TAQA prepares to drill North Sea prospect from Cormorant North

Offshore staff

OSLO, Norway – Bridge Energy Enterprises has signed a farm-in agreement with TAQA Bratani for UK North Sea license P201, block 211/22a North West Area.

Subject to approval from the UK government, TAQA will assume operatorship and drill an exploration well on the Contender prospect in the southern part of the block from the TAQA-operated Cormorant North platform.

The well will target a Jurassic Brent sequence of sandstones at a projected drilling depth of 16,900 ft (5,151 m), just under 2 km (1.24 mi) east of the Cormorant North Field. Drilling should start during the first half of 2012 and will be wholly funded by TAQA.

If successful, TAQA will earn a 60% interest in the southern area of the block (the “Contender sub-area”) and 35% in the northern part (“Kerloch sub-area”).

Bridge’s remaining interests will be 4% in the Contender sub-area and 6.5% in the Kerloch sub-area.

08/26/2011



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