Bridge Resources Acquires Interest in UK North Sea Blocks
Bridge North Sea Limited has executed respective Memorandums of Understanding ("MOU") with Century Exploration (UK) Limited wherein Bridge can acquire Century's remaining interest in the Southern North Sea Wherry development project and will acquire Century's 25% interest in three 25th Round blocks in Central North Sea Quad 9.
Bridge already holds a 50% interest in the Wherry portion of Block 48/24a in Licence P007 and thus wishes to acquire the 50% balance of the interest. Wherry comprises three structural closures, two of which have been penetrated and proven gas-bearing respectively by the 48/24a-1 well drilled in 1989 and the 48/21a-3 well drilled in 1991.
The former well logged 60 feet of pay and tested 2.1 million cubic feet of gas per day. The latter encountered a much thicker 194 feet gas column feet that was not tested. Both wells were vertical and Bridge's initial strategic intent would be to drill a horizontal well across the crest of the structure with the thicker pay to achieve a high flow rate as an anchor for further development.
Bridge plans to seek Field Development Plan approval from the Secretary of State for the Department of Energy and Climate Change prior to any drilling.
There is no certainty that that it will be commercially viable to produce any portion of the resources. The contingent resources are not categorized as reserves as contingencies exist including Field Development Plan approval from the Secretary of State for the Department of Energy and Climate Change.
Under the terms of the MOU, Bridge will pay Century an initial option fee following execution of a Sales and Purchase Agreement and have the option to pay an additional success fee within 60 days of commencing a well to fully earn the 50% working interest.
In the Central North Sea, Bridge will purchase Century's 25% interest in a 25th Round traditional drill-or-drop license comprising full Block 9/26 and split Blocks 9/21 and 9/27b. Bridge will acquire this interest for payment of Century's license application costs. The other interest holders comprise Valiant Exploration Limited (50%, Operator) and Silverstone CNS Limited (25%).
Both acquisitions are subject to approval of the assignments by the Secretary of State and regulatory approval.
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