OSLO, Norway – Bridge Energy Norge has agreed to farm down 15% interests in PL497 and PL497B offshore Norway to Agora Oil & Gas.
Post-completion, Bridge will hold a 15% working interest in the two permits. Agora will carry a substantial share of Bridge Energy’s well cost. The main prospect on the licenses, Geite, is due to be drilled this summer.
Alfred Kjemperud, managing director of Bridge Energy Norge, said: “Through this farm-out, Bridge is able to re-allocate its exploration capital over a wider number of prospects in support of one of our key corporate objectives.
“The 15% interest in Geite which Bridge retains represents a substantial target and gives upside potential which could have a material value impact in the event of a discovery.”