Bridge Energy Welcomes Cairn and JX Nippon to Aragon Prospect Project
Bridge, the Oslo Børs and AIM listed oil and gas exploration and production company has through its wholly owned subsidiary, Bridge Energy (CNS) Limited, completed the agreement with Agora Oil & Gas (UK) Limited (100% owned by Cairn Energy PLC) and JX Nippon Exploration & Production (UK) Limited for the farm-down of a 16.5% working interest in the P1763 Aragon prospect in the UK Northern North Sea.
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 upside potential.”
Press Release, January 4, 2013