Bridge Resources Corp. (TSX: V.BUK, Stock Forum) announced Friday that Bridge North Sea Limited has executed memorandums of understanding with Century Exploration Limited to acquire Century's remaining interest in the Southern North Sea Wherry development project and Century's 25% interest in three 25th Round blocks in Central North Sea Quad 9.
Bridge already holds a 50% interest in the Wherry portion of Block 48/24a in Licence P007 and says it wishes to acquire the 50% balance of the interest.
Under the terms of the memorandum of understanding, Bridge will pay Century an initial option fee following execution of a sales and purchase agreement and has the option to pay an additional success fee within 60 days of starting a well to fully earn the 50% working interest.
In the Central North Sea, Bridge will purchase Century's 25% interest in a 25th Round traditional drill-or-drop licence including full Block 9/26 and split Blocks 9/21 and 9/27b, and will acquire the interest for payment of Century's licence application costs.
Both acquisitions are subject to approval of the assignments by the Secretary of State and regulatory approval, says the company.
On the company’s Bullboard Friday, barolo19 said: “In this dire market malaise we are aquiring more production ?? Good thing if they can generate the cash flow!! we are threading on thin ice!![sic]”
Shares of Bridge Resources remained unchanged Friday, at 30 cents.
