OSLO, Norway – Bridge Energy (OAX: BRIDGE; AIM: BRDG) has acquired a 1.55% interest from OMV in the producing Boa field in the North Sea for $18.1 million.
The unitized Boa field lies mainly in Norwegian block 24/6 but also extends into UK blocks 9/15a and 9/15b. Its reservoir, contained within an Upper Heimdal sand, comprises a light oil rim with an overlying gas cap and strong natural aquifer drive.
Boa was developed in 2008 with three subsea wells tied back to Marathon’s Alvheim FPSO. Oil is offloaded to a shuttle tanker, and gas piped to the UK via the Beryl SAGE system.
Current output is 15,000 boe/d. According to Bridge, performance has exceeded expectations and recovery estimates continue to increase. The partners have identified further infill drilling opportunities on the field and look to develop its gas cap.
As the FPSO processes oil from other fields, the combined high throughput (more than 140,000 boe/d last year) keeps the unit operating costs for Boa relatively low.