Bridge Energy reported that its wholly owned subsidiary Bridge Energy Norge has executed an agreement with Agora Oil & Gas, which is 100-percent owned by Cairn Energy, for the farm-down of a 15-percent working interest in production licenses PL497 and PL497B on the Norwegian Continental Shelf.

After the transaction Bridge Energy will hold a 15-percent working interest in the two licenses. Cairn will as a consideration for the transaction carry a substantial share of Bridge Energy's well cost. The main prospect in the licenses, Geite, is scheduled for drilling in Q3 2012.

Tags: Bridge Energy