AIM-listed Bridge Energy said Friday that through its wholly owned subsidiary, Bridge Energy, it has completed an agreement with Agora Oil & Gas, which is owned by Cairn Energy, and JX Nippon Exploration & Production for the farm-down of a 16.5 per cent working interest in the P1763 Aragon prospect in the UK Northern North Sea.
All of the companies have greed to participate in drilling a well to test the Aragon prospect before the first quarter of 2015.
Once approval have been received from the Department of Energy and Climate Change, Bridge will then hold a revised interest of 13.5%, while MPX North Sea will own 22.5% (operator), Agora Oil & Gas 30%, JX Nippon Exploration & Production 25% and Sorgenia E&P 9%.
Subscribe to MoneyWeek
Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE
Sign up to Money Morning
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Chief Executive Officer of Bridge Energy, Tom Reynolds, said: "We are pleased both Cairn and JX Nippon have joined us in this licence, which demonstrates technical support for the potential within this acreage.
"This farm-down continues our long-term strategy of re-allocating exploration capital over a wider number of opportunities, with the 13.5% remaining interest which Bridge retains in the licence, continuing to provide material upside potential."
NR
-
Cash in on the growth prospects of Europe's companiesOpinion Marcel Stötzel, co-portfolio manager of the Fidelity European Trust, selects three stocks
-
Is the AI boom another dotcom bubble?25 years on from the dotcom bubble bursting, is it time for investors to consider the sustainability of the AI boom in the stock market?
