In November 2011 the Ministry of Mines and Energy in Namibia announced the award to Serica of an 85% interest in a Petroleum Agreement covering four blocks and part blocks in the Luderitz basin.

Only nine exploration wells have been drilled to-date in the Namibian offshore which extends some 2,000 kilometres from north to south and is therefore largely unexplored.  The four blocks exhibit large structural and stratigraphical features on seismic. 

In March 2012, Serica announced that BP will farm-in to Serica's interest by meeting the full cost of a 3D seismic survey covering an area of up to 4,180 square kilometres to earn a 30% interest.  The survey commenced on 10 May 2012 and was completed on 01 October 2012.

The following table provides a summary of Serica's interests in Namibia: