Bridge announced that, along with its current license partners, it has signed a farm-in agreement with TAQA Bratani Limited ("TAQA") relating to UKCS License P201 Block 211/22a North West Area (Bridge 10%) whereby TAQA has agreed to carry the cost of an exploration well to earn an interest in the license.
Under the terms of the agreement and subject to the approval of the UK Department of Energy and Climate Change ("DECC"), TAQA will assume operatorship and drill an exploration well on a prospect known as Contender in the southern area of the block from the TAQA-operated Cormorant North Platform. The well will target the Jurassic Brent sequence of sandstones at a projected drilling depth of 16,900 feet, less than two kilometers east of the Cormorant North Field. The well is expected to spud during the first half of 2012 and will be completely funded by TAQA.
If successful, TAQA will earn 60% interest in the southern area of the block (the "Contender sub-area") and 35% interest in the northern part (the "Kerloch sub-area"). Bridge's remaining interests will be 4% in the Contender sub-area and 6.5% in the Kerloch sub-area.
Tom Reynolds, Bridge's Deputy Chief Executive, said, "We are delighted to have TAQA as a partner in the Kerloch and Contender license area and encouraged that a further exploration well will be drilled within the Bridge portfolio in 1H 2012; in addition to the existing four wells on our 2012 drilling program. TAQA has been successful in the area with the Cormorant North Field and is well placed to further explore the Contender prospect.
"Subject to exploration success; the testing of the well and delivery of production could be conducted at minimal cost and within a short time-frame."
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