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Energy ASA Completes Farm-Down on PL497/PL497B

Source: www.gulfoilandgas.com 9/28/2012, Location: Europe

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."

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Related Categories: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Industrial Development  Insurance  Investment  Mergers and Acquisitions  Risk Management 

Related Articles: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Insurance  Investment  Mergers and Acquisitions  Risk Management 


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