Bridge Resources Increases Position in Southern North Sea
Bridge Resources has reached agreement with Century Exploration (UK) and Charbella Energy, to acquire a 50% interest in Blocks 48/23a, 48/24a (part), 48/24b, and 48/25a in the Southern Gas area of the UK North Sea. The blocks comprise 220.8 km2 (110.4 km2 net to Bridge) and are contiguous with Block 48/24d acquired by Bridge in the 24th UK License Round.
The net acquisition cost to Bridge through September 17, 2008 is forecast to be approximately Pounds Sterling 50,000. During this period Bridge intends to undertake a detailed review of all prospects on the subject acreage as potential satellite projects to its planned Durango gas development.
Bridge participation and operatorship of the licenses is subject to approval by the UK Department for Business, Enterprise & Regulatory Reform.
The Corporation is active in the exploration for hydrocarbons in the Southern Gas Area of the UK North Sea where it holds 100% interest in eleven offshore exploration blocks located in water depths of 15 to 50m. In aggregate, Bridge's exploration blocks cover 1,784 square kilometers.
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