Elaine Maslin, 14th June 2012
Norwegian oil and gas firm Bridge Energy said today it was to buy a stake in the UK North Sea Boa field from OMV (UK) in a deal worth £11.6million.
Bridge will get a 1.55% working interest in the field, which straddles the border with the Norwegian sector and has already produced about 25million barrels of oil since coming on stream in 2008.
It is currently producing about 16,000 barrels per day as part of the Alvheim area development, tied back to the Alvheim floating production vessel operated by Marathon Oil and exported to the UK via the Beryl SAGE pipeline.
Bridge said there was potential for further infill drilling on the field, which is expected to produce until 2022.
Chief executive Tom Reynolds added: “The acquisition represents consistent delivery in line with our previously communicated strategy to build a solid base of cash flow for re-investment.
“The Boa field is a source of reliable production with very high operating margins, supported by the accumulated tax shelter in the UK.
“The acquisition further diversifies the source of our income and contributes cash to support on Bridge’s exploration and development programme going forward.”