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%).
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
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.
-
Adidas, Nike or Jordans - could collectable trainers make you rich?
The right pair of trainers can fetch six figures. Here's how you can start collecting vintage Adidas, Nike or Jordans now
By Chris Carter Published
-
Early bird ISA investors flock to global funds, India and the US
There’s been an increase in investors maxing out their ISA at the start of the new tax year. But where are they putting their cash and why does it make sense to be an early bird investor?
By Vaishali Varu Published