Bridge has completed the agreement with Total E&P Norge AS for the farm-down of 40% working interest in production licenses PL554 and PL554B on the Norwegian Continental Shelf. The agreement also includes transfer of operatorship from Bridge Energy to Total. After the transaction Bridge Energy hold 20% working interest in the two licenses. The main prospect in the licenses, Garantiana, is scheduled for drilling 1Q 2012 with the semisub Borgland Dolphin.
Einar Bandlien, Bridge Energy CEO, commented, "We are delighted that Total EP Norge has joined us in the PL554 license which demonstrates robust support for the technical potential of the acreage. In addition, we welcome the wealth of capability Total brings to the partnership in its role as Operator."
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