Bridge Energy disappoints with dry well

Shares in AIM-listed Bridge Energy sank on Monday after the company said that the an exploration well on the PL497 licence in the North Sea has turned up dry.

Shares in AIM-listed Bridge Energy sank on Monday after the company said that the an exploration well on the PL497 licence in the North Sea has turned up dry.

The company, which is also listed on the Oslo Axess, said although Triassic reservoir sandstones were encountered by well 7/11-13, "no hydrocarbons were found".

Operator of the PL497 licence, Det norske oljeselskap, will complete the drilling operations before the well is plugged and abandoned. Bridge has a 15% interest in PL497, while Det norske owns 35%. Other partners include Dana Petroleum Norway (25%), Agora Oil & Gas (15%) and Lotos Exploration and Production Norge (10%).

Bridge said that it is currently drilling the Garantiana prospect on PL554 in the Norwegian North Sea where it has a 20% interest, and the Contender exploration well on UK licence P201 where it has a 4% interest.

In addition, drilling of the multi-target exploration well on PL457 (in which it has a 20% stake), located on the western flank of the Utsira High in the Norwegian North Sea, is expected to commence soon.

By 12:57, shares were down 7.96% at 126.55p.

Recommended

A new legal headache for Haleon
Stocks and shares

A new legal headache for Haleon

Haleon, GSK’s former consumer-products arm, spun off last month, has made a dismal debut on the stockmarket.
17 Aug 2022
Persimmon yields 12.3%, but can you trust it to deliver?
Share tips

Persimmon yields 12.3%, but can you trust it to deliver?

With a dividend yield of 12.3%, Persimmon looks like a highly attractive prospect for income investors. But that sort of yield can also indicate compa…
17 Aug 2022
Cineworld faces a bleak future – investors should stay away
Share tips

Cineworld faces a bleak future – investors should stay away

Weighed down by crippling debts and with consumers tightening their belts, Cineworld's future does not look bright, says Rupert Hargreaves. Investors …
17 Aug 2022
Britain’s ten most-hated shares – w/e 12 August
Stocks and shares

Britain’s ten most-hated shares – w/e 12 August

Rupert Hargreaves looks at Britain's ten most-hated shares, and what short-sellers are looking at now.
16 Aug 2022

Most Popular

Don’t listen to the doom-mongers – the future is bright
Economy

Don’t listen to the doom-mongers – the future is bright

With volatile markets, raging inflation and industrial unrest, it may feel like things are bad and likely to get worse. But the end of the world is no…
15 Aug 2022
Investors should get ready for a political revolution
UK Economy

Investors should get ready for a political revolution

Liz Truss will beat Rishi Sunak, cut taxes, and then shake up the Bank of England, says Helen Thomas
15 Aug 2022
How solar panels could lower your energy bill
Energy

How solar panels could lower your energy bill

Solar-panel installation firms are reporting a four-fold increase in orders this year compared with 2021. Ruth Jackson-Kirby explains how solar can he…
14 Aug 2022