerous examples of carbonate-hosted hydrocarbon fields worldwide, and similarities can be drawn with major oil discoveries made in carbonate reservoirs of a similar early Cretaceous age in other countries bordering the South Atlantic; in particular, offshore Brazil and Angola. Modelling of the seismic data suggests that the internal seismic amplitudes and velocities are consistent with porous carbonate of good reservoir quality. In addition to Prospect B at Barremian level, there is further prospectivity within shallower structural closures overlying Prospect B, as well as further structural prospects elsewhere on Serica’s acreage, large-scale canyon-slope channel turbidite systems and shelf edge leads.
The seismic interpretation suggests that the Barremian carbonate platform is draped by thick Aptian marine oil-prone shale source rock, which have been proven by drilling both to the north and the south of Serica’s acreage. Thermal modelling of this source rock interval indicates that it is likely to be mature for oil generation and expulsion on Serica’s acreage. Turbidite fans of Aptian age are clearly imaged via seismic amplitude mapping and are particularly well placed to receive an oil charge at this level. Furthermore, the seismic data has revealed the presence of thick syn-rift sedimentary sequences beneath Prospect B that could contain additional high-quality oil-prone lacustrine shale source rocks.
This is a very high value farm-in opportunity with significant upside. Serica is looking for a partner to participate in the next phase of exploration which will include the drilling of an exploration well most probably on Prospect B.