Bridge Energy to develop Vulcan East gas field off UK
Bridge Energy ASA let a £1.8 million contract to ADIL, an independent energy consultancy, to manage the development of the Vulcan East gas field on Block 49/21 in the southern North Sea.
OGJ Production Editor
HOUSTON, Oct. 13 -- Bridge Energy ASA let a £1.8 million contract to ADIL, an independent energy consultancy, to manage the development of the Vulcan East gas field on Block 49/21 in the southern North Sea.
ADIL will provide manpower and systems to manage all development activities for a subsea tie-back from Vulcan East to the nearby ConocoPhillips-operated Lincolnshire Offshore Gas Gathering System complex.
Silverstone Energy Ltd. drilled the Vulcan East discovery well in 2006 to a 8,125-ft TD (OGJ, Nov. 27, 2006, Newsletter) and Bridge Energy expects first gas in second-half 2011 from the field's tight Permian Rotliegendes sand reservoir.
On Mar. 26 Bridge Energy AS and Silverstone Energy Ltd. (now Bridge Energy UK Ltd.) combined to become subsidiaries of Bridge Energy ASA.
Bridge Energy holds a 100% in Vulcan East and in a September presentation estimated that the field contains 80 bcf of probable reserves. It expects a 28 MMcfd of peak gas production from the field in 2013.
To obtain first gas, the company plans to invest about $90 million, which includes the drilling and multifracturing of a horizontal well in second-quarter 2011. Its September presentation noted that the breakeven economics are an attractive $3/Mcf.
The company plans to finance from cashflow the second well in 2013.
Contact Guntis Moritis at email@example.com.