Bridge Energy ASA Agrees Farm-Down on PL497/497B

Source: www.gulfoilandgas.com 6/27/2012, Location: Europe

Bridge Energy ASA, the Oslo Axess-listed oil and gas exploration and production company is pleased to announce that its wholly owned subsidiary Bridge Energy Norge AS has executed an agreement with Agora Oil & Gas AS (Agora) which is 100% owned by Cairn Energy PLC (Cairn), for the farm-down of a 15% working interest in production licences PL497 and PL497B on the Norwegian Continental Shelf.

After the transaction Bridge Energy will hold a 15% working interest in the two licences. Cairn, through its subsidiary Agora, will as a consideration for the transaction carry a substantial share of Bridge Energy's well cost. The main prospect in the licences, Geite, is scheduled for drilling in Q3 2012.

Alfred Kjemperud, Managing Director of Bridge Energy Norge, commented:

"We are pleased that Cairn, through Agora, has joined us in the PL497 licence which demonstrates support for the technical potential of the acreage. Through this farm-out, Bridge is able to re-allocate its exploration capital over a wider number of prospects in support of one of our key corporate objectives. The 15% interest in Geite which Bridge retains, represents a substantial target and gives upside potential which could have a material value impact in the event of a discovery."


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Related Categories: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Industrial Development  Insurance  Investment  Mergers and Acquisitions  Risk Management 

Related Articles: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Industrial Development  Insurance  Investment  Mergers and Acquisitions  Risk Management 


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