DENVER, Colorado -- Bridge North Sea has executed memorandums of understanding with Century Exploration (UK) to acquire Century's remaining interest in the Southern North Sea Wherry development project and 25% interest in three 25th Round blocks in Central North Sea Quad 9.
Bridge already holds a 50% interest in the Wherry portion of block 48/24a in License P007. Wherry comprises three structural closures, two of which are proven as gas-bearing. Both wells were vertical and Bridge North Sea intends to drill a horizontal well across the crest of the structure with the thicker pay to achieve a high flow rate as an anchor for further development.
Under MOU terms, Bridge will pay Century an initial option fee following execution of a sales and purchase agreement, and have the option to pay an additional success fee within 60 days of beginning a well to fully earn the 50% working interest.
In the Central North Sea, Bridge will purchase Century's 25% interest in a 25th Round traditional drill-or-drop license comprising full block 9/26 and split blocks 9/21 and 9/27b. Bridge will acquire this interest for payment of Century's license application costs. The other interest holders comprise Valiant Exploration (50%, operator) and Silverstone CNS (25%).
Both acquisitions are subject to approval of the assignments by the Secretary of State and regulatory approval.