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Bridge Energy, through its wholly owned subsidiary Bridge Energy Norge, completed the agreement with Agora Oil & Gas for the farm-down of a 15% working interest in production licenses PL497 and PL497B on the Norwegian Continental Shelf.
After the transaction, Bridge holds a 15% interest in the licenses. Agora will as a consideration for the transaction carry a substantial share of Bridge’s well cost. The licenses contain the Geite prospect, which will be tested by the ongoing exploration well 7/11-13.