More oil recoverable from Asha offshore Norway

Bridge Energy (OSE: BRIDGE/ AIM: BRDG.L) says reserves have been upgraded for the recent Asha discovery in the Norwegian North Sea.

Offshore staff

OSLO, Norway – Bridge Energy (OSE: BRIDGE/ AIM: BRDG.L) says reserves have been upgraded for the recent Asha discovery in the Norwegian North Sea.

The company is a 20% partner in surrounding license PL457 that is operated by Wintershall.

An oil find was first announced in December, involving one well followed by aside track. These encountered good quality oil in Mid-Jurassic Hugin and Triassic Skagerrak reservoirs.

Earlier analysis suggested 25-35 MMboe recoverable within the license, but Wintershall’s recent mapping indicates that the discovery is in direct communication with a large upside volume east of the main structure.

As a result, Bridge assesses Asha’s potential in the 30-100 MMboe range, with potential additional volumes of a similar size in neighboring licenses.

Further appraisal drilling could follow.

2/6/2013

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