Cairn’s Subsidiary Acquires Stake in PL497 (Norway)

Bridge Sells Stake in PL497 to Cairn's Subsidiary

Bridge Energy ASA, the Oslo Axess-listed oil and gas exploration and production company, has executed an agreement with Agora Oil & Gas AS which is 100% owned by Cairn Energy PLC (“Cairn”), for the farm-down of a 15% working interest in production licences PL497 and PL497B on the Norwegian Continental Shelf.

After the transaction Bridge Energy will hold a 15% working interest in the two licences. Cairn, through its subsidiary Agora, will as a consideration for the transaction carry a substantial share of Bridge Energy’s well cost. The main prospect in the licences, Geite, is scheduled for drilling in Q3 2012.

Comment

Alfred Kjemperud, Managing Director of Bridge Energy Norge, commented:

“We are pleased that Cairn, through Agora, has joined us in the PL497 licence which demonstrates support for the technical potential of the acreage. Through this farm-out, Bridge is able to re-allocate its exploration capital over a wider number of prospects in support of one of our key corporate objectives. The 15% interest in Geite which Bridge retains, represents a substantial target and gives upside potential which could have a material value impact in the event of a discovery.”

[mappress]
Press Release, June 27, 2012

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