Bridge, the Oslo Børs and AIM listed oil and gas exploration and production company, announces the press release by the Norwegian Ministry of Petroleum and Energy confirming that Bridge has been awarded a licence with 40% interest and operatorship in block 6407/4 off Mid-Norway in the 2012 Norwegian APA licensing round, together with the partners Svenska Petroleum (30%) and Bayerngas (30%).
The working obligation includes reprocessing of 3D seismic together with geological and geophysical evaluations ahead of a drill-or-drop decision within two years after award. The licence is located in a highly prospective area in the Norwegian Sea, close to the Mjøsa prospect, in which Bridge will participate in a well in 2013.
Tom Reynolds, CEO of Bridge Energy, commented:
“This represents a valuable addition to the Company’s licence portfolio which has the potential to add further drillable targets in the future. This successful application, together with the commercial discoveries and acquisition of Boa, confirm 2012 as a very positive year for Bridge, laying the foundation for further success in the future.”
[mappress]
Press Release, January 16, 2013