Bridge Resources Reschedules Timetable for UK Exploration Wells

Bridge Resources has rescheduled and confirmed the 4th and 5th slots with the AGR Peak-operated Ensco 100 rig with the first of Bridge's two wells now scheduled to spud end-January, 2008. The 48/21a-4 Durango development well, originally planned for Q3, 2007 was postponed for operational reasons, specifically the long-lead time to acquire a sub-sea wellhead and tree. Drilling prior to obtaining this completion equipment would have necessitated bringing a rig back on location for the completion of a suspended well, an inefficient and more expensive operation. Bridge has confirmed orders for all the required completion equipment.

Bridge has completed the Durango development screening study. The optimal plan of development comprises a single horizontal well tied back to the Perenco-operated Waveney Platform, 14.3 km northeast. Gas from Waveney is transported through the LAPS pipeline to the Bacton onshore terminal.

Reservoir modeling studies by Malkewicz Hueni Associates for the horizontal well design confirm the best estimate of recoverable resources at 40.5 bcfe calculated previously by RPS, an independent UK-based engineering and consultancy group. A plateau production rate of 30 million cubic feet and 1,000 barrels condensate per day is planned.

Bridge has also completed interpretation of a combined Rotliegend-Carboniferous exploratory prospect, named Aspen, that lies on its Blocks 47/19, 47/20a, and 47/25, 22 km west of Durango. If proved commercial, Aspen would provide development synergies with Durango Field.

Bridge is currently finalizing the two South Trent Prospects on its 23rd Round Block 43/24b for inclusion in its 2008 drilling portfolio. The South Trent Prospects combined potential net gas resources calculated previously in a report prepared by DeGolyer and MacNaughton Canada Limited (D&M), effective May 31, 2006 are 269 bcf unrisked or 66 bcf risked.

Prospective resources are those quantities of oil and gas estimated on a given date to be potentially recoverable from undiscovered accumulations. If discovered, they would be technically and economically viable to recover, there is no certainty that the prospective resource will be discovered. If discovered, there is no certainty that any discovery will be technically or economically viable to produce.

As part of the Century acquisition, Bridge received a carried interest in a Perenco-operated well. The 48/22b-6 test of the Cirrus Prospect in which Bridge had a 3.0625% carried no-cost interest encountered a non-commercial gas column in the target Rotliegend Sand reservoir and the well was plugged and abandoned.

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