French explorer Bridgeoil is seeking a farm-in partner to help bankroll drilling of a planned well on its Nonville concession south of Paris.
The company has hired Aberdeen-based consultancy Oilgen Advisory to screen potential investors, with a 10% stake up for grabs in the permit that hosts the Nonville oilfield.
Cash raised from the disposal is intended to finance the first exploration well on the concession, where Bridgeoil holds a 20-year lease to explore for and produce hydrocarbons, with the conventional play exempt from France’s anti-fracking law.
Bridgeoil aims to tap an estimated 1 million barrels of oil under the first phase of drilling that will involve a total of five wells, with further contingent resources held in a more risky prospect, according to Oilgen managing director Laurent Schirrer.
“The Nonville field offers investors the exciting opportunity to be involved in the project right from the start of drilling,” he said, adding the permit has hydrocarbon potential that has earlier been overlooked.
The consultancy, which has been pursuing a farm-in partner for the concession since March, has earlier secured bank finance for field work by Bridgeoil.