Bridge, the Oslo Axess and AIM listed oil and gas exploration and production company announces that the drilling of exploration well 16/1-16 has started on the Asha/Noor prospect in Norway.
This multi-target well, located on the western flank of the Utsira High in the Norwegian North Sea has the potential to appraise nearby discoveries; Ivar Aasen and Apollo. The well is being drilled by the Bredford Dolphin semi-submersible rig.
The four reservoir target zones are Noor, Mukta, Zechstein and Draupne/Asha with total mean unrisked recoverable resources of approx. 30 million barrels of oil equivalent net to Bridge. Bridge has a 20% interest in the well. Wintershall Norge AS is the operator with 40%. Other partners are E.ON E&P Norge AS and VNG Norge AS both having a 20% share.
Tom Reynolds, Bridge Energy CEO , commented,
“I am very pleased to announce the commencement of drilling on the Asha/Noor exploration well, our fourth well spudded in the second half of this calendar year. The well is a high impact exploration well which represents a large net upside potential for Bridge, with the costs associated with drilling operations mitigated by the Norwegian tax rebate system. We will announce results from the well once drilling operations are complete.”
[mappress] Press Release, October 24, 2012