Bridge Energy ASA announces first oil from the Cormorant East Field sets new benchmark
Tuesday, Jan 15, 2013
Bridge, the Oslo Børs and AIM listed oil and gas exploration and production company (OSE: BRIDGE/ AIM: BRDG.L), is pleased to announce first oil production from the Cormorant East Field ("Cormorant East") in UK Northern North Sea Block 211/22a Contender Area (the "Contender Block") in which Bridge retains a 4% interest. The initial production rate is approximately 5,500 barrels of oil per day (approximately 220 barrels of oil per day net to Bridge). First oil was achieved only 85 days after discovery of the field, thereby establishing a new benchmark for the UKCS.
Cormorant East was discovered by exploration well 211/21-N94 (the "Contender Well"), as previously announced in October 2012. Production is being processed at the North Cormorant platform operated by TAQA Bratani Limited ("TAQA") before being exported to the Sullom Voe terminal for sale.
Cormorant East is initially being produced under primary depletion with a single production well equipped with an electric submersible pump. The production data from this initial phase will be used by the partnership to determine whether to further develop the field by using a water injection well to support the production.
The operator's analysis of the field data indicates significant potential for upside. Subject to the reservoir response of the existing well, further appraisal locations have been identified within the Cormorant East development area, both down-dip from the existing discovery well and in adjacent fault panels.
Other interests in the Contender Block are TAQA 60% (Operator), Dana Petroleum (E&P) Limited 20%, Antrim Resources (N.I.) Limited 8.4% and First Oil Expro Limited 7.6%. Under the terms of the farm-out agreement with TAQA, Bridge's share of the drilling, completion and tie-in costs for the Contender Well were funded by TAQA and will be recovered by TAQA from Bridge's share of initial production revenue.
Tom Reynolds, CEO of Bridge Energy, commented:
"We are delighted to announce first oil at Cormorant East. This production will provide both diversity to our producing asset base and incremental cash flow to support our busy 2013 exploration programme."
Source: Bridge Energy ASA
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