Bridge Energy Sees Slight Increase in Reserves
by Bridge Energy
|Wednesday, February 22, 2012
North Sea-focused oil and gas exploration firm Bridge Energy announced Wednesday the release of its Annual Statement of Reserves for 2011.
- Proved developed gas reserves (1P) increased slightly, from 2.18 to 2.22 million barrels of oil equivalent. The produced volumes from the Victoria gas field were more than compensated by added reserves in the Duart oil field.
- Total 2P/P50 reserves are 21.3 Mmboe, unchanged from last year.
"The reserves and resources recognized within the annual statement provide a solid foundation for Bridge's parallel growth strategies. These are production growth driven by development projects and resource growth driven by exploration drilling. Reserves added through the Duart acquisition will provide additional production revenues to support the 2012/13 activity program," said Bridge Chief Executive Officer Einar H. Bandlien.
"Following the steps taken by management during 2011 to improve the underlying balance sheet – including an expansion of available debt facilities and an equity raise – Bridge will now execute the Victoria phase II development project adding more production and cash flow in 2013."
"The resulting cash flow will allow Bridge to drill nine wells over the 2012/13 period. The 2012 program has five firm wells, which include testing PL457 in the greater Johan Sverdrup area targeting more than 30 Mmboe on an unrisked basis net to Bridge."
"The development of Victoria phase II will demonstrate that Bridge's gas resources can be delivered through the use of horizontal multi-fractured wells and will substantially de-risk the reserves and resources within Vulcan East and Vulcan North West."
All of Bridge Energy's reserves and resources were independently audited at year end 2011 by AGR Petroleum Services AS for the Norwegian assets and TRACS International Consultancy Ltd. for the UK assets. Both companies are owned by AGR Petroleum Services Holding AS.