Luderitz Basin, Offshore Namibia: Farm-out Opportunity APPEX, London, March 2015 Graham Pritchard, Serica Energy plc
Serica Luderitz Basin Namibia Introduction Serica (85%, operator) 17,384 km 2 acreage 4,176 km 2 3D seismic data acquired in 2012 Proven regional oil-prone hydrocarbon system Drill-ready Lower Cretaceous carbonate platform Additional structural closures, canyon-channel turbidite systems and shelf-edge prospects (some of which exhibit Class II/III AVO anomalies) Namibe Basin Walvis Basin Wingat Oil Discovery Luderitz Basin 200km Wingat Oil Discovery Kudu Gas Field Kudu Gas Field Orange Basin
Lower Cretaceous Depositional Model Barremian 128 Ma aeolian sands carbonate Lacustrine to restricted marine shale source rock Carbonate Platform Play Aeolian Kudu Play 2513/8-1 alluvial fans hydrothermal complexes (Barremian) volcanoes
, Barremian 128 Ma (3D Depth Perspective) N 128 Ma 128 Ma Potential Analogue: Jintan Field, Miocene, Luconia, Malaysia (Vahrenkamp et al, 2004) Giant Lower Cretaceous structural prospect 700 km 2 areal closure and 300 m relief Morphological similarities to known carbonate reservoirs worldwide Evidence of hydrothermal activity
stwt Seismic Character (Inline 4400 Coloured Inversion flattened on 0.25 * seabed) WSW ENE Clinoforms / prograding edge Low angle sigmoidal clinoforms & mounding Strongly layered internal platform Clinoforms 122 Ma 128 Ma 130 Ma 132 Ma sills 10 kms Distinctive clinoforms, mounding, layering and terraced geometries Microbial and/or chemogenic carbonate reservoir model Potential analogues with Lower Cretaceous discoveries offshore Brazil and Angola Yellows & reds (low relative acoustic impedance) suggests potentially porous intervals
stwt Geoseismic Section Luderitz Basin Key Plays WSW 10 km 2513/8-1 (projected) Post-rift / drift fill Clastic shelf Carbonate shelf Late Syn-rift / sag Volcanics / SDRs Early syn / pre-rift Basement Intrusives Post-rift canyon-channel turbidite play Clastic reservoir Carbonate reservoir Source rock Hydrothermal vent Igneous sills Carbonate Shelf Play Gravity toethrust play Clastic Shelf Play ENE 0 1 2 Age (Ma) 065 070 Carbonate Platform Play Kudu Shale Aeolian Kudu Play 3 4 101 120 128 130 131 132 SDRs Early Aptian late Barremian post-rift marine Kudu Shale, proven, rich and mature Syn-rift Valanginian Barremian lacustrine shale, analogous to Brazilian Lagoa Feia & Angolan Bucomazi Fms 5 6 7
Stretched to Depth (m) Serica 3D Seismic Section Illustrating Key Plays across the Luderitz Basin Line: Trace: -500.00 SW Platform 4123.0 4131.0 2579.0 3079.0 carbonate 4139.0 3579.0 4148.0 4079.0 Turbidite 4156.0 4579.0 play Aptian 4172.0 5579.0 shelf edge 4164.0 5079.0 Canyon play 4180.0 6078.0 4340.0 6525.0 Upper Cretaceous 4643.0 4946.0 6923.0 7320.0 fluvio-deltaics 5250.0 7718.0 NE 5553.0 8115.0 Base Tertiary -500.00-1000.00-1000.00-1500.00-1500.00-2000.00 Top Albian -2000.00-2500.00-2500.00-3000.00 intra Aptian -3000.00-3500.00-3500.00-4000.00-4500.00 Top Barremian -4000.00-4500.00-5000.00-5500.00-5000.00 intra Barremian -5500.00-6000.00-6500.00 intrusives -6000.00-6500.00-7000.00-7000.00-7500.00-7500.00-8000.00-8000.00-8500.00-8500.00-9000.00-9000.00-9500.00-9500.00-10000.00-10000.00-10500.00-10500.00-11000.00-11000.00-11500.00 SDRs -11500.00-12000.00-12000.00-12500.00-12500.00 Volcanics / intrusives? inversion anticline Sag basin Syn-rift Prograding wedge
Younger Turbidite Channel & Shelf Plays Serica 2012 3D seismic data Inter-bedded with Kudu Shale source rock with direct access to mature source kitchens to the north and south N Channel Lead Canyon Shelf edge leads Base of slope turbidite channels Drape over underlying carbonate platform Drape over N 120Ma (Smooth [250x250]) RMS Amplitude (100ms Window)
Stratigraphic AVO Lead F XL3280 (Nears vs. Fars) Lead F Prospect D Lead F area of anomaly 115 km2 Class II/III AVO (brightening on fars) could indicate hydrocarbons Shallow marine shelf sands or carbonate shoal reservoirs. Directly up-dip of Aptian- Barremian source kitchen Areal extent of Lead F 115km 2 Lead F Prospect D Lead F area of anomaly 115 km2 Several hundred million barrel resource potential within Lead F alone
Volumes & Economics Provisional well location Arbitrary WNW-ESE 3D Seismic Line (Depth) OWC at 4152m 622 mmbo (NSAI P 50 ) Ultimate spill north into Prospect A below 4300m Northern Spill point 4265m P10 4265m Depth Map, Top Barremian 128 Ma P10 4265m Economic Results 622 mmbo (NSAI P 50 ) P50 4152m (NSAI) P90 4100m Provisional well location
Namibia Conclusions WSW ENE Multiple Lower Cretaceous structural prospects with billion-barrel oil potential : giant structure mapped on high-quality 3D seismic with 700km 2 areal closure and 300m relief Seismic character consistent with a carbonate platform Further prospects at shallower levels, within canyon-channel turbidite systems and along the shelf edge Large equity available N Depth Perspective Top Barremian 128 Ma Resources * NSAI, Sept. 2013 P 90 (low) P 50 (best) P 10 (high) 138 622 2810 mmbbls * Resource estimate based on NSAI September 2013 interpretation of 3D seismic data. There is no certainty that any portion of the resources will be discovered. If discovered, there is no certainty that it will be commercially viable to produce any portion of the resources. NI 51-101 compliant.
Namibia Luderitz Basin Farm Out Opportunity For further details, contact clara.altobell@serica-energy.com