Bridge Saw 22% Increase in Reserves in 2012

Anglo-Norwegian junior explorer Bridge Energy reported Tuesday that it its 2P (proved plus probable) developed reserves increased to 3.26 million barrels of oil equivalent (MMboe) last year from 2.67 MMboe at the end of 2011, representing a reserve replacement ratio of 224 percent.

Bridge said that the net best estimate of contingent resource (2C) more than doubled to 66 MMboe at Dec. 31 2012 from 29 MMboe a year earlier. The firm said that 22 MMboe of its net 2C resources was added as a result of three successful discoveries out of four exploration wells drilled last year.

Bridge confirmed that its current portfolio includes 11 discoveries in the UK and four in Norway, and that it has interests in 12 licenses in the UK sector of the North Sea as well as 16 licenses in the Norwegian sector. These licenses contain 32 main prospects.

The reserves and resource report, prepared by independent consultancy AGR TRACS International, reflected an increase in contingent resources connected to the award of the Vulcan South license in 2012. The increased gas resources (some 12.3 MMboe) enables wider regional development options to be considered for the whole of the Vulcan Satellite area, said Bridge.

Bridge CEO Tom Reynolds commented in a statement:

"The recently completed reserves and resources report underlines the significant steps made by Bridge, through acquisition, development of our existing asset base and exploration success in 2012. The step change in the commercial resource base, coupled with progressing our development portfolio, provides for a very exciting growth phase for Bridge to build upon during 2013."



Have a news tip? Share it with Rigzone!


Click on the button below to add a comment.
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
 Company: Bridge North Seamore info
 - Asha East Well Comes up Dry (Oct 17)
 - Wintershall's Amol Well Comes up Dry (Sep 25)
 - Spike Targets Bridge Energy (Sep 16)

Our Privacy Pledge

More from this Author
Rigzone Staff
e-mail us at
 -  Atwood Oceanics Offshore Employees in ... (Aug 23)
 -  What Kind of Salary Can You Get as an ... (Aug 18)
 -  Shell Divests Stake in Saudi JV (Aug 16)
 -  Saipem to Build Pipelines for Kuwait R... (Aug 16)
 -  The Trick to Nailing Your Electrical E... (Aug 10)

Most Popular Articles

From the Career Center
Jobs that may interest you
Administrative Assistant 3
Expertise: Executive|Secretarial or Administrative
Location: Houston, TX
Field Specialist
Expertise: Field Comm / SCADA|Operations Management|Process Technician
Location: Andrews, TX
Senior Accountant - Derivative Accounting
Expertise: Accounting|Energy / Commodity Trading|Financial Analyst
Location: Delaware, DE
search for more jobs

Brent Crude Oil : $52.57/BBL 1.34%
Light Crude Oil : $48.41/BBL 1.61%
Natural Gas : $2.93/MMBtu 0.34%
Updated in last 24 hours