Bridge, the Oslo Børs and AIM listed oil and gas exploration and production company , announces that, as a 20% licence partner in PL457 containing the Asha discovery, it has signed an agreement regarding the co-ordination and joint development of PL001B (the “Ivar Aasen field”) and PL457 Asha discovery in the Norwegian part of the North Sea.
The Agreement establishes an approach towards unitisation of the discoveries, with this process expected to be concluded latest mid-2014. On the basis of this Agreement, the Asha discovery will form an integral part of the proposed Ivar Aasen field development going forward. The Agreement has been approved by all relevant licence holders and remains subject to execution by the parties, which is expected to be concluded imminently.
A plan to develop and operate (PDO) for the Ivar Aasen field was submitted 21 December 2012 to the Norwegian Ministry of Petroleum and Energy by Det Norske and is currently pending approval, which is expected to be granted by the Norwegian Parliament prior to 30 June 2013.
The PDO for Ivar Aasen proposes to install a steel legged platform, which will support dry wellheads and processing capacity. Hydrocarbons from Ivar Aasen will be then be exported via the Lundin operated Edward Grieg facilities. Field production start-up is planned for 2016.
Other interests in PL457 are Wintershall Norge 40% (Operator), VNG Norge AS 20% and E.On Ruhrgas Norge 20%.
Tom Reynolds, CEO of Bridge Energy, commented:
“I am pleased to announce this positive step forward on Asha, which clearly underlines the commerciality of this discovery; less than one month after our resource update and three months after drilling.
“With existing estimates indicating more than 13 mmboe net recoverable to Bridge from Asha, this Agreement both accelerates and unlocks significant value within PL457. In addition to the Asha discovery further upside potential exists on this licence within the independent Aglaja and Amol prospective targets.”
The Ivar Aasen field lies in the northern part of the North Sea, approximately 175 km west of Karmøy. An estimated total of NOK 24.3 billion will be invested in the Ivar Aasen field over a six-year period from 2013 to 2018. Production start for the Ivar Aasen field has been set for the third quarter 2016, which means that some of the investments will be made after the field has started producing.
March 8, 2013