Bridge Energy ASA : PL457 Drilling Campaign Update - 17.10.13

17 Oct 2013

Bridge Energy ASA

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

PL457 Drilling Campaign Update

Bridge, the Oslo Børs and AIM listed oil and gas exploration and production company (OSE:BRIDGE/AIM:BRDG.L), provides an update on the current exploration drilling campaign, targeting the Amol and Asha East prospects within the PL457 licence.

Further to the announcement on 25th September 2013, the Company advises that the Asha East well has been drilled to its total depth. The primary target in Asha East was Hugin (Jurassic) sandstone with a secondary target in the Skagerrak Fm (Triassic).  A 55m core has been retrieved from the Jurassic section.  Preliminary assessment of the acquired data indicates that, despite oil shows, there are no signs of movable hydrocarbons in the well.  As a consequence, no drill stem test will be carried out.  After completion of the ongoing data acquisition, the well will be plugged and abandoned.

Bridge has a 20% interest in the PL457 licence.  Wintershall is the operator with 40%, with the other partners VNG (20%) and E.ON (20%).

- 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.

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.

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