Bridge Energy, the Oslo Børs and AIM listed oil and gas exploration and production company has provided an update on the scheduled restart of production from the Duart field, which is located in the UK North Sea and in which Bridge holds a 50% working interest.
As announced by the Company in September 2012, the Duart field was scheduled to restart production in October 2013, following an extended outage of the Tartan host platform to complete certain maintenance and modification work. The Operator for the field has advised that, due to extension of the Tartan works, Duart restart is now likely to be deferred into late Q1 2014 or early Q2 2014.
Tartan platform provides production processing services including gas lift to the Duart field. None of the Tartan remediation works are related to the Duart well or to the Duart field facilities. This delay therefore represents a deferral of cash flow, with Duart reserves and value remaining unchanged.
The proposed well targeting Duart East/Duart South remains under consideration by the partnership, with further work to define the opportunity likely to be finalised in 2014.
Tom Reynolds, CEO of Bridge Energy, commented:
“Whilst the Duart deferred re-start is disappointing, ongoing cash generated from our existing producing assets, along with existing banking facilities ensure we remain adequately resourced until Duart production recommences. We very much look forward to the commencement of our autumn exploration drilling schedule on our Norwegian Licence PL457, which will target both the Amol prospect and our Asha discovery.”