Cairn Energy through its subsidiary Agora will take up a substantial share of Bridge Energy’s well cost.
Bridge Energy Norge managing director Alfred Kjemperud said the farm out will allow it to re-allocate its exploration capital over a wider number of prospects in support of one of its 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," said Kjemperud.
The Geite prospect part of the licences is slated for drilling in the third quarter of 2012.
Bridge Energy Norge, a wholly owned subsidiary of Bridge Energy will now hold a 15% working interest in the two licences, where Det Norske Oljeselskap is the operator with 35% interest, Agora Oil and Gas has 15%, Dana Petroleum Norway 25% and Lotus Exploration & Production Norge owns 10% respectively.
