Bridge Energy ASA : PL511 Mjosa (6406/6-3) exploration well ...

11 Jun 2013

Bridge Energy ASA

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

PL511 Mjøsa (6406/6-3) exploration well update

Bridge, the Oslo Børs and AIM listed oil and gas exploration and production company (OSE: BRIDGE/AIM: BRDG.L), is a minority partner in the PL511 licence (non-operated) containing the Mjøsa prospect, where drilling operations are about to complete.

Reservoir quality sandstones have been encountered.  Preliminary well results indicate uncommercial gas volumes; however further interpretation from the ongoing data acquisition programme will provide additional detailed analysis on the prospect.  Wintershall Norge AS, as operator of PL511, will complete the drilling operations before the well is plugged and abandoned.

Bridge's financial exposure on this well was limited following a farm-down of its original interest in 2010. Bridge has a 7.5% interest in PL511; Wintershall holds a 25% interest with other partners Maersk Oil Norway AS (25%), Petoro AS (20%), Tullow Oil Norge AS (10%), and VNG Norge AS (12.5%).

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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
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.