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Bridge Energy’s wholly owned subsidiary Bridge Energy Norge has executed an agreement with Agora Oil & Gas, which is 100% owned by Cairn Energy, for the farm-down of a 15% working interest in production licenses 497 and 497B on the Norwegian continental shelf.
After the transaction, Bridge Energy will hold a 15% 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.