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Bridge reveals exploration plans

Bridge reveals exploration plans
Aberdeen-based explorer Bridge Energy said yesterday it was planning three exploration wells this year after a step change for the business in 2012.

Aberdeen-based explorer Bridge Energy said yesterday it was planning three exploration wells this year after a step change for the business in 2012.

The firm said it had three discoveries last year, adding an estimated 75million barrels of oil equivalent (boe) to its recoverable resources. These were the Garantiana and Asha discoveries, operated by Total and Wintershall respectively, in the Norwegian sector and the Taqa Bratani-operated Cormorant East field in UK waters.

Bridge said it was now planning to be involved in three exploration wells this year, including two in areas close to the Garantiana and Asha finds. It said it was also looking to farm down its southern North Sea Vulcan hub assets during the first quarter of this year.

Production rose by 10%, to about 1,200boe per day, compared with 2011.

Bridge said Garantiana in PL554 contained an estimated 25-75million barrels of recoverable resources. In PL457, Asha was estimated to contain 25-35million barrels of recoverable resources.

Swedish oil and gas firm Lundin said 2013 would be the busiest year in its history as it looked to spend £1billion on exploration and development.

The firm said most the cash – 85% more than what was spent in 2012 – would go on developments, including the Norwegian Edvard Grieg field, Brynhild and non-operated Boyla.

Some £287million was due to be spent on 18 exploration wells, mostly off Norway but also Malaysia, Indonesia, France and the Netherlands. The firm said yesterday work on the first, an appraisal on the Johan Sverdrup find in Norwegian waters, had started.

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