Bridge: Asha Target Zone Suggests Hydrocarbons

Anglo-Norwegian oil and gas junior Bridge Energy announced Thursday that its 16/1-16 well on Norwegian production license 457, which was spud on Oct. 24, has detected indications of hydrocarbons within the Asha target zone.

"The Bridge 2012 exploration programme has delivered discoveries for us at Garantiana in Norway and Contender in the UK and whilst the interim results from the Noor horizon at the PL457 well were not as expected , initial results from the Asha horizon indicate the presence of hydrocarbons and we will make a further announcement following completion of drilling operations," commented Bridge CEO Tom Reynolds in a company statement.

In a separate third quarter 2012 results statement, also announced Thursday, Bridge said its production averaged 1,167 barrels of oil equivalent per day during 3Q 2012 – an improvement on the 1,096 boepd it managed in 3Q 2011.

During the quarter the firm generated physical petroleum revenues totalling NOK 50.6 million, almost double the NOK 26.8 million it reported for 3Q 2011. The firm's operating loss for 3Q 2012 was NOK 58 million, compared with a loss of NOK 6.1 million in 3Q 2011.

Bridge said that it will continue to pursue a full exploration program in 2013 with several wells planned, including the Mjøsa well on Norwegian production license 511, which is scheduled for 3Q 2013.

The firm added that it is also actively seeking a farm-in partner for its Vulcan East, North West Vulcan and Vulcan South licenses, and is looking at drilling an additional well near its Duart East prospect and Duart South discovery.



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Company: Bridge North Sea more info
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