Bridge’s Orlando farm-in fails

摘要

Bridge Petroleum has been “unable to complete” the acquisition of Atlantic Petroleum’s 25% stake in the Orlando oil field in the UK North Sea. The initial Sales and Purchase Agreement (SPA) was announced in June, under which Bridge was prepared to pay around US $1m (7m Danish crowns) and a deferred consideration in the form of a share of the sale proceeds from the Orlando production. The deal?was also subject to Bridge acquiring Iona UK, the operator of the field.