Bridge Energy Share Discussion Threads

[rogerlin] 12/2/2013 20:24

Thanks for the informative posts Bomfin.

I have looked at some of the Lundin maps from the presentation as well as some older ones from both Lundin and Bridge and think I am a bit clearer. As I understand it:

The southern part of the Bridge PL457 block is bordered to the east by the Middle Jurassic Draupne (now re-named Ivar Aasen) 2008 discovery. This extends into PL457 where it is called Asha. The current Bridge 16/1-16 well is a discovery in the Middle Jurassic and Triassic in the Asha.

To the south of the PL457 block is the Jurassic Luno ( now re-named Edvard Grieg) discovery, which is not contiguous on the map with PL457 but separated from it by the Apollo and Tellus finds.

The Apollo was drilled by Lundin in 2010 and found oil in Paleocene (Heimdal) and Cretaceous strata (there was no Heimdal in 16/1-16. This is probably not continuous with Draupne (or Asha).

The Tellus was drilled by Lundin in 2011 and they said the oil was the same type as Luno and "the Tellus discovery is most likely a northern extension of the Luno field". Within PL457 Bridge show a prospect called Amol which "was tested in the Tellus discovery". In the latest report they describe a "large upside volume to the east of the main structure". Is this Amol and so are all these Jurassic finds connected, from Luno to Tellus to Amol to Asha to Draupne?

The Luno may have been re-named, but there is still a Luno south and south of that the Luno II prospect, soon to be drilled, in which PMO has an interest.

I don't have any special knowledge of these matters so any or all of the above may be incorrect. I thought I would write it down before I forgot the details again.

[bomfin] 12/2/2013 15:20

Antrim Oilbarrel presentation sounds very positive about Cormorant East.
5,500 bopd at 30% choke.

[bomfin] 12/2/2013 13:02

Not much in the Lundin presentation today. One slide showing a cross section through the geology from Apollo to Sverdrup is interesting. Shows a possible thickening of sands towards the East of Lundin field. Wouldn't it be nice if they thickened up against the high like Sverdrup on the other side?. Jorvik well which has just started may tell more. Results in a few weeks I expect.
Allthough about 5kms south of Bridge's block the well results will be interesting. imho dyor

[bomfin] 10/2/2013 13:42

A couple of things to watch this week.

Lundin Capital Markets presentation on Tuesday.

and

Detnorske results presentation on Friday.

Perhaps a little more about what the PL457 well results might mean towards developments in that area?

[bomfin] 08/2/2013 13:03

sell price at 10.95 NOK/share is £1.25/share

[bomfin] 08/2/2013 13:01

Current buy price in Norway at 11.10 NOK/share is £1.27/share here.

buyers in Norway today.

[bomfin] 07/2/2013 21:27

Here is a older presentation where they were stating that they may be able to reach Amol/Luno North with the sidetrack from Asha/Noor well.
Page 21

[bomfin] 07/2/2013 19:56

And the nominations are.

 Explorer of the Year
Total, Bridge Energy , Wintershall , and RWE Dea

And the winner is.

Bridge Energy :-) LOL

[bomfin] 07/2/2013 19:37

Garantiana page 10 and 11 is interesting.

The Brent is shown in Green on page 10 and on reserves for Garantiana it isn't scored out whilst Statjford and Lunde are scored out. Well path appears to just miss Brent so perhaps on logs they can see a sign that something might be present? Or is it still there because they don't think the well passed through the Brent and thus it wasn't drilled in this well?

Still showing Production profile with nearly 2,000 boepd assigned to'acquisition'

[bomfin] 07/2/2013 19:25

If they got a piece of Amol on the way down at Asha? e.g Rns yesterday refers to large structure to the East. Then Amol could be big. imho dyor (page 13 presentation)

[bomfin] 07/2/2013 19:19

Updated presentation on website. Says 22nd January but I didn't see it there yesterday.

[bomfin] 07/2/2013 19:11

Wowser.

Explorer of the year.



20 million barrels added and that's worth more than the market cap. IMHO DYOR

[bomfin] 07/2/2013 19:10

little comment on VNG Norway's website.

2013 has started with VNG Norge making a discovery in the North Sea, as a
partner in the Asha prospect, and being awarded four new licences in APA
2012. We are operator in two of these licences. We see these awards as a vote
of confidence from the authorities and as a confirmation that we are on the right
path. The Asha discovery is very promising and could be developed rapidly.

[mattoil] 07/2/2013 17:37

I think it is fair to say that Tullow's divestment is delaying the process, especially since one of the most attractive development plans would make use of their infrastructure.

[bomfin] 07/2/2013 17:04

Struggling to see any froth on the Bridge shareprice.

At mid range the upgrade to resources at PL457 was worth 9 million barrels oil net. Oil so close to developments is worth at least £5/barrel even offshore norway. (drilling target is relatively shallow and water depth is only about 100 metres). A 50p move in the share price wouldn't have been unreasonable.
imho dyor

[polyps] 07/2/2013 16:01

Thanks for your reply, the Vulcan farm down may have been delayed by Tullow divestment of NS assets?

I will add to my small position of this one once the froth is off the market through the year.

Debating where best to park some money between:

Iona Energy
Maurel & Prom Nigeria
Bowleven
Bridge

Although different risk and rewards these seem to offer good value mid-term.

[mattoil] 07/2/2013 12:44

Vulcan is a difficult one. Bridge and brokers tend to value the licenses high, but the inability for Bridge to find partners suggests that it may not be as desirable as many think. I believe that is one of the reasons Bridge is lagging somewhat. Once (if) they do get a partner though, I think we can see the value of Vulcan being highlighted more.

The Norwegian North Sea is actually not that capital intense, 78% of all costs related to exploration is refunded by the government. in addition, Bridge has enjoy significant cost carry. They now also obviously have a well proven team in place, adding further upside. (Look at Spring).

[polyps] 07/2/2013 10:33

What value do you give to the Vulcan prospects in the North Sea and their use of the UK tax shield.

I feel I am missing something as this share appears undervalued significantly. I know the North Sea is massively capital intensive but they must be able to borrow against their recent discoveries rather than dilute to help their multiple development projects?

[bomfin] 07/2/2013 08:30

Bridge 4th quarter is 28th February. So maximum 3 weeks until a presentation from Bridge.

[bomfin] 07/2/2013 08:27

My mind went back to the Tellus discovery and possibly this is a continuation of that. The larger structure to the East could be Amol prospect and I see that Bridge's website now have that down for drilling October this year. Unless there is going to be another well in this block this year as well as Amol then it is Amol that they are appraising. Amol is a good sized prospect at P50 and P10. I think Amol is a continuation of Luno not Apollo. Further reserves for Luno development at comparatively low development cost? Lundin present at Capital Markets day next week I think and they have mentioned that they will have more to say about reserves there allthough probably re Sverdrup and not a full reserves update. imho dyor

[mattoil] 07/2/2013 08:17

The map on page 39 seems to be new and probably based on Bridge' well.

Its important to remember that operator Wintershall also holds 20% in Lundins license. I think it is fair to assume that communication between the different license holders is quite good.

[bomfin] 06/2/2013 23:40

It is confusing Rogerlin and my conclusions could well be wrong.

I do think it strange that Lundin's Apollo discovery may be deferred now though.

Lundin have got masses of well information in the area to study. Its just possible it's the opposite reason from what I've guessed and that the well result suggests there is no continuation of Apollo into PL457
Allthough the map on page 29 of the presentation shows APollo extending well into the PL47 block. IMHO DYOR

[rogerlin] 06/2/2013 22:07

1 December 2010

APOLLO PROSPECT A FURTHER OIL DISCOVERY IN THE GREATER LUNO AREA

Lundin Petroleum AB ("Lundin Petroleum") has successfully completed the drilling of the 16/1-4 exploration well in PL338 targeting the Apollo prospect. The well has been plugged and abandoned as an oil discovery. The well was drilled to a total depth of 2,550 meters and is located approximately 4 km north west of the Luno field and 3 km south of the Draupne discovery.

The primary objective of the well was to target the extension into PL338 of the Jurassic reservoir associated with the Draupne discovery. In addition secondary objectives were targeted at both the Paleocene and the Upper Jurassic/Lower Cretaceous ("Cretaceous") sand sequences.

Oil was encountered in both the Paleocene and Cretaceous sandstone reservoirs of both secondary targets. The Jurassic sands associated with the primary target were encountered deeper than anticipated and below the Draupne oil water contact. Post drill mapping and log interpretation indicates that only a limited area of the Draupne discovery extends into PL338.

At the Paleocene level (Heimdal formation) a 40 meter gross oil column was encountered. At the Cretaceous level a separate 10 meter gross oil column with excellent reservoir qualities was encountered. An additional 60 meters of good quality Cretaceous sands were encountered below the oil water contact and as a result there is excellent potential up-dip of the discovery.

An extensive data acquisition program including detailed logs, cores and oil samples have been acquired over all the reservoirs. Based on the quality of the data acquired testing was deemed not to be necessary.

The extent and volume of the Apollo discovery will require further delineation drilling both in relation to Paleocene and Cretaceous reservoirs. The initial recoverable resources range is estimated from 15 - 65 million barrels of oil within PL338"

In the Bridge Asha well as I recall the Heimdal was absent and the newly described finds are in the middle Jurassic Hugin formation and Triassic Skagerrak formation. Does that mean they are not continuous with Apollo? Or that they are continuous with Draupne (this is the same as Ivar Aasen isn't it?) which is Jurassic?

I find these fields most confusing but it is pleasing to see some improvement in the share price!