Anglo-Norwegian junior explorer Bridge Energy has entered 2013 "in a rightly confident mood" according to analysts who follow the firm after it announced an upbeat operations statement Monday.
Bridge CEO Tom Reynolds said in the statement that the firm underwent a "step change" in 2012 by significantly growing production, resources and its capability. The year saw Bridge grow its production capability grow through the acquisition of the Boa field interest while the firm claimed that significant value has been created through low-cost exploration with positive results.
Three out of four exploration wells drilled in 2012 were commercial successes and these yielded an estimated 75 million barrels of oil equivalent in recoverable resources (15 million barrels net to Bridge).
Bridge's producing assets generated 1,200 barrels of oil equivalent per day – which was an increase of 10 percent from the end of 2011.
2013 will see Bridge continue to focus on high impact, low-cost exploration, it said, with three exploration wells expected to be drilled in 2013 – including further exploration wells in areas adjacent to the firm's Garantiana and Asha discoveries. Meanwhile, the firm expects to see production increase further following first oil from the Cormorant East field, along with the Duart field re-start later in the year.
Analysts at London-based investment bank Fox Davies commented:
"We believe that the company enters 2013 in a rightly confident mood and, with a buoyant exploration and development program, we believe the company to be well balanced. It must now strive to reach the next stage of a company's development and get to a point of sustainability."
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