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."
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