‘Significant’ Asha oil find helps to raise Bridge shares

Chief executive Tom Reynolds: The Asha discovery 'adds substantial resources to Bridge'
Chief executive Tom Reynolds: The Asha discovery 'adds substantial resources to Bridge'
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SHARES in Bridge Energy, the Aberdeen-based explorer, rose by more than 5 per cent yesterday after the firm said it had made a “significant” oil discovery in the Norwegian sector of the North Sea.

The find represents its third successful result out of four wells drilled in 2012.

Bridge, which floated on the Alternative Investment Market in September, has a 20 per cent stake in a licence in the Asha discovery.

It estimates there are between 25 million and 35 million barrels of oil equivalent within the licence area.

Chief executive Tom Reynolds said: “The Asha discovery adds substantial resources to Bridge, and other prospects on the licence offer further upside potential.

“With this result, Bridge has made three commercial discoveries from four wells drilled in 2012 adding approximately 15 million barrels of oil equivalents to our resource base.”

Reynolds said the discovery broadened the number of production growth options within Bridge’s portfolio.

“We are now looking forward to working with our partners to examine future drilling targets and potential development options.”

Separately, Bridge said yesterday that it had halted production from the Victoria field it operates in the North Sea.

It said the gas export infrastructure system used by the field was unavailable due to issues on the Lincolnshire Offshore Gas Gathering System facilities.

Bridge noted that production would resume as soon as the export system was available again.

The firm, which is also listed on Norway’s stock market, was created in 2010 through the merger of Bridge Energy and Silverstone Energy. Shares in Bridge closed up 5.5 per cent or 5.5p at 105.5p.