Farm down on forthcoming Geite well

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Offshore.no International » News » Licensing

Posted 27.06.2012 09:53:49 av John Bradbury

Cross border Norrh Sea explorer Bridge Energy has farmed down half of its 30% holding in two Norwegian licences where a well is due to be drilled later this year.

Bridge has agreed to farm down 15% in the PL497 ad PL497B licence areas covering the Geite prospect to Agora Oil and gas – which is now owned 100% by UK-based Cairn Energy.

The deal with Agora/Cairn will leave Oslo-listed Bridge Energy ASA with 15% in the Geite licence area which is operated by Det Norske and where a single exploration well is due to be drilled in the third quarter this year with the Maersk Guardian rig.

As part of the agreement Cairn will carry Bridge through a substantial portion of the well costs.

Alfred Kjemperud, managing director of Bridge Energy Norge said the licence move by Cairn supports 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,” Kjemperud said

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