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Bridge Energy completes farm-down of two licences in Norwegian North Sea

Published: 22:32 28 Sep 2012 AEST

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Bridge Energy (LON:BRDG, OAX:BRIDGE) now holds 15 per cent interests in two licences in the Norwegian North Sea.

It announced the completion of the farm-down of a 15 per cent working interest in production licences PL497 and PL497B.

The firm completed the agreement with Agora Oil & Gas, which is 100 per cent owned by Cairn Energy (LON:CNE).

As consideration, Agora will carry a substantial share of Bridge's well cost, it said.

The licences contain the Geite prospect, which will be tested by the ongoing exploration well 7/11-13.

Earlier this month, Bridge, which made its debut on AIM yesterday, revealed drilling was underway at Geite 30 kilometres west of the Ula field in the Norwegian North Sea.

7/11-13, in which Bridge has a 15 per cent interest, is the third well to be drilled in a four-well programme that should be completed by the end of the year.

The estimated unrisked mean potential targeted by the well, operated by Det Norske Oljeselskap, is 15 million barrels net to Bridge.

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