Bridge seeking acquisitions as it expands Norwegian drilling

Bridge Energy, the Aberdeen-based oil and gas explorer, today said it continued to seek acquisition opportunities as it announced plans to drill three exploration wells this year.

The group, which is listed on the Alternative Investment Market and Oslo’s stock exchange, said it ended 2012 with producing assets generating about 1,200 barrels of oil equivalent per day, an increase of 10 per cent on the previous year.

Chief executive Tom Reynolds said: “2012 delivered a step change in our business. Bridge has significantly grown production, resources and its capability over the past year and starts 2013 with a wider portfolio of growth options to pursue.”

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He added: “We will continue to pursue our established strategic goals in 2013 – to deliver high-impact exploration efficiently, whilst growing our cash flow from a diverse portfolio of productive assets.

“We are now focused on unlocking the potential of our assets through a busy exploration and development programme in 2013 for which we are fully funded through our operational cash flows and available debt facilities.”

Bridge plans to drill new exploration wells next to the Asha and Garantiana discoveries in the Norwegian sector of the North Sea, while production is expected to increase further following first oil from the Cormorant East field in the UK northern North Sea.