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.

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%).

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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.