Bridge North Sea to acquire Wherry development

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.

Offshore staff

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.

01/05/2009

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