Finance & Investing
News Services
Newsletters
Get free industry updates via email.
Daily News
Weekly News
Equipment Updates
Weekly Job Register
Monthly Event Guide
Our privacy
pledge.


advertisement

Bridge Farms Down Aragon Interest to Cairn and JX Nippon

change text size

Anglo-Norwegian explorer Bridge Energy announced Friday that it has agreed to a 16.5-percent farm down of its interest in the P1763 Aragon prospect in the UK Northern North Sea.

The deal with Agora Oil & Gas (a subsidiary of Cairn Energy) and JX Nippon Exploration & Production means that, subject to approval from the UK government's Department of Energy and Climate Change, Bridge will retain an interest of 13.5 percent in the P1763 license. Agora and JX will now hold 30 percent and 25 percent respectively, while Sorgenia E&P and operator MPX North Sea Limited will hold nine percent and 25 percent respectively.

All the partners have agreed to participate in drilling a well to test the Aragon prospect before the first quarter of 2015.

Bridge CEO Tom Reynolds commented in a company statement:

"We are pleased both Cairn and JX Nippon have joined us in this license, which demonstrates technical support for the potential within this acreage. This farm-down continues our long-term strategy of re-allocating exploration capital over a wider number of opportunities, with the 13.5-percent remaining interest which Bridge retains in the license, continuing to provide material upside potential."

 



Have a news tip? Share it with Rigzone!
Email news@rigzone.com

WHAT DO YOU THINK?

Post a Comment Generated by readers, the comments included herein do not reflect the views and opinions of Rigzone. All comments are subject to editorial review. Off-topic, inappropriate or insulting comments will be removed.

Related Companies

More from this Author
Rigzone Staff
e-mail us at news@rigzone.com
 -  Centrica Comes Up Dry near Ula Field (Jul 23)
 -  Ruspetro Conducts Successful Flow Test... (Jul 23)
 -  Kongsberg Bags $53M Contracts from Chi... (Jul 23)
 -  Leni Finds More Oil with 4th Goudron D... (Jul 22)
 -  Puka-3 Well Spuds Onshore New Zealand (Jul 22)
Most Popular Articles
From the Career Center
Jobs that may interest you
General Manager / Regional Director
Expertise: Executive, Well Servicing & Testing
Location: GOM, TX
 
Subsea Supervisor (Head of Dept)
Expertise: Subsea Engineer
Location: Gulf of Mexico
 
Directional Driller
Expertise: Directional Driller
Location: PA
 
search for more jobs