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Bridge Energy Norge AS, a subsidiary of Bridge Energy, announced an agreement with Total E&P Norge AS for the transfer of two rig slots in the Borgland Dolphin rig consortium. Total E&P Norge AS takes Bridge Energy's place in the consortium and assumes all rights and obligations associated with the two rig slots originally committed by Bridge Energy. Bridge Energy entered the Borgland Dolphin rig consortium in 2008 and will under the agreement recover costs incurred as partner in the consortium.
This agreement will release the provision of NOK 17.3 million allocated to the rig lease agreement at the business combination in March 2010. Previously expensed rig intake costs will also be recovered. Both will improve Operating income in 3Q 2011. The agreement with Total will also result in a release of the bank guarantee of USD 12.5 million issued by Lloyds (Bank of Scotland) in favor of Dolphin AS in respect of the contract.
Einar Bandlien, CEO of Bridge Energy ASA, commented "This agreement has a positive impact on both Bridge's balance sheet and operating income and supports the wider initiatives which are being taken to move the business forward with its growth plans. We look forward to the first drilling slot on the Borgland Dolphin being used to test our PL554 prospect Garantiana in 1Q 2012, the first of four very interesting wells to be drilled for Bridge in 2012."
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