Bridge Resources Corp. and its wholly-owned UK subsidiary Bridge North Sea (Central) Limited have executed agreements with BFW Capital Management Limited and its wholly-owned UK subsidiary BFW Drilling Limited, and Vancouver-based Lariat Energy Ltd and its wholly-owned UK subsidiary Lariat Energy UK Limited for the drilling of the North Piper 15/11b-6 exploratoration well, located in the Central North Sea.
BFW Capital Management Limited is a privately-held Aberdeen-based corporation founded by Dr. James Buckee, former CEO of Talisman Energy, Full Cycle Energy Investment Management Limited, a leading Toronto-based energy investment fund manager, and Wellington West Capital Markets, a major Canadian Investment Dealer. Lariat Energy Ltd is a public company traded on the TSX Venture Exchange.
Under the respective agreements BFW and Lariat may each earn up to 25% working interest in License P1291, comprising Blocks 14/15b and 15/11b, by paying 37.5% of the 15/11b-6 well cost up to a gross AFE cost of Pounds Sterling 11,847,471. Any costs above this amount, including well testing, would be shared proportional to working interest. Bridge remains Operator of the license.
The drilling of the well will be managed by Senergy Limited using the Stena Spey semi-submersible rig with a forecast spud date on or around August 1, 2008. The prospect is 22 km northwest of Piper Field in water depth of 472 feet. Planned well depth is 7,700 feet with reservoir objectives comprising Eocene-Upper Paleocene Sands at 2,400 feet; Lower Paleocene Sands at 4,800 feet; and the primary target Jurassic Piper Sands at 7,000 feet. The well design includes an extra string of shallow casing to facilitate evaluation of any pay in the Eocene-Upper Paleocene Sands.
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