Bridge Energy will acquire a 1.55% working interest in the Boa field from Austria-based oil and gas company OMV for a total consideration of $18m.

"The Boa field extends across the UK / Norway median line and lies 88.65% in Norway Block 24/6 and 11.35% in UK Blocks 9/15a and 9/15b."

The acquisition, which follows a sale and purchase agreement signed between the two companies, will be funded through current cash and the company’s existing lending facility.

The Boa field extends across the UK / Norway median line and lies 88.65% in Norway Block 24/6 and 11.35% in UK Blocks 9/15a and 9/15b.

The company’s interest in the field will help it secure production of 250 barrels of oil each day.

Oil from Boa will be transported by shuttle tanker while gas is being exported into the UK market through the Beryl SAGE system.

Tom Reynolds, Bridge Energy CEO, said the purchase is in line with the company’s previously communicated strategy to build a solid base of cash flow for re-investment.

"The Boa field is a source of reliable production with very high operating margins, supported by the accumulated tax shelter in the UK," said Reynolds.

"The acquisition further diversifies the source of our income and contributes cash to support on Bridge’s exploration and development programme going forward."

The transaction is expected to be completed around September 2012, with adjusted net consideration of $17.1m with a transfer of around 39,000 barrels of oil stock.