Bridge well pleased as it strikes oil for second time

By DOMINIC JEFF
Published on 26/10/2012 20:30

BRIDGE Energy, the Aberdeen-based driller that floated on the Alternative Investment Market last month, has struck oil for the second time in a week.

The Garantiana well in the Norwegian Sea – which was drilled by Total – has the potential to become a “significant” resource, chief executive Tom Reynolds said.

He said the discovery also means it is more likely that neighbouring areas will eventually be found to contain oil.

Bridge was awarded the

licence for the well in 2009 and brought in Total as operator last year.

The companies – along with Det and Svenska Petroleum Exploration, which also owns stakes in the well – are waiting for analysis to be carried out on how much oil may be present. Bridge retains a 20 per cent interest in the field.

Reynolds said: “Garantiana has the potential to add significant resources to Bridge as an attractive discovery in its own right and has also de-risked several adjoining exploration opportunities on the licence.

“I believe this demonstrates the vision and capability of our Norwegian team, led by Alfred Kjemperud, and look forward to the results of our remaining 2012 well.”

News of the discovery comes days after Bridge announced that its Contender well in the North Sea, which is operated by Taqa Bratani, the Aberdeen-based subsidiary of the Abu Dhabi national energy company, had also struck oil.

The market newcomer also said on Thursday that is had been granted two exploration licences in the latest round of awards from the UK government. It has a 25 per cent stake in the Skerryvore prospect, which is being operated by Parkmead, and a 30 per cent share of an unnamed block operated by MPX.

The company said it has further applications pending for blocks in the southern North Sea, which are still being assessed by the Department of Energy and Climate Change (DECC).

DECC said this week that it has issued 167 licences covering 330 North Sea blocks in its 27th licensing round, with a further 61 blocks still under environmental assessment.

The latest round brings a new development to UK waters, as Enegi Oil says it plans to use unmanned rigs to tap fields not considered economically viable with conventional methods.

The Manchester-based firm, which has so far been operating primarily in waters off Ireland and Canada, is working with Aberdeen-based energy services company Wood Group on the project to deploy “buoy technology” to two remote North Sea fields.

Chief executive Alan Minty said: “Buoy technology is a game changing technology for the UK continental shelf and we are delighted to have been awarded these blocks with a view to implementing it.”