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Following
recent significant discoveries in the U.S., Bridge Resources
Corporation has decided to refocus its operations away from
the North Sea and now seeks a buyer for its wholly owned subsidiary
company, Bridge North Sea Limited ("BNSL"). BNSL
owns and operates 100% of the Durango gas condensate field,
the Wherry gas development project, and the Aspen exploration
project. The company has invested approximately GBP 83.3 million
on its assets and activities which could provide valuable
tax allowances either at the asset or corporate level subject
to concurrence by the appropriate tax authorities.
The
key features of the sale are:
- Imminent
cashflow from the Durango gas condensate field which is
owned and operated 100% by BNSL, with Remaining 2P Reserves
of 11.18 Bcf and 0.27 MMbbls condensate, and Remaining
3P Reserves of 24.43 Bcf and 0.6 MMbbls condensate;
- The
Wherry gas development operated and owned 100% by BNSL
with combined reserve potential of 94 Bcf gas and 380,000
bbls condensate;
- Further
low-risk gas basin exploration potential in the Aspen
prospect, operated and owned 100% by BNSL with reserve
potential of 156 Bcf gas with additional Carboniferous
potential in a nearby prospect;
- Approximately
GBP 83.3 million (FY 2009) of past expenditure allowable
for immediate CT and SCT relief (50%) in certain circumstances.
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