Bridge loss widens as exploration costs bite

Drilling into bottom line: exploration costs for Bridge

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Steve Marshall

 22 November 2012 14:20 GMT

Norwegian player Bridge Energy saw its year-on-year net loss widen in the third quarter, despite higher revenue, as it was hit by increased costs on exploration wells that have yielded mixed results.

The company sank to a loss of Nkr28 million ($4.9 million) from Nkr11 million a year earlier as it notched up exploration expenses of Nkr46.2 million on its participation in drilling of the Geite, Asha/Noor and Garantiana prospects off Norway.

The loss was though a significant improvement on a reversal in the previous quarter of Nkr249.2 million.

Analyst Teodor Sveen Nilsen of Swedbank First Securiites described the results as “solid”, as the company delivered a 61% year-on-year increase in revenue to Nkr50.8 million on higher oil sales from the Duart field off the…

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