Bridge Energy ASA : Announcement from Spike Exploration Holding AS - 25.10.13

25 Oct 2013

Bridge Energy ASA

("Bridge", "Group" or "the Company")

Announcement from Spike Exploration Holding AS

Bridge, the Oslo Børs and AIM listed oil and gas exploration and production company (OSE:BRIDGE/AIM:BRDG.L), notes the announcement by Spike Exploration Holding AS ("Spike") today in relation to its voluntary tender offer to acquire all outstanding shares in Bridge Energy ASA. Spike has announced that final government approvals have now been received and that settlement will take place as soon as reasonably possible and not later than 15 Norwegian business days from the date of this announcement.

The full text of Spike Exploration Holding AS announcement is below:

Voluntary offer for shares in Bridge Energy ASA - final governmental approvals received, settlement expected within 15 Norwegian business days

 NOT FOR DISTRIBUTION IN OR INTO AUSTRALIA, JAPAN OR ANY OTHER JURISDICTION IN WHICH THE DISTRIBUTION OR RELEASE WOULD BE UNLAWFUL

 Stavanger, 25 October 2013 - Reference is made to the offer document dated 3 October 2013 (the "Offer Document"), issued by Spike Exploration Holding AS (the "Offeror"), relating to its voluntary tender offer (the "Offer") to acquire all outstanding shares (the "Shares") in Bridge Energy ASA (the "Company").

 The Offeror has received consent and clearance from the Norwegian Ministry of Petroleum and Energy as described in section 3.3 (c) (i) of the Offer Document, and the required notification to the Norwegian Ministry of Finance has been made. This means that all conditions for completion of the Offer set out in section 3.3 (c) have been met.

 The Offeror further confirms that all other conditions for completion of the Offer that require any action in order to be fulfilled have been met, and none of the conditions that refer to events that shall not occur have, to the Offeror's knowledge, occurred. Accordingly, the Offeror will proceed to settle the Offer with respect to validly tendered Shares. In accordance with section 3.14 of the Offer Document, settlement will take place as soon as reasonably possible and not later than 15 Norwegian business days from the date of this notice.

The Offer and the distribution of this announcement and other information in connection with the Offer may be restricted by law in certain jurisdictions. Spike Exploration does not assume any responsibility in the event there is a violation by any person of such restrictions. Persons into whose possession this announcement or such other information should come are required to inform themselves about and to observe any such restrictions.

Contacts

Spike Exploration Holding AS
Bjørn Inge Tønnessen, CEO, [phone],
[e-mail]

Harald Vabø, Chairman, [phone],
[e-mail]

This information is subject to the disclosure requirements set out in section 6-19 of the Norwegian Securities Trading Act.

- Ends -

For further information, please contact:

Bridge Energy
Tom Reynolds, Chief Executive
[e-mail]
Aberdeen
[phone]

Euan Tait, Corporate Development
[e-mail]
Aberdeen
[phone]

Cenkos Securities
Jon Fitzpatrick
[phone]
Neil McDonald
[phone]

FTI Consulting
Edward Westropp/Natalia Erikssen
[phone]
[e-mail]

Statutory guidance statements
This information is subject to disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act.

Notes to Editors
Bridge Energy is an oil and gas exploration and production company which holds production licences in the UK (North Sea) Continental Shelf and exploration assets in both the UK and Norwegian Continental Shelves. The company is listed on the Oslo stock exchange (OSE: BRIDGE) and the London stock exchange (AIM: BRDG.L).

The Company has a significant number of licences both within the UK and NCS, including several operatorships.  Bridge has drilled 18 exploration and appraisal wells, including ten discoveries.

Underpinned by existing production from its operated Victoria field, non-operated Duart field, non-operated Boa field, Bridge boasts a high impact exploration portfolio with a strong inventory of undeveloped gas discoveries which represents a sustainable business platform for production and exploration growth in the North Sea.

For more information please visit: www.bridge-energy.com