Bridge Energy ASA : Exploration drilling campaign in PL457 c...

14 Aug 2013

Bridge Energy ASA

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

Exploration drilling campaign in PL457 commences

Bridge, the Oslo Børs and AIM listed oil and gas exploration and production company (OSE: BRIDGE / AIM: BRDG.L), is pleased to announce that the exploration drilling campaign in PL 457 covering wells targeting the Amol and the Asha East prospects has commenced, with the wells being located on the Utsira High and Gudrun Terrace, respectively. 

Both wells will be drilled by the semi-submersible rig Borgland Dolphin.  The Asha East exploration well will be drilled as a side-track from the Amol exploration well main bore, with the results from Asha East well expected first.

Bridge has a 20% interest in the wells.  Wintershall is the operator with 40%, with the other partners VNG (20%) and E.ON (20%).

More details of both prospects can be found in our most recent Corporate Presentation and our Reserves and Resources Report at http://www.bridge-energy.com/investor.

Tom Reynolds, CEO of Bridge Energy, commented:
"I am pleased to announce the spud of the next two exploration wells within the Bridge 2013 drilling programme.  The wells will target the Amol prospect, where we estimate around 6mmboe potential net recoverable resource to Bridge on an unrisked basis, and will also target the Asha East prospect. With significant resources discovered through the Asha well drilled in 2012, these wells have the potential to add significant resources to an already valuable asset."

- Ends -

For further information, please contact:

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

Alfred Kjemperud, MD Bridge Energy Norge
[e-mail]
Norway
[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 information contained in this announcement has been reviewed and approved by Dr Alfred Kjemperud, Managing Director, Bridge Energy Norge AS.  Alfred holds a PhD in Geology from The University of Oslo and has been a practising Petroleum Geologist for over 30 years. He has compiled, read and approved the technical disclosure in this regulatory announcement.

The technical disclosure in this announcement and the estimates 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.

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, 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