Total has found an estimated 25-75million barrels of oil on a Norwegian exploration well, a firm with a stake in the discovery said today.
Bridge Energy, which has a 20% stake in the Garantiana well, said drilling oil had flowed at a restricted rate of 4,300 barrels per day on the find, first discovered in October and since the subject of a sidetrack.
The firm, which is listed in Oslo and on the London AIM market, said: “Taking account of the results of the sidetrack, preliminary estimates place the size of the discovery between 25 and 75million barrels of recoverable oil on a gross basis.”
Bridge also said there were other nearby prospects under evaluation as well as plans for a second exploration well in the area.
Chief executive Tom Reynolds added: “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.”
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