Bridge Energy, the Aberdeen-based oil and gas explorer that floated on the Alternative Investment Market earlier this year, has reported “encouraging” results from its drilling programme in the Norwegian sector of the North Sea.
The firm said test results indicated there were between 25 and 75 million barrels of recoverable oil at its licence in the Garantiana prospect, in which it has a 20 per cent stake.
Other nearby prospects are being evaluated using the results, and a second exploration well is planned to be drilled in the area.
Bridge chief executive Tom Reynolds said: “The discovery at Garantiana adds significant resources to Bridge as it stands now and the adjacent prospects on the licence offer the potential of further upside.
“This broadens the number of production growth options within our portfolio and the Bridge team is now looking forward to working with our partners to examine future drilling targets and potential development options.”
Shares in Bridge were up almost 5 per cent in early trading this morning.