Bridge Energy ASA : Bridge Energy ASA: Agrees farm-down of P1763 licence
4^th January 2013
Bridge Energy ASA
("Bridge", "Group" or "the Company")
Farm-down of P1763 Licence ("Aragon")
Bridge, the Oslo Børs and AIM listed oil and gas exploration and production
company (OSE:BRIDGE/ AIM: BRDG.L) has through its wholly owned subsidiary,
Bridge Energy (CNS) Limited, completed the agreement ("Transaction") with
Agora Oil & Gas (UK) Limited ("Agora") (100% owned by Cairn Energy PLC) and JX
Nippon Exploration & Production (UK) Limited ("JX Nippon") for the farm-down
of a 16.5% working interest in the P1763 Aragon prospect in the UK Northern
As a result of the Transaction, all parties have agreed to participate in
drilling a well to test the Aragon prospect prior to Q1 2015.
Subject to Transaction approval from the Department of Energy and Climate
Change, Bridge will then hold a revised interest of 13.5%, with MPX North Sea
Limited 22.5% (Operator), Agora Oil & Gas (UK) Limited 30%, JX Nippon
Exploration & Production (UK) Limited 25% and Sorgenia E&P (UK) Limited 9%.
Tom Reynolds, CEO of Bridge Energy, commented:
"We are pleased both Cairn and JX Nippon have joined us in this licence, which
demonstrates technical support for the potential within this acreage. This
farm-down continues our long-term strategy of re-allocating exploration
capital over a wider number of opportunities, with the 13.5% remaining
interest which Bridge retains in the licence, continuing to provide material
- Ends -
For further information, please contact:
Tom Reynolds, Chief Executive
+44 1224 659 120
+44 207 397 1951
131 220 9771
Edward Westropp/Natalia Erikssen +44 20 7831
Statutory guidance statements
This information is subject to disclosure requirements pursuant to section
5-12 of the Norwegian Securities Trading Act.
Notes to Editors
Bridge Energy is an oil and gas exploration and production company which holds
production licences in the UK (North Sea) Continental Shelf and exploration
assets in both the UK and Norwegian Continental Shelves. The company is listed
on the Oslo stock exchange (OSE: BRIDGE) and the London stock exchange (AIM:
The Company has a significant number of licences both within the UK and NCS,
including several operatorships. Bridge has drilled 17 exploration and
appraisal wells, including ten discoveries.
Underpinned by existing production from its operated Victoria field,
non-operated Duart field and non-operated Boa field, Bridge boasts a high
impact exploration portfolio with a strong inventory of undeveloped gas
discoveries which represents a sustainable business platform for production
and exploration growth in the North Sea.
For more information please visit: www.bridge-energy.com
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information contained therein.
Source: Bridge Energy ASA via Thomson Reuters ONE
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