Bridge eyes European waters after listing

By PETER RANSCOMBE
Published on 27/09/2012 00:00

BRIDGE Energy chief executive Tom Reynolds has revealed that he would consider a push into European waters following today’s listing on the Alternative Investment Market (Aim).

Reynolds, who runs the firm from Aberdeen, was due to ring the bell in London this morning to signal the start of trading.

He said Bridge would consider moving into the Danish and Dutch markets but that any deal would have to be attractive because the firm has built up £132 million-worth of losses to offset against tax on UK production.

Bridge Energy, which is already listed on Norway’s stock market, was created in 2010 through the merger of Bridge Energy and Silverstone Energy.

Reynolds has a busy autumn ahead of him to drum up 
support for the company, with presentations at the World 
Independent Oil Companies Congress next month and the Oil Barrel Conference in November.

His comments came as fellow Aim-quoted explorer Trap Oil narrowed its interim losses to £1.6m in the six months to 30 June from £1.8m, with revenues virtually flat at £770,000.

Mark Groves Gidney, chief executive at Trap, which bought Aberdeenshire-based Reach Oil & Gas last year, said two exploration wells in the later half of the year could be “transformational” for the company.