Bridge Resources Corp. Announces Successful Completion and Large Flow Rates for the Durango Well in the UK North Sea
Last update: 9:48 a.m. EDT June 10, 2008
CALGARY, ALBERTA, Jun 10, 2008 (MARKET WIRE via COMTEX) -- Bridge Resources Corp. (CA:BUK: news, chart, profile) ("Bridge") on behalf of its U.K. wholly-owned subsidiary Bridge North Sea Ltd. is very pleased to report that the Durango 48/21a-4z well (the "Durango Well") has successfully tested at a rate of 42.5 million cubic feet gas and an average 1,341 barrels of 61degrees API condensate per day on a 1" choke. This rate was constrained by the test facilities. Bridge has a 100% working interest in the Durango Well.
Flow test results were as follows:
Choke Size Gas Condensate Pressure
(inches) (mmcf/day) (bbls/day) (psia)
52/64 33.2 1,016 2,439
56/64 36.5 1,186 2,383
64/64 (1") 42.5 1,341 2,230
Following Field Development approval by the Secretary of State, Bridge plans to proceed with a tie-in to the Waveney Platform, operated by Perenco, located 14.3 km northeast. First gas is planned for October 1st 2008.
The Durango well penetrated 580 feet of near horizontal reservoir section within the top 15 feet of the gas column at a depth of 9,026 feet. Average porosity is 19% ranging up to 22% and protective sand screens were run in the well bore across the entire reservoir section.
Bridge will commission an independent updated contingent resources report that it anticipates will confirm the previous estimate with no material changes. Following Plan of Development approval, the contingent resources would become reserves in accordance with National Instrument 51-101 - Statement of Disclosure for Oil and Gas Activities.
Bridge is currently negotiating a project facility for the development costs but may pursue other financing alternatives.
Statements in this press release may contain forward-looking information including expectations of future operations, commerciality of any gas discovered, operating costs, commodity prices, administrative costs, commodity price risk management activity, acquisitions and dispositions, capital spending, access to credit facilities, income and oil taxes, regulatory changes, and other components of cash flow and earnings. The reader is cautioned that assumptions used in the preparation of such information may prove to be incorrect. Events or circumstances may cause actual results to differ materially from those predicted, a result of numerous known and unknown risks, uncertainties, and other factors, many of which are beyond the control of the company. These risks include, but are not limited to, the risks associated with the oil and gas industry, commodity prices and exchange rate changes. Industry related risks could include, but are not limited to, operational risks in exploration, development and production, delays or changes in plans, risks associated to the uncertainty of reserve estimates, or reservoir performance, health and safety risks and the uncertainty of estimates and projections of production, costs and expenses. The reader is cautioned not to place undue reliance on this forward-looking information.
Contingent Resources are those quantities of petroleum estimated, as of a given date, to be potentially recoverable from known accumulations using established technology or technology under development, but which are not currently considered to be recoverable due to one or more contingencies. Contingencies may include factors such as economic, legal, environmental, political, and regulatory matters, or a lack of markets. It is also appropriate to classify as contingent resources the estimated discovered recoverable quantities associated with a project in the early evaluation stage. Contingent Resources are further classified in accordance with the level of certainty associated with the estimates and may be subclassified based on project maturity and/or characterized by their economic status.
Disclosure provided herein in respect of barrels of oil equivalent (BOE) may be misleading, particularly if used in isolation. A BOE conversion ratio of 6 MCF:1 BBL is based on an energy equivalency conversion method primarily applicable at the burner tip and does not represent a value equivalency at the wellhead.
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Bridge Resources Corp.
Edward J. Davies
Bridge Resources Corp.
Bridge Resources Corp.
(403) 215 5979