Bridge Energy signs deal to develop Asha discovery

Bridge Energy, the Aberdeen-based oil and gas driller, has signed a deal with its partners to develop the Asha discovery in Norwegian waters.

The Aim-quoted explorer, which holds a 20 per cent stake in Asha, said the well will be developed jointly with the nearby Ivar Aasen field.

Tom Reynolds, chief executive of Bridge Energy, said: “I am pleased to announce this positive step forward on Asha, which clearly underlines the commerciality of this discovery; less than one month after our resource update and three months after drilling.

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

Eon, VNG and Wintershall also hold stakes in the Asha discovery.

News of the deal comes just a month after Aberdeen-based energy services firm Wood Group won an engineering contract believed to be worth £32 million to design a rig for the Ivar Aasen field.