UK: Production Restarts at Duart Field

Bridge Energy ASA, the Oslo Axess listed oil and gas exploration and production company announces that production restarted on the Duart field on the 9 April 2012.

The Duart field has been shut in since 5th October 2011 as a result of planned maintenance activity on the host Tartan platform. The extended shutdown on the Tartan platform has enabled completion of a more comprehensive maintenance work scope which should increase the near term uptime of the facility. The anticipated increase in host uptime and a period of flush production following the long shut down, will partially offset the delayed Duart production volumes, but overall 2012 revenues from Duart are expected to be higher because of the increased oil price.

The Company expects that net Bridge Energy production from the Duart field will be between 145,000 bbls and 165,000 bbls for 2012.  The Duart field was acquired from Nexen Petroleum Dragon UK Limited in December 2011.

Tom Reynolds, Deputy CEO of Bridge Energy ASA, said:

“We are very pleased to announce the re-start of production from the Duart field. Following the extended shutdown we can expect higher sustained production levels from the field which, combined with the production revenues from our Victoria field production, supports our ongoing high impact exploration programme.”

The Duart field, situated in block 14/20 on the UK continental shelf, is a high quality Cretaceous interval oil reservoir contained in a simple high relief tilted fault block structure. The field was developed in 2007 with a single subsea development well near the crest of the structure, which is supported by a strong natural aquifer drive. The well is tied back to the nearby Talisman operated Tartan platform. Product from Duart is processed on Tartan and co-mingled with other Tartan area production before being piped to the Flotta oil storage terminal.

Source: Bridge Energy, April 11, 2012

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