LONDON (ShareCast) - AIM-listed Bridge Energy said Friday that through its wholly owned subsidiary, Bridge Energy, it has completed an agreement with Agora Oil & Gas, which is owned by Cairn Energy (LSE: CNE.L - news) , and JX Nippon Exploration & Production for the farm-down of a 16.5 per cent working interest in the P1763 Aragon prospect in the UK Northern North Sea.
All of the companies have agreed to participate in drilling a well to test the Aragon (Berlin: A8A.BE - news) prospect before the first quarter of 2015.
Once approval have been received from the Department of Energy and Climate Change, Bridge will then hold a revised interest of 13.5%, while MPX North Sea will own 22.5% (operator), Agora Oil & Gas 30%, JX Nippon Exploration & Production 25% and Sorgenia E&P 9%.
Chief Executive Officer of Bridge Energy, Tom Reynolds, said: "We are pleased both Cairn and JX Nippon have joined us in this licence, which demonstrates technical support for the potential within this acreage.
"This farm-down continues our long-term strategy of re-allocating exploration capital over a wider number of opportunities, with the 13.5% remaining interest which Bridge retains in the licence, continuing to provide material upside potential."