Bridge Energy CEO Tom Reynolds said the agreement with Cairn Energy and JX Nippon provides technical support for the development of the potential in the Aragon prospect.
"This farm-down continues our long-term strategy of re-allocating exploration capital over a wider number of opportunities, with the 13.5% remaining interest which Bridge retains in the licence, continuing to provide material upside potential," Reynolds added.
The agreement is subject to approval from the Department of Energy and Climate Change.
Upon completion of the agreement, the revised interest of Bridge Energy in the prospect will be 13.5%, whereas JX Nippon Exploration and Production (UK) will hold 25% interest and Agora Oil & Gas will own 30%.
MPX North Sea with 22.5% is the operator of the prospect and Sorgenia E&P (UK) owns 9% interest.
Following the agreement, the companies will spud a well to test the Aragon prospect before the first quarter of 2015.
