Bridge Energy Farms Down Interest in Licences on Norwegian Continental Shelf

Bridge Energy ASA has through its wholly owned subsidiary Bridge Energy Norge AS (“Bridge”) completed the 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 holds a 15% interest in the licences. Agora, will as a consideration for the transaction carry a substantial share of Bridge’s well cost. The licences contain the Geite prospect, which will be tested by the ongoing exploration well 7/11-13.

Alfred Kjemperud, Managing Director of Bridge Energy Norge, commented: “We are pleased that Cairn, through Agora, has joined us in the PL497/497B licences demonstrating support for the technical potential of the acreage.”

[mappress]
Press Release, Septembar 28, 2012