Bridge Energy Saw Large Increase in Production Revenues in 2011
by Jon Mainwaring
Thursday, February 16, 2012
North Sea-focused Bridge Energy announced Thursday that it expects to spud five wells this year as it reported a four-fold increase in its fourth quarter revenues.
Bridge reported that 4Q 2011 revenues from petroleum production were $22.5 million (NOK 131 million), compared with just $5.33 million (NOK 31 million) in 4Q 2010. For 2011 as a whole, petroleum revenues amounted to $37.6 million (NOK 219 million) – more than double the $17.9 million (NOK 104 million)) generated in the previous year. Bridge also reduced its loss for last year.
The firm said that 4Q 2011 saw it deliver against "key initiatives" from its strategy.
Bridge confirmed the timing and delivery of growth projects, such as the Victoria phase II gas development project in the southern North Sea that has now been sanctioned and which has received formal development approval from the UK government. Project delivery here will be during the first half of 2013 subject to rig availability, said the firm.
Another key initiative has been to broaden Bridge's access to capital, and the firm said it is continuing to progress its plan to join the Alternative Investment Market, London's junior stock market, during 2012.
Meanwhile, the purchase of Duart – part of Bridge's plan to grow production and cash flow through acquisitions – was completed in December and this will add approximately 500 barrels of oil per day to Bridge Energy this year.
Finally, Bridge said that it is broadening its exploration in order to deliver a sustainable drilling program. This will see it participate in five exploration wells this year.
The first of these – the UKCS P201 Contender well – is expected to spud in March 2012.
Since the start of this year, Bridge has also been successful in winning new license blocks in the North Sea. On January 6, it was notified by the UK Department of Energy and Climate Change that it had been awarded block 49/21c, while later in the month Norway's Ministry of Petroleum and Energy said it had been awarded four new licenses.
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