Dec. 2012 - The Total-operated Garantiana prospect in Production License 554 has been successfully drilled an appraised by the Borgland Dolphin (mid-water semisub) in the Norwegian North Sea. Wildcat well 34/6-2S encountered a 328 foot gross oil column in the Lower Jurassic Cook formation and flowed oil at a rate of 4,300 barrels per day. The oil-water contact was determined through the drilling of sidetrack appraisal well 34/6-2A. Drilling at Garantiana represents the first wells drilled in the license which was awarded in the APA 2009. Data evaluation will now begin in an effort to determine the most suitable field development scenario.

Oct. 2012 - Bridge Energy, 20% partner in PL 554 offshore Norway, confirmed the plan to move forward with a sidetrack of Grantiana well 34/6-2S. Well 34/6-2A will be drilled by the Borgland Dolphin (mid-water semisub) in an effort to prove additional oil volumes in the formation and determine the oil/water contact. Sidetracking operations will take place once the drilling permit has been approved by Norwegian authorities.

Oct. 2012 - Well 34/6-2S on the Garantiana prospect offshore Norway has been drilled to a total depth of 13,287 feet by the Borgland Dolphin (mid-water semisub). The well, located in Production License 554, penetrated good quality oil-bearing reservoir rock in the Cook formation. Further analysis is needed for an accurate resource estimate but initial flow rates of 4,000 barrels per day were achieved through a 28/24-inch choke. Pending available contracted rig days, the partners in the Total-operated license may elect to drill a sidetrack well to define the oil-water contact.

Aug. 2012 - Total has commenced drilling at the Garantiana prospect, exploratory well 34/6-2S, in the Norwegian sector of the North Sea. The well is being drilled by the Borgland Dolphin (mid-water semisub), and is targeting stacked Jurassic/Triassic reservoirs. The water depth of the site is 1,247 feet (380 meters).

Feb. 2012 - Total is planning a spud date in 3Q 2012 to drill the Garantiana prospect in the Norwegian sector of the North Sea. The prospect straddles Blocks 34/6 and 34/9 and lies in a water depth of 1,247 feet (380 meters).

Jun. 2011 - Bridge Energy and Total reached an agreement for the farm-down of a 40% working interest in production licenses PL 554 and PL 554B. The two licenses reside in the Norwegian sector of the North Sea. Under the agreement, Bridge will transfer operatorship to Total, leaving the company with a 20% working interest in the two licenses. The main prospect in the licenses is Garantiana, which is scheduled for drilling in 1Q 2012 using the Borgland Dolphin semisub. The consortium will now consist of Total (operator, 40%), Bridge Energy (20%), Det norske (20%) and Svenska (20%).

Apr. 2011 - Det norske has sold a 20% interest in Production Licenses 554 and 554B to Svenska Petroleum Exploration. Det norske is reducing its interest from 40 to 20%. Under the agreement, Svenska will carry part of the expenses related to the first exploration well to be drilled in either license, including the Garantiana prospect. The prospect is scheduled for drilling in 2012. The licenses are situated east of the Snorre field in the Norwegian sector of the North Sea. The consortium will now consist of Bridge (operator, 60%), Det norske (20%), Svenska (20%).