Bridge Energy ASA has through its wholly owned subsidiary Bridge Energy Norge AS (“Bridge”) completed the agreement with Agora Oil & Gas AS (“Agora”) which is 100% owned by Cairn Energy PLC (“Cairn”), for the farm-down of a 15% working interest in production licences PL497 and PL497B on the Norwegian Continental Shelf.
After the transaction Bridge holds a 15% interest in the licences. Agora, will as a consideration for the transaction carry a substantial share of Bridge’s well cost. The licences contain the Geite prospect, which will be tested by the ongoing exploration well 7/11-13.
Alfred Kjemperud, Managing Director of Bridge Energy Norge, commented: “We are pleased that Cairn, through Agora, has joined us in the PL497/497B licences demonstrating support for the technical potential of the acreage.”
Press Release, September 28, 2012