AIM-LISTED Bridge Energy says it is encouraged by the results of drilling on the Garantiana site in the northern North Sea.

The Aberdeen company, which is also listed on the Oslo stock market, holds a 20% stake in the licence along with Det norske and Svenska Petroleum while operator Total has a 40% stake.

A good reservoir of oil was found with the discovery estimated to be between 25 and 75 million barrels of recoverable oil.

Loading article content

It was confirmed a second exploration well is planned for the area.

Bridge Energy chief executive Tom Reynolds, said: "The find adds significant resources to Bridge as it stands now and the adjacent prospects on the licence offer the potential of further upside." Bridge's shares were up more than 3% to 116.5p.