Bridge hails ‘transformational’ fourth quarter

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Oil and gas explorer Bridge Energy today said the final three months of 2012 was a “transformational” period for the company, with three oil discoveries in the Norwegian sector of the North Sea.

The Aberdeen-based firm, which is quoted on the Alternative Investment Market (Aim) and Oslo’s stock exchange, said the discoveries had added “significant” resources to its existing asset base of about 20 million barrels.

However, Bridge – which floated on Aim in September – said average production during the fourth quarter dipped to 863 barrels a day, down from 1,050 a year earlier.

Chief executive Tom Reynolds said: “With our producing assets providing cash flow to support our ongoing exploration activities, we are well positioned to continue maturing our substantial portfolio.”