Bridge Energy Share Discussion Threads

[rogerlin] 01/7/2013 08:19

Tom Reynolds, CEO of Bridge Energy, commented:

"Whilst the Duart deferred re-start is disappointing, ongoing cash
generated from our existing producing assets, along with existing
banking facilities ensure we remain adequately resourced until Duart
production recommences. We very much look forward to the commencement
of our autumn exploration drilling schedule on our Norwegian Licence
PL457, which will target both the Amol prospect and our Asha discovery."

This now says "autumn" for PL457. Faroe's recent update says that their Solberg prospect will use the Borgland Dolphin (which is presently at Vega) so I wonder if the PL457 drill will be after that as it is down to be done by the Borgland Dolphin I think.

[rogerlin] 27/6/2013 20:16

Production in H2-2013 will be impacted by the second phase of planned maintenance shutdown activity on the host facilities serving the Company's fields. Most significantly, there will an approximately six week shutdown of the Causeway Area fields as a result of maintenance activities on the Taqa operated Cormorant infrastructure that serves the fields

From Ithaca's operations update today.

[rogerlin] 21/6/2013 08:57

Minor gas discovery near the Tyrihans field
21.06.2013
Wintershall, operator of production licence 511, is about to complete drilling of wildcat well 6406/6-3.


The well was drilled about 25 kilometres south of the Tyrihans field and about 15 kilometres northeast of the 6406/9-1 Linnorm discovery.

The well encountered gas in a 14-metre gross column in the Garn formation in Middle Jurassic. Preliminary calculation of the size of the discovery is between 0.55 and 0.62 billion Sm3 of recoverable gas. The size of the discovery is not commercially interesting at this time

[rogerlin] 20/6/2013 20:18

In the Valiant 2012 end year results it says of PL617, the Mandal High block west of Hercules (Valiant 50%, Premier 35%, Bridge 15%) "drill or drop by Feb 2014". Ithaca have acted swiftly to deal with the UK exploration assets they inherited but have had little to say about the Norwegian ones as far as I can see. However they would seem to be operator of this licence and Feb 2014 is not long away. What happens in the case of expiry?

[rogerlin] 17/6/2013 15:16

Cormorant East commenced production in January 2013 at an initial production rate of approximately 5,500 bopd (net Antrim approximately 460 bopd), with no water. Production has since declined to approximately 500 bopd. TAQA has plans recomplete the production well to improve production rates, and has proposed additional drilling for late 2013

This is from a link on the AEY board, from AEY's website I think.

[rogerlin] 17/6/2013 09:00

This result 34/8-15S is now on the NPD fact pages and says it is a 50 metre column of gas in the Brent in good reservoir. Looking at the map I see that it is about 6 km from Bridge's 554B area and the original Garantiana well is another 10 km to the north. Angulata is the southern area which extends down into 554B and in the latest presentation Bridge gave 45% COS in the Cook and 24% COS in the Brent for Angulata. I don't think it says whether they are expecting oil or gas in the Brent there. It's looking a good area. Total don't seem in too much of a hurry though.

[mattoil] 13/6/2013 16:52

Statoil made a find just north of Visund today in the Brent formation. Boardering Bridges Garantiana license.

[mattoil] 13/6/2013 16:52

Statoil made a find just north of Visund today in the Brent formation. Boardering Bridges Garantiana license.

[rogerlin] 13/6/2013 16:10

Most encouraging Mattoil except the lastest trades at 11.15 NOK which is down a bit. Still the market hasn't over-reacted to Mjosa which is good because it was a fairly long shot anyway.

Looked up the well result from the Spinell (in Bridge's new PL690 licence) 1985 well on the NPD records and it did produce condensate and gas from the Middle Jurassic Garn formation although the findings seem to have been complicated. This looks promising on the face of it but it isn't far from Mjosa and I wonder what read across there is.

[mattoil] 13/6/2013 14:21

Just a note, ASC is still buying, 140k today. In addition a new buyer has emerged, Fearnley Fonds which have bought about 100k the last week. Solid volume and lots of interest, despite a dry well.

[rogerlin] 12/6/2013 15:52

There was no hint as to why the plan to do a sidetrack to appraise PL457 was still under discussion but I noticed the comment because I thought that the sidetrack plan had already been decided and there seemed to have been a change of thinking.

The ASC accumulation seems to have come to an end.

[bomfin] 12/6/2013 15:15

Personally I'd rather go into the Unitisation final discussions having appraised the East of Asha. If partners can't get agreement then it goes to Norwegian government. We know that the Unit agreement can be changed later but I'd rather be in there from the beginning with big proven up reserves figures. imho dyor

[rogerlin] 11/6/2013 16:24

I distinctly recall from the last Bridge webcast the comment that a sidetrack to assess Asha from the Amol drill was still under discussion, the inference being that it was not definitely decided. If there is to be a unitization agreement which is subject to re-assessment on the basis of further drilling of Ivar Aasen as a whole, which is likely to be in both licences, is there any point in the PL457 group appraising East Asha in advance. Why not let Detnorske do it with all this gear they are assembling? It depends on what confidence the PL457 group would have in a future re-assessment process.

[bomfin] 11/6/2013 12:06

Not much damage to share price as you say!

I'm still trying to work out why Detnorske need 2 more years drilling for Ivar Aasen :-)

That's a lot more wells and PL457 havn't even appraised the east of the field yet!?

[rogerlin] 11/6/2013 08:27

News from Mjosa not very promising then but doesn't seem to have done too much damage. Have to look forward to Amol now.

[rogerlin] 10/6/2013 17:50

This shows considerable confidence in the field on Detnor's part which is good news. I have to say that the interpretation of the original well 16/1-2 has always seemed rather vague (it was in 1976) and the Hanz and West Cable wells are fairly old also (1997 and 2004) but presumably the information from them is solid enough!

[bomfin] 10/6/2013 09:25

How big is Ivar Aasen?

Detnor have extended the rig contract with Maersk for drilling at Ivar Aasen from 3 years to 5 years.

hxxp://www.detnor.no/en/frontpage-news-and-media/85/1243-extends-rig-contract-with-maersk

[bomfin] 07/6/2013 12:58

thanks ceo Hunter. Nothing new there that I can see. All very solid though with excellent upside potential. imho

[ceohunter] 07/6/2013 10:43

To view Bridge Energy's presentation from last night's Proactive Investors One2One Investor Forum, click on the following link: hxxp://www.proactiveinvestors.co.uk/archives/documents

[bomfin] 07/6/2013 10:20

With proven oil west and south of PL457 and the Asha well results suggesting both extend into PL457 (or is it the other way round? with Asha the biggie extending west and south :-)) We've now got Lundin's Torvastad well imminent. This well could prove oil to the East right on the migration path suggested in Lundin's video which goes right through PL457. Could it just be possible that it all connects to Sverdrup around the north of the Utsira high?
I'd give that a 5% possibility but oil in Torvastad prospect would be good news. imho dyor

[bomfin] 07/6/2013 10:14

ditto. Not able to attend but looking forward to see presentation on website.

the mjosa well is getting close to 2 months in!

[rogerlin] 07/6/2013 09:04

Not I sadly. Waiting for it to appear on the website. No movement in the price this morning though so not expecting big news.

[mattoil] 06/6/2013 22:06

Did anyone go to the presentation?

[mattoil] 05/6/2013 21:29

The Statoil decision has by most analysts been regarded at a political statement against the new rules. In either case Statoil is drilling more wells in the area and is likely to up the resource base in the future. It is therefore considered likely that the field will be developed.