Bridge Energy ASA, a Norwegian oil company with assets in the North Sea, climbed to a two-month high in Oslo as the results of drilling at the Asha prospect signaled the find may be bigger than previously thought.
The Nesbru-based company rose as much as 1.4 percent to 10.70 kroner, the highest intraday level since Dec. 3. More than 345,000 shares have been traded so far today, in excess of three times the three-month average daily volume. Bridge Energy raised its estimate for recoverable reserves at Asha to 30 million to 100 million barrels of oil equivalent, it said in a statement.
That compares 25 million to 35 million barrels previously.
While the field had been seen as an eastward extension of the Ivar Aasen find, recent data suggests it stretches “beyond the PL457 license borders with a similar additional volume potential on the outside,” Pareto Securities AS said by e-mail.
Pareto, with a buy recommendation on Bridge, raised its 12- month price estimate on the stock to 18 kroner from 16 kroner.
Bridge rose 0.5 percent to 10.6 kroner by 2 p.m. in Oslo.
“Asha could be a 50 million to 200 million barrels of oil equivalent structure,” the Oslo-based broker said. Bridge Energy has a 20 percent stake in license 457, where Asha is located. Wintershall AG is the operator with 40 percent, while E.ON AG and Verbundnetz Gas AG both have 20 percent.
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