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