Bridge Energy, an oil and gas exploration and production company, has signed an agreement to co-ordinate and jointly develop the Asha discovery located on production license PL457, along with the proposed Ivar Aasen oil field situated on PL001B in North Sea.

As per the agreement, the Asha discovery will become a part of the development of the proposed Ivar Aasen oil field.

The process of uniting the two discoveries is expected to be concluded by mid-2014.

Bridge Energy CEO Tom Reynolds said the agreement to develop Asha emphasizes the commercial viability of the discovery.

"With existing estimates indicating more than 13 mmboe net recoverable to Bridge from Asha, this Agreement both accelerates and unlocks significant value within PL457," Reynolds added.

"In addition the Asha discovery further upside potential exists on this licence within the independent Aglaja and Amol prospective targets."

A plan to develop and operate (PDO) for the Ivar Aasen will involve installing a steel legged platform, which will support dry wellheads and processing capacity and the hydrocarbons produced from the field will be exported through the Edward Grieg facilities operated by Lundin.

The field production has been scheduled for 2016.

The agreement has been approved by the remaining license holders and the PDO is awaiting clearance from the Norwegian Ministry of Petroleum and Energy.

Bridge Energy holds 20% interest in PL457 block, whereas Wintershall holds 40% interest and is the operator of the license. VNG and E.On Ruhrgas each holds 20% interest in the license.