Bridge and Perenco have agreed to a sale structure that consists of a cash component and a deferred consideration component allowing Bridge to receive a share of future production income.
As per the terms of the sale agreement, Bridge has agreed to sell BNSL to Perenco for an initial cash consideration of GBP5,500,000.
Also, Bridge will be entitled to receive from Perenco 18% of any profits it generates from UK Petroleum Production Licence P1061 that contains the Durango field.
This deferred consideration, which will be applied to reduction of debt, equates to a 25% net profits interest on a tax-adjusted basis.
