Bridge Energy ASA announces results of Garantiana wells 34/6-2S and 34/6-2A in Norwegian PL554
Monday, Dec 03, 2012

Bridge, the Oslo Børs and AIM listed oil and gas exploration and production company (OSE: BRIDGE/ AIM: BRDG.L), as a 20% licence partner in PL554, announces that the operation on the 34/6-2A sidetrack on the Garantiana discovery in PL554 in the northern North Sea is about to be completed.

The first wellbore, 34/6-2S, encountered oil in good reservoir of the Lower Jurassic Cook Formation and did not record the oil-water contact. A sidetrack (well 34/6-2 A) was then drilled to appraise the discovery and to identify an oil-water contact in the formation.

A production test in the first wellbore gave a representative flow rate of 4,300 barrels of oil per day through a 28/64" choke. The oil has a low gas-to-oil ratio. The test indicates good flow properties in the Cook Formation. Taking account of the results of the sidetrack, preliminary estimates place the size of the discovery between 25 and 75 million barrels of recoverable oil on a gross basis. Development solutions for the accumulation will now be investigated.

The well on the Garantiana prospect is the first exploration well in PL554.Other prospects are located in the immediate vicinity of the discovery and are under evaluation using the encouraging results from the discovery. A second exploration well is planned to be drilled in the area.

Tom Reynolds, CEO of Bridge Energy, commented:

"The discovery at Garantiana adds significant resources to Bridge as it stands now and the adjacent prospects on the licence offer the potential of further upside. This broadens the number of production growth options within our portfolio and the Bridge team is now looking forward to working with our partners to examine future drilling targets and potential development options."

Source: Bridge Energy ASA

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