Bridge Energy ASA : Compulsory Acquisition of Remaining Shares

20 Nov 2013

Bridge Energy ASA

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

Compulsory acquisition of remaining shares

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 ("Spike" or the "Offeror") announcing the compulsory acquisition of all shares in Bridge Energy ASA not already owned by Spike Exploration. The Offeror has informed the Company that effective from close of trading on Oslo Børs on 19 November 2013, it has resolved to carry out a compulsory acquisition of all remaining shares in the Company not already owned by the Offerer. Following settlement of the voluntary offer, Spike Exploration owned in aggregate 61,943,520 shares in the Company, representing approximately 97.7 per cent of the shares and voting rights in the Company.

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

Spike Exploration Holding AS announces compulsory acquisition of remaining shares in Bridge Energy ASA

Stavanger, 20 November 2013: Reference is made to the announcement dated 13 November 2013 in connection with settlement of the voluntary offer from Spike Exploration Holding AS ("Spike Exploration") to acquire all shares in Bridge Energy ASA (the "Company") not already owned by Spike Exploration. Following settlement of the voluntary offer, Spike Exploration owned in aggregate 61,943,520 shares in the Company, representing approximately 97.7 per cent of the shares and voting rights in the Company.

The Board of Directors of Spike Exploration has, effective from close of trading on Oslo Børs on 19 November 2013, resolved to carry out a compulsory acquisition of all remaining shares in the Company not owned by Spike Exploration pursuant to the Norwegian Public Limited Liability Companies Act section 4-25 cf. the Norwegian Securities Trading Act section 6-22 (3). As a consequence, Spike Exploration has assumed ownership of all shares in the Company.

The offered redemption price under the compulsory acquisition is NOK 15.25 per share. The offered redemption price corresponds to the offer price in the completed voluntary offer to acquire all shares in the Company which, according to the Norwegian Securities Trading Act section 6-22 (2), is the applicable redemption price in a subsequent compulsory acquisition. DNB Bank ASA has furnished a guarantee for the settlement under the compulsory acquisition in accordance with the Norwegian Securities Trading Act section 6-22 (3) no. 3.

Any objections to, or rejections of, the offered redemption price must be raised on or before 21 January 2014. Former shareholders in the Company who do not object to, or reject, the offered redemption price within this deadline will lose their right to object to, or reject, the offered redemption price and are deemed to have accepted the offer.

A letter regarding the compulsory acquisition will be sent to all former shareholders subject to the compulsory transfer whose addresses are known. In addition, the compulsory acquisition will be announced through the electronic notice service of the Norwegian Register of Business Enterprises (Brønnøysundregistrene).

As a consequence of the compulsory acquisition, Spike Exploration will pursue a de-listing of the shares in the Company from Oslo Børs and AIM (a market operated by London Stock Exchange plc.). Separate stock exchange notices will be published regarding the timing for such delisting. Spike Exploration also refers to the announcement published by the Company on 18 November 2013 regarding the forthcoming de-listing from AIM.

For further information please contact:

Bridge Energy
Bill McCall, Chairman
[phone]

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

FTI Consulting
Edward Westropp/Natalia Erikssen
[phone]

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