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Serica Energy shares rise as Namibia licence talks are confirmed

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Shares in AIM quoted oil explorer Serica Energy (LON:SQZ) soared in early trading this morning as the group confirmed it is in talks over a new licence in Namibia.

“In light of recent market speculation Serica confirms that it is in advanced discussions about the award of significant licence areas in Namibia,” the company said in a stock market statement.

Serica told investors that it is in the process of finalising agreements for new licence areas. 

At 10:30 on AIM the group’s shares gained 3.5 pence, almost 20 per cent, to change hands at 21.5 pence each.

The company currently has operations in UK, Ireland, Morocco and Indonesia.

Namibia is getting a lot of interest from the industry oil and gas industry at the moment. The farm-out deal between Chariot Oil & Gas (LON:CHAR) and BP (LON:BP.) is one example of this.

In August the pair struck a deal over Block 2714A which is a joint venture alongside Brazilian major Petrobras. The partners are currently at an advanced stage in the planning for their first well.

Tower Resources (LON:TRP) also has acreage in Namibia.

 

Quick facts: Serica Energy Plc

Price: 118 GBX

AIM:SQZ
Market: AIM
Market Cap: £315.68 m
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