Bridge/Silverstone merge North Sea operations

E&P companies Silverstone Energy and Bridge Energy have completed an agreement whereby the two companies will become subsidiaries of new holding company Bridge Energy ASA.

Offshore staff

ABERDEEN -- E&P companies Silverstone Energy and Bridge Energy have completed an agreement whereby the two companies will become subsidiaries of new holding company Bridge Energy ASA.

The combined group has been active in the North Sea since 2005 achieving 32 license awards, 11 farm-in acquisitions, and drilling of 12 wells, with seven 7 discoveries. The first to be developed was Silverstone’s Victoria gas field in the UK southern North Sea, which started production in 2008 and currently delivers 1,500 boe/d.

Bridge Energy brings an exploration focus, while Silverstone has proven capability operating development and production projects. The new group is also qualified as an operator on the Norwegian shelf.

The group’s goal is to grow from a present production level of 1,500 boe/d to over 10,000 boe/d via near-term gas development projects in the UK and exploration offshore Norway. It is currently preparing a development plan for the Vulcan East gas field in the southern North Sea, with production expected to start in late-2011.

Much of the scheduled exploration program is in Norway, with seven wells planned during 2010-2011.

Einar H. Bandlien is CEO, with Tom Reynolds, formerly Managing Director of Silverstone, as Commercial Director. UK operations will be run by Managing Director Jim Brunton, while Alfred Kjemperud, will be Managing Director of the Norwegian operation.

4/9/2010

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