Bridge to drill North Piper well
Bridge Resources Corp., which is engaged in the exploration for and acquisition of natural gas and petroleum interests in the North Sea, through its total-owned UK subsidiary Bridge North Sea (Central) Limited have executed agreements with BFW Capital Management Limited and its wholly-owned UK subsidiary BFW Drilling Limited, and Vancouver-based Lariat Energy Ltd and its wholly-owned UK subsidiary Lariat Energy UK Limited for the drilling of the North Piper 15/11b-6 exploratory well.
Under the respective agreements, BFW and Lariat may each earn up to 25% working interest in Licence P1291, comprising Blocks 14/15b and 15/11b, by paying 37.5% of the 15/11b-6 well cost up to a gross AFE cost of £11,847,471.
Any costs above this amount, including well testing, would be shared proportional to working interest. Bridge remains operator of the licence.
Senergy Limited will manage the drilling of the well using the Stena Spey semi-submersible rig with a forecast spud date on or around August 1, 2008. The prospect is 22 km northwest of Piper Field in water depth of 472 feet.
Planned well depth is 7,700 feet with reservoir objectives comprising Eocene-Upper Paleocene Sands at 2,400 feet; Lower Paleocene Sands at 4,800 feet; and the primary target Jurassic Piper Sands at 7,000 feet.
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