Bridge Energy ASA : Duart Restart Schedule

28 Jun 2013

Bridge Energy ASA

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

Duart Restart Schedule

Bridge, the Oslo Børs and AIM listed oil and gas exploration and production company (OSE: BRIDGE/AIM: BRDG.L), provides an update on the scheduled restart of production from the Duart field, which is located in the UK North Sea and in which Bridge holds a 50% working interest.

As announced by the Company in September 2012, the Duart field was scheduled to restart production in October 2013, following an extended outage of the Tartan host platform to complete certain maintenance and modification work. The Operator for the field has advised that, due to extension of the Tartan works, Duart restart is now likely to be deferred into late Q1 2014 or early Q2 2014. 

Tartan platform provides production processing services including gas lift to the Duart field. None of the Tartan remediation works are related to the Duart well or to the Duart field facilities. This delay therefore represents a deferral of cash flow, with Duart reserves and value remaining unchanged. 

The proposed well targeting Duart East/Duart South remains under consideration by the partnership, with further work to define the opportunity likely to be finalised in 2014. 

Tom Reynolds, CEO of Bridge Energy, commented:

"Whilst the Duart deferred re-start is disappointing, ongoing cash generated from our existing producing assets, along with existing banking facilities ensure we remain adequately resourced until Duart production recommences.  We very much look forward to the commencement of our autumn exploration drilling schedule on our Norwegian Licence PL457, which will target both the Amol prospect and our Asha discovery."

- Ends -

For further information, please contact:

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

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

FTI Consulting
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.

The information contained in this announcement has been reviewed and approved by Ernest Edwards, Operations Director, Bridge Energy UK Ltd.  Ernest holds a MSc in Petroleum Engineering from Imperial College (London) and has been a practising Reservoir and Petroleum Engineer for over 20 years and is a member of the Society of Petroleum Engineers (SPE). He has compiled, read and approved the technical disclosure in this regulatory announcement

The technical disclosure in this announcement and the estimates in the CPR are based on the definitions and guidelines set out in the 2007 Petroleum Resources Management System prepared by the Oil and Gas Reserves Committee of the Society of Petroleum Engineers and reviewed and jointly sponsored by the World Petroleum Council (WPC), the American Association of Petroleum Geologists (AAPG) and the Society of Petroleum Evaluation Engineers (SPEE).These definitions and guidelines can be found on the SPE website at www.spe.org.

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