Bridge Energy ASA : Rig Contract Signed for P1763 Licence

11 Jul 2013

Bridge Energy ASA

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

Rig contract signed for P1763 Licence (the "Licence")

Bridge, the Oslo Børs and AIM listed oil and gas exploration and production company (OSE: BRIDGE/ AIM: BRDG.L) is pleased to announce that, along with its partners in the Licence, it has entered into a contract with Dolphin Drilling Limited to secure a drilling slot with the Blackford Dolphin semi-submersible rig. 

This rig will target the Aragon exploration prospect in the UK Northern North Sea, with this well expected to be drilled Q1 2014. 

Bridge has a working interest of 13.5% in the Licence, with MPX North Sea Limited 22.5% (Operator), Agora Oil & Gas (UK) Limited (a wholly owned subsidiary of Cairn Energy plc) 30%, JX Nippon Exploration & Production (UK) Limited 25% and Sorgenia E&P (UK) Limited 9%.

Tom Reynolds, CEO of Bridge Energy, commented:
"We are pleased to have secured this rig slot, which will kick-start our 2014 exploration drilling programme early in the year.  The Aragon prospect is located near to the Beryl field and is targeting the Upper Jurassic Heather Sands. At 9mmboe net unrisked potential to Bridge, this UK exploration target provides material upside potential, whilst also demonstrating the depth of opportunities which exist within our portfolio".

- 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.

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 Kevin Purvis, Exploration Director, Bridge Energy UK Ltd.  Kevin holds a Bsc and Phd in Geology from Nottingham and Reading University and has been a practising geologist for over 20 years and is a fellow of the Geological Society of London. He has 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.

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 and 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.