Bridge Energy announced Wednesday that its wholly owned subsidiary Bridge Energy Norge has executed an agreement with Agora Oil & Gas, which is 100-percent owned by Cairn ?Energy, for the farm-down of a 15-percent working interest in production licenses PL497 and PL497B on the Norwegian Continental Shelf.After the transaction Bridge Energy will hold a 15-percent working interest in the two licenses. Cairn will as a consideration for the transaction carry a substantial share of Bridge Energy's well cost. The main prospect in the licenses, 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-percent 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."