http://www.bridge-energy.no/




Bridge Energy ASA, Dual-listed exploration and production company (OAX: BRIDGE, AIM: BRDG.L)



The Group is an independent oil and gas exploration and production business with activities in both the UK and Norway. The Company was incorporated in Norway on 19 February 2010 to function as a vehicle for combining the businesses of Bridge Energy UK (then called Silverstone Energy Limited) and Bridge Energy Norge. The business combination was completed on 26 March 2010 and the Company was listed on Oslo Axess on 21st May 2010. The Group is a growth business and has plans to grow both production and resources through a balanced programme of acquisition, exploration and development, using its existing portfolio as a foundation. The Group has production from the Victoria field in the UK Southern Gas Basin, from the Duart field in the UK Central North Sea and, subject to completion, from the Boa field in the UK Northern North Sea. In addition, it holds operating and non-operating interests in several other discoveries which are planned for development in the period from 2014 to 2017. Based on current equity interests and development timetables, the Directors and Senior Managers believe that the Group has the opportunity to increase its production from 1,810 boepd (as at June 2012) to c.10,000 boepd by the end of 2016. These developments are subject to availability of funding, access to infrastructure, regulatory and partner approvals and the availability from time to time of operational resource capacity. The Group is currently undertaking a high-impact exploration programme, participating in three exploration wells in the NCS and one in the UKCS before the end of 2012. The Group has a target to participate in four-to-five exploration wells per annum going forward.

Oil and gas firm Bridge Energy set for AIM market debut

http://www.bbc.co.uk/news/uk-scotland-scotland-business-19585000

Bridge Energy sets its sights on the mid-caps as it makes its AIM bow


http://www.proactiveinvestors.co.uk/companies/news/48504/bridge-energy-sets-its-sights-on-the-mid-caps-as-it-makes-its-aim-bow-48504.html

Bridge Energy CEO says it has an “exciting growth profile” ahead of AIM listing


http://www.proactiveinvestors.co.uk/companies/stocktube/1305/bridge-energy-ceo-says-it-has-an-exciting-growth-profile-ahead-of-aim-listing-1305.html

Bridge Energy ASA completes farm-down on PL497/...
HUG
Bridge Energy ASA (OAX: BRIDGE, AIM: BRDG.L) has today through its wholly owned subsidiary Bridge Energy Norge AS ("Bridge") completed the agreement with Agora Oil & Gas AS ("Agora") which is 100% owned by Cairn Energy PLC ("Cairn"), for the farm-down of a 15% working interest in production licences PL497 and PL497B on the Norwegian Continental Shelf.

After the transaction Bridge holds a 15% interest in the licences. Agora, will as a consideration for the transaction carry a substantial share of Bridge's well cost. The licences contain the Geite prospect, which will be tested by the ongoing exploration well 7/11-13.

Alfred Kjemperud, Managing Director of Bridge Energy Norge, commented: "We are pleased that Cairn, through Agora, has joined us in the PL497/497B licences demonstrating support for the technical potential of the acreage."


Oslo, 28 September 2012

For further information, please contact:

Bridge Energy completes farm-down of two licences in Norwegian North Sea

http://www.proactiveinvestors.co.uk/companies/news/48573/bridge-energy-completes-farm-down-of-two-licences-in-norwegian-north-sea--48573.html

Down 7% today.

:-))

Bridge Energy ASA: Completion of the Boa Field ...
HUG
5th October 2012

Bridge Energy ASA

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

Bridge Energy Announces Completion of Boa Field Acquisition

Bridge, the AIM and Oslo Axess listed oil and gas exploration and production company (OAX: BRIDGE/ AIM: BRDG), is pleased to announce that it has completed the acquisition of a 1.55% working interest in the producing Boa field from OMV (U.K.) Limited for an adjusted consideration of $18.1m (the "transaction") with an effective date of 1 January 2012. The acquisition includes a transfer of around 40,000 barrels of oil stock which will be sold following completion for an estimated value of around $4.4 million (based on prevailing prices of around $110/bbl).The acquisition is being funded through a combination of current cash and Bridge's existing reserve base lending facility. The acquisition increases Group 2012 production by 230 bopd and 0.2 mcfpd sales gas, which is equivalent to 260 boepd combined.

The Boa field
The unitised Boa field extends across the UK/Norway median line and lies 88.65% in Norway Block 24/6 and 11.35% in UK Blocks 9/15a and 9/15b. The Boa reservoir is contained within a high-quality upper Heimdal sand and comprises a light oil rim with an overlying gas cap and very strong natural aquifer drive.

The field was developed in 2008 as part of the wider Alvheim area development with three subsea development wells tied back to the Alvheim FPSO operated by Marathon Oil Norge AS. Oil is then shipped by shuttle tanker, while gas is exported into the UK market via the Beryl SAGE system. The Boa field facilities and the Alvheim FPSO has an excellent utilisation record with typical uptime above 90%.

Boa field production
The field had produced around 25 million barrels of oil up to the effective date of the acquisition (1st January 2012) and is currently producing 15,000 bopd gross. The production performance of the field has exceeded expectation and recovery estimates have continued to increase during the field life. Potential for further infill drilling in the field has been identified as well as the development of the field gas cap.

In addition to Alvheim, the FPSO processes oil from a number of other fields which resulted in a combined throughput for 2011 in excess of 140,000 boe/d. This high throughput results in very low unit operating costs for the Boa field.

The Boa working interest adds 0.5million barrels of 2P developed producing reserves to Bridge. The field delivers low maintenance oil production with a high operating margin. Bridge estimates that at an oil price of $110/bbl, it will receive over $100/bbl after tax for production during 2012-2014 as a result of Bridge's accumulated tax pool. The Boa field has low exposure to decommissioning liabilities and is expected to produce until 2022.

Bridge's CEO, Tom Reynolds, commented:
"The completion of the Boa acquisition continues our previously stated strategy to build a solid cash flow base for future re-investment and growth. The Boa field delivers reliable production with very strong operating margins, which is efficiently supported by our accumulated tax pool in the UK. The addition of Boa also continues to broaden our producing assets portfolio and further diversifying our revenue streams."

- Ends -

Nice move up today.

The firm offers immediate exposure to oil drilling in Norway. In the medium term the share price should be boosted by incremental steps towards a targeted uplift in production. The £75 million cap aims to boost output from 1,250 barrels of oil per day to atleast 12,000 bopd by 2016. The listing looks well timed with results expected through the remainder of 2012 from a four-well drilling programme targeting a total of 65 million barrels of oil equivalent (mmboe). The group currently has proved and probable (2p) reserves of 13.4 mmboe.
The company has already commenced operations on the UK North sea Contender well and the Garantiana prospect. It willm follow this up with drilling on the Apollo/Draupne and Geite prospects before the end of the year.
These last three wells are located in the Norwegian North sea and Bridge joins just a handful of UK-quoted firms sanctioned to operate in the Nordic state.

They're not nicking our xel oil are they DC.,.

You would think so by the sp of Xel Bb. lol

Bridge Energy disappoints with dry well
By Benjamin Chiou

Mon 15 Oct 2012

BRDG - Bridge Energy Asa

Latest Prices
Name Price %
Bridge Energy Asa 129.00p 0.00%


LONDON (SHARECAST) - Shares in AIM-listed Bridge Energy sank on Monday after the company said that the an exploration well on the PL497 licence in the North Sea has turned up dry.

The company, which is also listed on the Oslo Axess, said although Triassic reservoir sandstones were encountered by well 7/11-13, "no hydrocarbons were found".

Operator of the PL497 licence, Det norske oljeselskap, will complete the drilling operations before the well is plugged and abandoned. Bridge has a 15% interest in PL497, while Det norske owns 35%. Other partners include Dana Petroleum Norway (25%), Agora Oil & Gas (15%) and Lotos Exploration and Production Norge (10%).

Bridge said that it is currently drilling the Garantiana prospect on PL554 in the Norwegian North Sea where it has a 20% interest, and the Contender exploration well on UK licence P201 where it has a 4% interest.

In addition, drilling of the multi-target exploration well on PL457 (in which it has a 20% stake), located on the western flank of the Utsira High in the Norwegian North Sea, is expected to commence soon.

By 12:57, shares were down 7.96% at 126.55p.

Bridge Energy shares advance on Contender oil discovery
10:59 am by Jamie Ashcroft The Brent sandstone reservoir had greater than expected porosity and hydrocarbon saturation.

Shares North Sea oil firms Bridge Energy (LON:BRDG) and Antrim (LON:AEY) advanced today with the news of a new discovery, in the Contender exploration well.

Antrim owns an 8.4% stake in the project, while newly listed Bridge has a 4% interest - the shares advanced over 12% and 6% respectively following this morning’s news.

The well, drilled to a depth of 16,903 feet, has found an oil bearing reservoir of more than 65 feet in Jurassic Brent sandstones. The targeted reservoir also had greater than expected porosity and hydrocarbon saturation.

It was drilled from an oil platform on the neighbouring Cormorant North field, and while further reservoir evaluation is ongoing the partners expect the discovery to be put on production in the near future.

"I am pleased to announce an oil discovery at the Contender exploration well. We are continuing to work with our partners to further define the size of the reservoir,” said Bridge chief executive Tom Reynolds.

“This news comes during an exciting period for Bridge, where in addition to the Contender well; in Norway we also have operations ongoing in the PL554 Garantiana well, along with the commencement of drilling operations on the PL457 Asha/Noor prospect later this month."

Going forward the Contender area will be known as the Cormorant East field, and it will be produced from the Comorant North platform.

The project is operated by Abu Dhabi oil firm TAQA which owns 60%, alongside Dana Petroleum (which is owned by the Korean National Offshore Oil Company, KNOOC) with 20% and the fifth partner is First Oil Expro Ltd with 7.6%.

22 Oct 2012


Bridge Energy ASA

("Bridge", “Group” or "the Company")

Oil Discovery at the Contender exploration well

Bridge, the Oslo Axess and AIM listed oil and gas exploration and production company (OAX: BRIDGE/ AIM: BRDG), is pleased to announce the discovery of a new oil accumulation by well 211/21-N94, known as the Contender Well, situated in the UK Northern North Sea Block, 211/22a Contender Area.

The Contender Well has been drilled to a total drilling depth of 16,903 feet (11,550 feet true vertical depth) by Operator TAQA Bratani Limited (“TAQA”) from their North Cormorant production platform. The target for the well was located in the Jurassic Brent sandstones to the North East of the Cormorant North field and encountered an oil accumulation.

Preliminary estimates indicate an oil bearing reservoir in excess of 65 (sixty five) feet was encountered in the Tarbert member of the Jurassic Brent sandstones, with greater than expected porosity and hydrocarbon saturation. Further reservoir evaluation is ongoing. The discovery well is expected to be completed and put on production in the near future. The field will be developed under the name ‘Cormorant East’ and production will be processed through the North Cormorant platform.

Under the terms of a farm-out agreement (announced 25th August 2011) Bridge has a 4% interest in the well. TAQA is the operator with a 60% interest, with Dana Petroleum (E&P) Limited 20%, Antrim Resources (N.I.) Limited 8.4% and First Oil Expro Limited 7.6%.

Tom Reynolds, Bridge Energy, CEO commented:

“I am pleased to announce an oil discovery at the Contender exploration well. We are continuing to work with our partners to further define the size of the reservoir.

“This news comes during an exciting period for Bridge, where in addition to the Contender Well; in Norway we also have operations ongoing in the PL554 Garantiana Well, along with the commencement of drilling operations on the PL457 Asha/Noor Prospect later this month.”

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Bridge Energy ASA: Commencement of Drilling ope...
HUG
24th October 2012

Bridge Energy ASA

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

Commencement of Drilling operations on Asha/Noor (PL457)

Bridge, the Oslo Axess and AIM listed oil and gas exploration and production company (OAX: BRIDGE / AIM: BRDG.L) is pleased to announce that the drilling of exploration well 16/1-16 has started on the Asha/Noor prospect in Norway.

This multi-target well, located on the western flank of the Utsira High in the Norwegian North Sea has the potential to appraise nearby discoveries; Ivar Aasen and Apollo. The well is being drilled by the Bredford Dolphin semi-submersible rig.

The four reservoir target zones are Noor, Mukta, Zechstein and Draupne/Asha with total mean unrisked recoverable resources of approx. 30 million barrels of oil equivalent net to Bridge. Bridge has a 20% interest in the well. Wintershall Norge AS is the operator with 40%. Other partners are E.ON E&P Norge AS and VNG Norge AS both having a 20% share.

Tom Reynolds, Bridge Energy CEO, commented,
"I am very pleased to announce the commencement of drilling on the Asha/Noor exploration well, our fourth well spudded in the second half of this calendar year. The well is a high impact exploration well which represents a large net upside potential for Bridge, with the costs associated with drilling operations mitigated by the Norwegian tax rebate system. We will announce results from the well once drilling operations are complete."

Bridge Energy ASA: Commencement of Drilling ope...
HUG
24th October 2012

Bridge Energy ASA

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

Commencement of Drilling operations on Asha/Noor (PL457)

Bridge, the Oslo Axess and AIM listed oil and gas exploration and production company (OAX: BRIDGE / AIM: BRDG.L) is pleased to announce that the drilling of exploration well 16/1-16 has started on the Asha/Noor prospect in Norway.

This multi-target well, located on the western flank of the Utsira High in the Norwegian North Sea has the potential to appraise nearby discoveries; Ivar Aasen and Apollo. The well is being drilled by the Bredford Dolphin semi-submersible rig.

The four reservoir target zones are Noor, Mukta, Zechstein and Draupne/Asha with total mean unrisked recoverable resources of approx. 30 million barrels of oil equivalent net to Bridge. Bridge has a 20% interest in the well. Wintershall Norge AS is the operator with 40%. Other partners are E.ON E&P Norge AS and VNG Norge AS both having a 20% share.

Tom Reynolds, Bridge Energy CEO, commented,
"I am very pleased to announce the commencement of drilling on the Asha/Noor exploration well, our fourth well spudded in the second half of this calendar year. The well is a high impact exploration well which represents a large net upside potential for Bridge, with the costs associated with drilling operations mitigated by the Norwegian tax rebate system. We will announce results from the well once drilling operations are complete."

- Ends -

For further information, please contact:

Bridge Energy ASA: UKCS 27th Round Awards to Br...
HUG
25th October 2012

Bridge Energy ASA

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

UKCS 27th Round Awards to Bridge Energy

Bridge, the Oslo Axess and AIM listed oil and gas exploration and production company (OAX: BRIDGE/ AIM: BRDG.L) is pleased to announce that we have been successful in our two Central North Sea licence applications in the UKCS 27th Round. The licences have been offered to its UK Subsidiary, Bridge Energy UK Limited, and are as follows:

Skerryvore (30/12c, 30/13c, 30/18c) - Bridge has a 25% equity interest with Parkmead Group plc as operator. The acreage contains the Skerryvore oil prospect located between the Flyndre and Clyde Fields. The prospect is a well-defined diapiric structure imaged on high quality 3D seismic. Seismic studies are planned in order to optimise the location of the commitment exploration well.
9/9g - Bridge has a 30% equity interest, with MPX (Oil & Gas) Limited as operator. The 9/9g part block contains an extension of the Aragon prospect located in the adjacent part blocks 9/9d,9/14a and 9/15d, in which Bridge also has a 30% equity stake.

Further applications have been made by Bridge Energy in the Southern North Sea, which remain subject to more detailed assessments of the potential impact of oil and gas activities on certain protected nature conservation areas and any award will be notified in due course.

Tom Reynolds, Chief Executive of Bridge, commented:
"We are delighted with the new licence awards. They are in areas with existing infrastructure and in the case of 9/9g; close to existing acreage held by Bridge. Blocks 9/9d, 9/14a and 9/15d contain the Aragon prospect and provide significant prospective upside potential and we very much look forward to developing this new acreage with our licence partners."

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Bridge Energy boss "delighted" with UK licensing round awards
6:33 pm by Giles Gwinnett The company told investors it had been successful in its two Central North Sea licence applications
Tom Reynolds, chief executive of Bridge Energy (LON:BRDG), declared himself "delighted" with the firm's new awards following the UK licensing round for the North Sea.

The company told investors it had been successful in its two Central North Sea licence applications.

These are Skerryvore (30/12c, 30/13c, 30/18c) where Bridge has a 25% equity interest with Parkmead Group as operator.

The acreage contains the Skerryvore oil prospect located between the Flyndre and Clyde Fields and seismic studies are planned to optimise the location of an exploration well, Bridge said.

Meanwhile, at 9/9g, Bridge has a 30% equity interest, with MPX (Oil & Gas) as operator.

The 9/9g part block contains an extension of the Aragon prospect located in the adjacent part blocks 9/9d,9/14a and 9/15d, in which Bridge also has a 30% equity stake.

Reynolds said: "We are delighted with the new licence awards. They are in areas with existing infrastructure and, in the case of 9/9g, close to existing acreage held by Bridge.

"Blocks 9/9d, 9/14a and 9/15d contain the Aragon prospect and provide significant prospective upside potential and we very much look forward to developing this new acreage with our licence partners."

Bridge Energy ASA: Oil Discovery at the Garanti...
HUG
26th October 2012

Bridge Energy ASA

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


Bridge Energy ASA: Oil Discovery at the Garantiana Well

Bridge, the Oslo Axess and AIM listed oil and gas exploration and production company (OAX: BRIDGE/ AIM: BRDG.L), is pleased to announce the discovery of a new oil accumulation by well 34/6-2S, known as the Garantiana Well, situated in the Norwegian North Sea PL554.

Bridge Energy, as a 20% license partner in PL554, confirms that the Garantiana Well has been drilled to a TVD of 4050m in the Triassic Lunde Formation. The well penetrated an oil-bearing Cook Formation with good reservoir characteristics.

No oil-water contact was encountered. Preliminary results show an oil rate of around 4,000 bbl/day through a 28/64" choke. Dependent on available rig days, a sidetrack may be drilled with the purpose of defining down flank oil-water contact. Resource volume estimates are pending analyses of the results.

Total E&P Norge AS is the operator with a 40% interest in the well, with the other partners Det norske oljeselskap ASA and Svenska Petroleum Exploration AS both having a 20% interest.

Tom Reynolds, CEO Bridge Energy, commented:
"I am delighted to announce an oil discovery in the Cook formation at Garantiana, PL554. This is a licence which Bridge applied for as operator in the Norwegian 2009 APA licensing round and developed into very attractive acreage before the farm-down and transfer of operatorship to Total in 2011. Garantiana has the potential to add significant resources to Bridge as an attractive discovery in its own right and has also de-risked several adjoining exploration opportunities on the licence. I believe this demonstrates the vision and capability of our Norwegian team, led by Alfred Kjemperud, and look forward to the results of our remaining 2012 well on PL457."


- Ends -

Bridge Energy reveals significant oil discovery in Norwegian North Sea
7:58 am by Jamie Ashcroft The Garantiana Well flowed at an initial 4,000 barrels a day Bridge Energy (LON:BRDG) chief executive Tom Reynolds has expressed his delight following a significant oil discovery in the Norwegian North Sea.

The Garantiana Well, on PL554, flowed at an initial 4,000 barrels a day from the Cook Formation, which is described as having “good reservoir characteristics”.

Total, the operator, is yet to find the oil water contact.

Dependent on available rig days, a sidetrack may be drilled with the purpose of “defining down flank oil-water contact”, said Bridge.

Resource volume estimates are pending analyses of the results, it added.

Reynolds said:"I am delighted to announce an oil discovery in the Cook formation at Garantiana, PL554.

“This is a licence which Bridge applied for as operator in the Norwegian 2009 APA licensing round and developed into very attractive acreage before the farm-down and transfer of operatorship to Total in 2011.

“Garantiana has the potential to add significant resources to Bridge as an attractive discovery in its own right and has also de-risked several adjoining exploration opportunities on the licence.

“I believe this demonstrates the vision and capability of our Norwegian team, led by Alfred Kjemperud, and look forward to the results of our remaining 2012 well on PL457.

Total E&P Norge has 40% interest in the well. The other partners are Det norske oljeselskap and Svenska Petroleum Exploration, with 20% each.

Yesterday Bridge told investors it had been successful in its two Central North Sea licence applications.

These are Skerryvore (30/12c, 30/13c, 30/18c) where Bridge has a 25% equity interest with Parkmead Group as operator and 9/9g.

The acreage contains the Skerryvore oil prospect located between the Flyndre and Clyde Fields and seismic studies are planned to optimise the location of an exploration well, Bridge said.

Meanwhile, at 9/9g, Bridge has a 30% equity interest, with MPX as operator.

The 9/9g part block contains an extension of the Aragon prospect located in the adjacent part blocks 9/9d,9/14a and 9/15d, in which Bridge also has a 30% equity stake.

sp not over whelmed with news...

Some what higher this morning.

Also in the news today, Bridge Energy (LON:BRDG) today confirmed that a sidetrack will be drilled in the Garantiana well which struck oil last week.

On Friday it announced the significant discovery in the Norwegian North Sea.

The well flowed at 4,000 barrels a day but the operator, Total, did not find the oil-water contact point.

Now the sidetrack will be drilled to prove up oil volumes in the Garantiana Cook formation and determine the oil-water contact.

Estimates of the discovery’s resource potential are expected to follow further analysis.

Video presentation with Bridge Energy (OSLO BORS-BRID)
Tom Reynolds, Chief Executive Officer
Bridge Energy, which is listed on AIM and Oslo's Axess Exchange, is focused on the UK and Norwegians of the North Sea.

Click the link below:

http://www.brrmedia.co.uk/event/106555/tom-reynolds-chief-executive-officer

Bridge Energy ASA: Invitation to Q3 2012 result...
HUG
Bridge Energy ASA

("Bridge" or "the Company")

Invitation to Q3 2012 results presentation

Bridge, the Oslo Axess and AIM listed oil and gas exploration and production company (OAX: BRIDGE/ AIM: BRDG.L), is pleased to announce the presentation of its third quarter results at 09:30 hrs (CET) on Thursday 22 November 2012 at the Hotel Continental, Oslo.

Light breakfast will be served from 09:15 hrs

For those wishing to attend the presentation, please register at reception@bridge-energy.com.

A webcast of the presentation will be posted on the Company's website after the event.

- Ends-

Bridge Energy ASA: Q3 Results for the 3 months ...
HUG
Bridge Energy ASA

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

Bridge Energy ASA: Q3 Results for the 3 months ended 30 September 2012



http://www.moneyam.com/action/news/showArticle?id=4489470

1

A buy in this weeks share mag. Buy undervalued Bridge energy for production growth and high impact exploration. Results from a well currently being drilled offshore Norway offer an imminent catalyst for the shares . The 70m cap, which has assets in both the Norwegian and UK North sea, continues to drill the Asha/Noor well. In total it is targeting up to 63 million barrels of oil equivalent through to 2014.
Separately management estimates it can lift production from the current 1,300 barrels of oil equivalent per day to 10,000 boepd by 2016. Despite this potential the stock trades at a discount to house broker Cenkos Securities estimate core enterprise value per share of 238p .Bridge isdown 13% since joining the aim. The weakness looks unwarranted- of the three exploration wells it has drilled in the interim, two havee yielded discoveries and one has been a dry hole. A £42 million debt facility, cash of 23m and cash flow from a growing production profile mean the group is funded through to 2014, based on its current plans.

Bridge Energy confirms Asha oil discovery in North Sea
8:21 am by Jamie AshcroftBridge says, based on preliminary results, the Asha discovery contains between 25mln and 35mln barrels of recoverable oil



North Sea focussed Bridge Energy (LON:BRDG) this morning confirmed that the side-track to the 16/1-16 well has confirmed the Asha oil discovery.

The initial well struck oil in the Asha target, encountering good quality oil in excellent reservoirs, and now the sidetrack has successfully appraised the discovery and established the oil-water contact.

Bridge says, based on preliminary results, the Asha discovery contains between 25mln and 35mln barrels of recoverable oil, though that excludes the potential for additional oil volumes outside the licence.

This is the first well in the PL457 licence and other prospects are located in the immediate vicinity of the Asha discovery, it said, and another well is planned to be drilled in the area.

"The Asha discovery adds substantial resources to Bridge, and other prospects on the licence offer further upside potential,” said chief executive Tom Reynolds.

“With this result, Bridge has made three commercial discoveries from four wells drilled in 2012 adding approximately 15 million barrels of oil equivalents to our resource base.

“This broadens the number of production growth options within our portfolio, and the Bridge team is now looking forward to working with our partners to examine future drilling targets and potential development options."

Bridge owns a 20% stake in the well, which is operated by Wintershall (with 40%) and the other partners are E.ON (20%) and VNG Norge (20%).

In a separate statement, Bridge also confirmed that the ConoccoPhilips operated gas export facilities connected to its x% owned Victoria field is currently closed in.

The export facilities have been unavailable since the end of November.

Broker Cenkos meanwhile likes the look of Bridge Energy (LON:BRDG) after its Asha oil discovery in the North Sea.

The initial well struck oil in the Asha target, encountering good quality oil in excellent reservoirs, and now the side track has successfully appraised the discovery and established the oil-water contact.

Cenkos analyst Ashley Kelty, who rates Bridge as a ‘buy’ with a 238p target, says that continued exploration success will lead to a re-rating for the stock.

“Overall, we believe that the new discovery demonstrates the high impact exploration potential of the Bridge portfolio. With 3 discoveries in 2012 at Contender, Asha and Garantiana, Bridge has materially increased its resource base and added near term development opportunities.

“With a further 4 high impact exploration wells planned in 2013, we see Bridge offering the potential for significant additions to the portfolio and multiple opportunities for a re-rating of the stock.”

Bridge resumes production from Victoria field
StockMarketWire.com
Bridge Energy has resumed production from its Victoria field in the North Sea.

Bridge said the gas export infrastructure system used by the Victoria field was now available and fully operational.

Production resumed on 26 December at a flow rate of 7.6mmscf/d.
------------------------------------------------------------------------------------------------
Bridge Energy ASA: Banking Update
HUG
28 December 2012

Bridge Energy ASA

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

Banking Update

Bridge, the Oslo Børs and AIM listed oil and gas exploration and production company (OSE: BRIDGE/ AIM: BRDG.L) provides a year-end update regarding its commited £42 million Reserve Base Loan Revolving Credit Facility with The Royal Bank of Scotland plc and NIBC Bank N.V. (the "Facility").

Following an internal review of the quantum and timing of the Company's 2013 capital expenditure programme and taking account of good cash management principles, Bridge has elected to reduce its drawn amount under the Facility. A repayment of c. £11 million will be made on or around 28 December 2012. Remaining cash on deposit and ongoing operational cash flows are expected, together with amounts which remain available to Bridge pursuant to the Facility, to fully cover the Group's commited and planned capital requirements in 2013.

The Facility remains in place and available until December 2017. Following the repayment, the net drawn amount will be c. £13million. In line with the terms and conditions of the Facility, Bridge retains significant financial flexibility and may drawdown and repay additional loan amounts as required from time to time.

Drawdown against available debt corresponding to the Duart field will be subject to Lender approval due to the ongoing extended shut-in of this field.

- Ends -

For further information, please contact:





At 8:05am: (LON:BRDG) share price was 0p at 108.5p

Bridge Energy ASA: Agrees farm-down of P1763 li...
HUG
4th January 2013

Bridge Energy ASA

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

Farm-down of P1763 Licence ("Aragon")

Bridge, the Oslo Børs and AIM listed oil and gas exploration and production company (OSE: BRIDGE/ AIM: BRDG.L) has through its wholly owned subsidiary, Bridge Energy (CNS) Limited, completed the agreement ("Transaction") with Agora Oil & Gas (UK) Limited ("Agora") (100% owned by Cairn Energy PLC) and JX Nippon Exploration & Production (UK) Limited ("JX Nippon") for the farm-down of a 16.5% working interest in the P1763 Aragon prospect in the UK Northern North Sea.

As a result of the Transaction, all parties have agreed to participate in drilling a well to test the Aragon prospect prior to Q1 2015.

Subject to Transaction approval from the Department of Energy and Climate Change, Bridge will then hold a revised interest of 13.5%, with MPX North Sea Limited 22.5% (Operator), Agora Oil & Gas (UK) Limited 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 both Cairn and JX Nippon have joined us in this licence, which demonstrates technical support for the potential within this acreage. This farm-down continues our long-term strategy of re-allocating exploration capital over a wider number of opportunities, with the 13.5% remaining interest which Bridge retains in the licence, continuing to provide material upside potential."

- Ends

Bridge Energy raring to go after transformative 2012
9:28 am by John Harrington "Bridge has significantly grown production, resources and its capability over the past year and starts 2013 with a wider portfolio of growth options to pursue," CEO Tom Reynolds said.

Bridge Energy (LON:BRDG) will continue to focus on high impact, low cost exploration this year after a 2012 which saw a “step change” in its business.

“Bridge has significantly grown production, resources and its capability over the past year and starts 2013 with a wider portfolio of growth options to pursue,” said company chief executive officer Tom Reynolds.

The North Sea oil and gas firm said three exploration wells are expected to be drilled in 2013, including further exploration wells in areas adjacent to the Garantiana and Asha discoveries.

The group has a high success rate with its exploration programme, delivering three commercial oil discoveries from four exploration wells drilled.

Those three discoveries yielded an estimated 75mln barrels of oil equivalent (mmboe) recoverable resources (gross)/ 15mmboe (net to Bridge), which equates to some US$60mln of value delivered through US$7.5mln of capital spend.

“The past 12 months have been extremely successful in delivering high value, commercial discoveries. The estimated value of the barrels we have added is a multiple of the drilling cost net to Bridge,” Reynolds said.

With first oil from its Cormorant East Field due to hit the tank this month, and the Duart field scheduled to restart later in the year, the company is set to increase production this year.

“We will continue to pursue our established strategic goals in 2013: to deliver high impact exploration efficiently, whilst growing our cash flow from a diverse portfolio of productive assets. We are now focused on unlocking the potential of our assets through a busy exploration and development programme in 2013 for which we are fully funded through our operational cash flows and available debt facilities," Reynolds concluded.

Shares in Bridge Energy rose a penny to 109.5p in early trading.

Bridge Energy appoints Caroline Brown to board
3:12 pm by Giles GwinnettShe is also an experienced non-executive director and has chaired the audit committees of WSP Group plc and Mirland Development Corporation plc



Bridge Energy (LON:BRDG) has named Caroline Brown as a new board member.

Dr Brown has 12 years' experience managing global finance functions and as a director of public and private companies, including Gulf Keystone Petroleum (LON:GKP).

She is also an experienced non-executive director and has chaired the audit committees of WSP Group plc and Mirland Development Corporation plc, the firm revealed.

This week the company said it would continue to focus on high impact, low cost exploration in 2013 after last year saw a “step change” in its business.

"Bridge has significantly grown production, resources and its capability over the past year and starts 2013 with a wider portfolio of growth options to pursue,” chief executive Tom Reynolds had said.

Shares were unchanged today at 107

If you look at the market cap of TRAP - who have cash - production generating over 2m pounds a month in revenue and exciting assets in the North Sea.........

Either BRDG is massively overvalued, or TRAP is very undervalued.

Antrim and Bridge Energy boosted by first oil at Cormorant East
10:06 am by Jamie AshcroftTAQA believes there is significant potential for upside within Cormorant East, and it has identified other possible locations for further appraisal work.





AIM quoted oil firms Antrim Energy (LON:AEY) and Bridge Energy (LON:BRDG) got a boost today with first oil from the Cormorant East field.

Cormorant East, formerly known as the Contender prospect, has begun production with an initial rate of 5,500 barrels of oil per day.

Antrim and Bridge own 8.4% and 4% respectively in the field, which is operated by Abu Dhabi backed TAQA Bratani.

The well is tied into TAQA’s North Cormorant platform, where it is being processed before transport to the Sullom Voe terminal for sale.

TAQA believes there is significant potential for upside within Cormorant East, and it has identified other possible locations for further appraisal work.

"We are delighted to announce first oil at Cormorant East,” Bridge Energy chief executive Tom Reynolds.

“This production will provide both diversity to our producing asset base and incremental cash flow to support our busy 2013 exploration programme."

Bridge Energy finance chief resigns
12:01 pm by Giles GwinnettEystein Westgaard has agreed to remain with the firm in his current position until April 16 this year and will assist with an orderly handover, Bridge said



North sea focused oil and gas explorer Bridge Energy (LON:BRDG) announced today the resignation of its finance chief.

Eystein Westgaard has agreed to remain with the firm in his current position until April 16 this year and will assist with an orderly handover, Bridge said.

The company thanked Eystein for his contribution and wished him well for the future.

Newsflow has been plentiful from the company in recent weeks and on Wednesday this week it said it had gained a "valuable" addition to its portfolio - after the the award of a new licence.

The Norwegian Ministry of Petroleum and Energy confirmed the company was awarded the licence with 40% interest and operatorship in block 6407/4 in the latest round.

Bridge Energy: Asha discovery estimates at 30-100 mln barrels of recoverable oil
9:56 am by Jamie AshcroftThe Asha discovery was confirmed in December with the completion of a side track to the 16/1-16 well.

Bridge Energy (LON:BRDG) has told investors it believes the Asha discovery in the Norwegian Sea contains much more oil than it previously thought.

The AIM quoted explorer now estimates the discovery contains between 30mln to 100mln recoverable barrels of oil, up from previous estimates of 25mln to 35 mln barrels. The estimate excludes the potential for additional resources outside the licence boundaries.

Bridge shares advanced 10p a share, about 10%, after the announcement to trade at 114.5p.

Today’s announcement follows analysis of recent well results and updates in mapping by project operator Wintershall.

Bridge said that an external auditor is currently evaluating the data, as part of the firm’s annual reserves and resource report which is due later this month.

Further appraisal operations are currently being considered.

"I am very pleased to announce this positive development on the Asha oil discovery, which shows increased commercial resources situated close to the other significant developments in the area - the Ivar Aasen and Edvard Grieg fields,” said chief executive Tom Reynolds.

“Asha will make a significant contribution to the total resources within the western Utsira High area."

Bridge owns a 20% stake in the project; Wintershall owns 40% and the other partners are E.ON and VNG Norge.

The Asha discovery was confirmed in December with the completion of a side track to the 16/1-16 well.

The initial 16/1-16 well struck oil in the Asha target, encountering good quality oil in excellent reservoirs, and the sidetrack successfully appraised the discovery and established the oil-water contact.

Oil and gas stocks received some attention today with Bridge Energy (LON:BRDG) saying it believed the Asha discovery in the Norwegian Sea contains much more oil than it previously thought.

The explorer now estimates the discovery contains between 30mln to 100mln recoverable barrels of oil.

This is up from previous estimates of 25mln to 35 mln barrels.

Bridge shares rose over 14 % today after the news, closing Wednesday's session at 120p each.

Bridge Energy increases resource estimates
Tue 26 Feb 2013

BRDG - Bridge Energy Asa

Latest Prices
Name Price %
Bridge Energy Asa 122.50p -1.61%

FTSE AIM All-Share 740 -0.86%

LONDON (SHARECAST) - Bridge Energy , the Oslo Børs and AIM-listed oil and gas exploration and production company, has reported an increase in proved plus probable (2P) developed reserves.

In an updated independent annual reserves and resource report, the company reported that 2P developed reserves had increased to 3.26m barrels of oil equivalent (mmboe) as of December 31st compared to 2.67mmboe one year earlier.

The company reported that this represents a “2P reserve replacement ratio of 224% during 2012”.

The net best estimate of contingent resource (2C) more than doubled, increasing by 37mmboe to 66mmboe as of December 31st and as a result of three successful discoveries out of the four explorations wells drilled in 2012, 22mmboe net 2C resource was added through the drill bit, the company reported.

Bridge's portfolio currently includes 11 discoveries in the UK and four in Norway. The company has interests in 12 licences in the UK sector of the North Sea containing 10 main prospects and additional identified leads.

In addition, Bridge holds interests in 16 licences in the Norwegian Sector of the North Sea containing 22 prospects as well as additional leads.

Tom Reynolds, the Chief Executive Officer of Bridge Energy, commented: “The recently completed reserves and resources report underlines the significant steps made by Bridge, through acquisition, development of our existing asset base and exploration success in 2012.

"The step-change in the commercial resource base coupled

City broker Cenkos today repeated a ‘buy’ recommendation and 238p price target for junior oil firm Bridge Energy (LON:BRDG) after it released a new reserves report.

The contingent resource base grew to 66 million barrels of oil equivalent during the year from 37 million.

A total of 22 million barrels were added to the figure via the drill bit after three successful discoveries from four exploration wells

“With 3 discoveries in 2012 at Contender, Asha and Garantiana, Bridge has materially increased its resource base and added near term development opportunities,” said analyst Ashley Kelty.

“With a further 4 high impact exploration wells planned in 2013, we see Bridge offering the potential for significant additions to the portfolio and multiple opportunities for a re-rating of the stock.

“We believe that further exploration success should see a commensurate increase in the share price.”

Broker Cenkos believes the market is also ignoring the potential of Bridge Energy (LON:BRDG).

It says Bridge offers deep value with “transformational developments” in the Vulcan area, alongside the recent discoveries in Norway.

The broker has a ‘buy’ tag and 268p target for the shares, current valued at 120p each

On Tuesday Bridge Energy (LON:BRDG) chief executive Tom Reynolds said the company’s updated reserves and resources report “underlines the significant steps” made in 2012 to develop the portfolio.

The document, prepared by independent consultants AGR TRACS, revealed the North Sea explorer and producer’s contingent resource base grew to 66 million barrels of oil equivalent during the year from 37 million.

A total of 22 million barrels were added to the figure via the drill bit after three successful discoveries from four exploration wells.

Proved and probable reserves were 3.26 million barrels of oil equivalent as at December 31, up from 2.67 million a year earlier. The net present value of the Victoria, Duart and Boa discoveries is £67.4 million at a 10% discount rate.

Bridge’s portfolio currently includes 11 UK North Sea discoveries and four in the Norwegian sector, where it holds 16 licences containing 22 prospects.

On a busy day for oil juniors, Bridge Energy (LON:BRDG) shares were hoisted 6% higher on the news it could see value from the Asha discovery faster than many investors will have expected.

The AIM-quoted junior confirmed the oil discovery, estimated at 13mln barrels, in a well drilled three months ago, and now it has announced that Asha will be incorporated into the development of the neighbouring Ivar Aasen field.

In the oil and gas sector, Bridge Energy (LON:BRDG) shares closed over 7% up yesterday.

It was revealed that Bridge Energy (LON:BRDG) could see value from the Asha discovery faster than many investors will have expected.

The AIM quoted junior confirmed the oil discovery, estimated at 13mln barrels, in a well drilled three months ago, and now it has announced that Asha will be incorporated into the development of the neighbouring Ivar Aasen field.

An agreement has been signed by the partners in the PL457 licence, which hosts Asha and the Ivar Aasen partners.

Bridge Energy could cash-in early on Asha discovery
7:46 am by Jamie AshcroftAsha may now be fast-tracked as it is incorporated into a neighbouring field development

Agreements reached last week could lead Bridge Energy (LON:BRDG) to cash in early from its success with the Asha oil discovery in the Norwegian North Sea.

The discovery was made a touch over three months ago, though its development may now be fast-tracked after it was incorporated into a neighbouring field development project.

The Det Norske operated Ivar Aasen project, which was already an amalgamation of three discoveries, lies next door to Asha, and is currently awaiting approval from the Norwegian authorities.

After an agreement between the Asha partners and the companies developing Ivar Aasen, talks are now being lined up to apportion development costs and revenue shares for the enlarged project.

The talks are effectively commercial negotiations, informed by an extensive data sharing exercise.

It is expected that the terms of the deal will be agreed by mid-2014, and the new oil field could come online in 2016.

AIM-quoted Bridge, which owns 20% of Asha could, however, unlock the value of the discovery much sooner.

Speaking with Proactive Investors, chief executive Tom Reynolds explained that one option for Bridge could be to sell its stake.

He says there are a number of other oil firms that are interested in these kinds of unitisation plays.

“We can continue with Asha and fund our share of the development. That’s the status quo option if we do nothing else.

“We also have some commercial options. There may be other companies for whom the 20% Asha interest looks very attractive, and therefore they may be interested in buying or farming into our stake in the project.”

There could also be potential for an asset swap deal, and depending on the asset in question that could perhaps make more sense for Bridge, Reynolds said.


“We are very alive to those possibilities.”


Reynolds also says that a wider consolidation of the interests in the two projects is possible and certain parties may look to buy out a number of the smaller interests.

As projects go, Asha has moved along very quickly with the discovery just being confirmed three months ago.

Shortly after, in February, further analysis of the well’s findings confirmed the size of the Asha discovery to be much larger than estimated prior to drilling.

Bridge upgraded its estimates for recoverable resources to between 30mln and 100mln barrels of oil, up from the prior range of 25mln to 35mln barrels. And it also highlighted the potential for further appraisal work.

The rapid progress of the Asha project, which promises to shortly deliver certified reserves and a comparatively quick route to development, may have caught some investors by surprise.

But Reynolds explains that because of well’s proximity to other developments a twinned ‘fast track’ approach was always a possibility.

“I think we did anticipate some of what’s happened, because of the traction in the area with two nearby development projects moving along.

“We thought that if we had some success in the well then there’d be the potential to hook into one of the projects, depending on what we found.

“This is a positive outcome for Bridge. We’ve seen contingent resources with the drill bit and the field is formally approved in the summer it is likely we’ll see those number confirmed as 2P reserves.

“That’s a pretty quick upgrade from discovery to resources and then into reserves in a short space of time. That’s a solid result for Bridge.”

Asha’s success was not the only highlight of Bridge’s recent exploration work, as it also unearthed new discoveries with three of the past four wells being a success.

In October, the Garantiana struck oil and the Contender well found what is now known as the Cormorant East discovery, which will be tied into the nearby Comorant North platform.

Coming up, the company also has a number of potentially high impact wells lined up for 2013, and its busy schedule is supported by its oil producing assets – the Victoria, Duart and Boa fields – which are producing around 1,000 barrels a day now and are likely to increase to 1,700 barrels per day when Duart restarts in October.

Proactive weekly oil and gas news summary including Bridge Energy, Nostra Terra, Falcon Oil & Gas and Eland Oil & Gas
9:00 am by Proactive Investors





News from the oil and gas sector this week included that agreements reached the week before could lead Bridge Energy (LON:BRDG) to cash in early from its success with the Asha oil discovery in the Norwegian North Sea.

The discovery was made a touch over three months ago, though its development may now be fast-tracked after it was incorporated into a neighbouring field development project.

After an agreement between the Asha partners and the companies developing neighbouring Ivar Aasen, talks are now being lined up to apportion development costs and revenue shares for the enlarged project.

It is expected that the terms of the deal will be agreed by mid-2014, and the new oil field could come online in 2016.

AIM-quoted Bridge, which owns 20% of Asha could, however, unlock the value of the discovery much sooner.

Speaking to Proactive Investors, chief executive Tom Reynolds explained that one option for Bridge could be to sell its stake.

He says there are a number of other oil firms that are interested in these kinds of unitisation plays.

“We can continue with Asha and fund our share of the development. That’s the status quo option if we do nothing else.

“We also have some commercial options. There may be other companies for whom the 20% Asha interest looks very attractive, and therefore they may be interested in buying or farming into our stake in the project.”

There could also be potential for an asset swap deal, and depending on the asset in question that could perhaps make more sense for Bridge, Reynolds said.

Bridge confirms spudding of Mjøsa well

StockMarketWire.com

Bridge Energy has confirmed that drilling is under way on the drilling of exploration well 6406/6-3.

The well will target the Mjøsa gas prospect, which is located 10 km north-east of the Linnorm discovery within the Haltenbanken Area of the Norwegian Sea.

The well is being drilled by the Transocean Arctic semi-submersible rig and is targeting Lower and Middle Jurassic reservoirs. The estimated unrisked mean potential targeted by the well is 14 mmboe net to Bridge.

Bridge has a 7.5% interest in the well. Wintershall is the operator with 25%, and the other partners are Maersk (25%), Petoro (20%), VNG (12.5%), and Tullow (10%).

Bridge Energy ASA : Q1 results for the period e...

HUG




23rd May 2013

Bridge Energy ASA

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

Q1 results for the period ended 31 March 2013

Bridge, the Oslo Børs and AIM listed oil and gas exploration and production company (OSE: BRIDGE/ AIM: BRDG.L), is pleased to announce its Q1 trading update for the period ended 31 March 2013.

A summary of the Company's Q1 Quarterly Report is highlighted below, with the full detailed report attached herein and, along with a presentation, available on the Bridge website.



HIGHLIGHTS

Exploration programme underway
•
2013 drilling programme has started, with significant follow-up to 2012 discovered resource anticipated later in the year

•
2013 exploration programme is fully funded and will target around 22mmboe in unrisked resources net to Bridge

•
Company fully resourced and is expected to accumulate cash through 2013

•
Updated mapping of the recent PL457 Asha discovery has indicated a significant increase in resource estimates

•
A pre-unitisation agreement between PL457 and PL001B Ivar Aasen field interest holders has been entered into



Building a strong portfolio of assets
•
An updated independent annual reserves and resource report prepared by AGR Tracs International Limited was completed, confirming significant resource increase in 2012

•
Licence award and operatorship in the Norwegian APA 2012 Licensing round of PL690, which contains the Spinell North discovery

•
Several awards pending from the 27th UKCS round


Production on track
•
Average production was 1,110 boe/d (Q1 2012: 873 boe/d)

•
The UK Cormorant East Field came on to production 85 days after discovery and is currently ongoing testing through a 6-month depletion phase

•
A combination of a robust hedging programme, along with high commodity prices ensures good revenue generation from production


Development
•
Near term drilling is anticipated in 2014 and 2015 with both the Boa and Duart assets

•
Discussions remain ongoing with potential farm-in partners on the Vulcan East, Vulcan North West and Vulcan South licences



Financials
•
Production revenues in line with management expectations

•
Net operational cash greater than budget due to higher realised commodity prices

•
Cash balance stands at approximately USD$14.5mm (Q4 approx. USD$8.3mm)

•
Debt facilities provide adequate support for growth:
◦
Reserve base lending facility currently £13m drawn on the £42m credit line

◦
Exploration facility currently 233 MMNOK drawn on the 400 MMNOK credit line



Post-period events and Outlook
•
Two exploration wells to be drilled in 2013 - PL511 Mjøsa (already commenced drilling) and PL457 Amol prospect (expected to commence drilling Q3 2013)

•
PL511 Mjøsa exploration well spud April targeting estimated unrisked mean potential by the of 14 mmboe net to Bridge


Tom Reynolds, CEO of Bridge Energy, commented:
"In the first quarter of 2013, we have focused on building from a strong 4Q2012. The remapping of the Asha discovery, subsequent increase in resource estimates and likely unitisation with the Ivar Aasen field development has created significant value as well as expanding the options available to Bridge to achieve business growth.

With our production on track, we continue to pursue various options to deliver increased growth of our business, both organically and via acquisition. In addition, exciting development options exist within our existing portfolio and we will continue to progress these options through 2013, in order to unlock this value.

Having kick-started our 2013 exploration programme with the recent spud of Mjøsa, we look forward to progressing the other growth options over the year to come."

- Ends -

Bridge Energy kicks on in first quarter
By Jamie Ashcroft May 23 2013, 8:22am Bridge Energy kicks on in first quarter



Bridge Energy (LON:BRDG) revealed it has kicked on from its strong end to 2012, with progress in key projects.

The highlights included the Asha discovery, and a deal to potentially cash in early on the Ivar Aasen development project.

This year’s drill programme has now started and the company expects ‘significant follow ups’ to last year’s discoveries - the fully funded programme is targeting 22mln barrels of oil resources, net to Bridge.

Drilling is underway on the Mjøsa well, and the spudding of a well on the Amol prospect is slated for the third quarter.

In its quarterly results, for the three months to March 31, oil production averaged 1,110 barrels per day compared with 873 barrels in the corresponding period of last year.

It brought the Cormorant East field online during the period, and production is expected from the Duart field is expected to start in the third quarter.

Development drilling is also planned at Duart and the Boa field over the next two years.

In terms of financials, Bridge’s revenues were line with its expectations, at NOK81.7mln versus NOK32.2mln in Q1 2012, and net operating cash was better due to higher than anticipated prices.

At the end of the period Bridge had US$14.5mln in cash, and had additional debt funding facilities.

"In the first quarter of 2013, we have focused on building from a strong 4Q2012,” said chief executive Tom Reynolds.

“The remapping of the Asha discovery, subsequent increase in resource estimates and likely unitisation with the Ivar Aasen field development has created significant value as well as expanding the options available to Bridge to achieve business growth.

“With our production on track, we continue to pursue various options to deliver increased growth of our business, both organically and via acquisition.

“In addition, exciting development options exist within our existing portfolio and we will continue to progress these options through 2013, in order to unlock this value.

“Having kick-started our 2013 exploration programme with the recent spud of Mjøsa, we look forward to progressing the other growth options over the year to come."

Bridge Energy shares are too cheap - Cenkos
By Jamie Ashcroft May 23 2013, 10:56am According to Kelty the AIM quoted share offers ‘deep value’ for investors.According to Kelty the AIM quoted share offers ‘deep value’ for investors.



Shares in North Sea focussed Bridge Energy (LON:BRDG) are too cheap, according to City Broker Cenkos.


Analyst Ashley Kelty says that at 122p each – valuing the firm at £77mln – the shares don’t fairly reflect the value in the Bridge portfolio.


“The company remains undervalued relative to peers,” he said in a note.

According to Kelty the AIM quoted share offers ‘deep value’ for investors.

Highlighting specific project he says the developments in the Vulcan area could prove to be transformational for the company, and so do the recent discoveries in Norway.

“We see further high impact exploration wells in 2013, alongside progress on developments as providing catalysts for further rerating of the shares in the coming months.”

Cenkos today repeated its ‘buy’ rating, and 266p price target, following this morning’s first quarter results statement.

Bridge revealed, in its statement, that it has kicked on from its strong end to 2012, with progress in key projects.


The highlights included the Asha discovery, and a deal to potentially cash in early on the Ivar Aasen development project.


This year’s drill programme has now started and the company expects ‘significant follow ups’ to last year’s discoveries - the fully funded programme is targeting 22mln barrels of oil resources, net to Bridge.

Drilling is underway on the Mjøsa well, and the spudding of a well on the Amol prospect is slated for the third quarter.

During the quarter, oil production averaged 1,110 barrels per day compared with 873 barrels in the corresponding period of last year.

It brought the Cormorant East field online during the period, and production is expected from the Duart field is expected to start in the third quarter.

Development drilling is also planned at Duart and the Boa field over the next two years.

In terms of financials, Bridge’s revenues were line with its expectations, at NOK81.7mln versus NOK32.2mln in Q1 2012, and net operating cash was better due to higher than anticipated prices.

At the end of the period Bridge had US$14.5mln in cash, and had additional debt funding facilities.

"In the first quarter of 2013, we have focused on building from a strong 4Q2012,” said chief executive Tom Reynolds.

“The remapping of the Asha discovery, subsequent increase in resource estimates and likely unitisation with the Ivar Aasen field development has created significant value as well as expanding the options available to Bridge to achieve business growth.

“With our production on track, we continue to pursue various options to deliver increased growth of our business, both organically and via acquisition.

“In addition, exciting development options exist within our existing portfolio and we will continue to progress these options through 2013, in order to unlock this value.

“Having kick-started our 2013 exploration programme with the recent spud of Mjøsa, we look forward to progressing the other growth options over the year to come."

Bridge Energy, Leyshon Resources, Caledonia Mining and Largo Resources to present next Thursday
By Proactive Investors May 31 2013, 5:00pm Bridge Energy, Leyshon Resources, Caledonia Mining and Largo Resources to present next Thursday

Proactive is delighted to invite you to another of our One2One Forums in London on Thursday next week.

Presenting will be another batch of highly exciting growth companies: Bridge Energy (LON:BRDG), Leyshon Resources (LON:LRL), Caledonia Mining (LON:CMCL) and Largo Resources (CVE:LGO).

It takes place at the Chesterfield Mayfair Hotel, Charles Street on June 6 at 6pm.

Make sure not to miss out by securing your place here.

Since its AIM debut last September, North Sea oil explorer Bridge Energy (LON:BRDG), also quoted in Norway, has clearly demonstrated its pedigree.

It has added 22 million barrels to its resource, taking it to 66 million barrels after three successful discoveries.

This year's programme has already started, with drilling underway on the Mjøsa well, and the spudding of a well on the Amol prospect, slated for the third quarter.

Broker Cenkos recently said the firm's share price did not reflect the value in the firm's portfolio.

Analyst Ashley Kelty sees further high impact exploration wells in 2013, alongside progress on developments, providing catalysts for a further rerating of the shares in the coming months.

So, 2013 looks set to be another exciting and successful year for the company - one of the hottest oil prospects around.

Bridge Energy ASA: Duart Restart Schedule

HUG




28th June 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 -

Bridge Energy to drill Aragon prospect in early 2014
By Jamie Ashcroft July 11 2013, 7:27am Bridge Energy to drill Aragon prospect in early 2014

Bridge Energy (LON:BRDG) told investors that a rig has now been hired for the Aragon exploration prospect in the North Sea.

It said a drilling slot has been secured on the Blackford Dolphin rig in the first quarter of 2014.

"We are pleased to have secured this rig slot, which will kick-start our 2014 exploration drilling programme early in the year,” said chief executive Tom Reynolds.

“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."

Bridge has a carried 13.5% stake in the exploration venture, which it operated by MPX North Sea ltd (with 22.5%). The other partners include Cairn’s (LON:CNE) Agora Oil & Gas with 30%, JX Nippon with 25% and Sorgenia with 9%.

Aragon, in the UK Northern North Sea area, is thought to have a 21% possibility of success and is estimated to contain 9mln barrels of oil equivalent.

If Cantor Fiztgerald is correct, then the future is bright for investors buying into Bridge Energy (LON:BRDG), the North Sea explorer.

In an initiation note earlier, the group started coverage with a ‘buy’ recommendation and price target of 203 pence, roughly double the current valuation.

Cantor analyst Sam Wahab says the group is uniquely positioned in relation to the fiscal terms in the Continental Shelf - or if you prefer, the North Sea – which favour exploration in Norwegian waters and production in the UK.

“It produces solely from the UK, but its near term drilling activity will largely focus in Norwegian waters,” the analyst said in a note.

“We feel this is a key issue currently not appreciated by AIM E&P investors at present, and expect a near term shift towards this investment process.”




http://www.proactiveinvestors.co.uk/columns/broker-spotlight/13783/broker-spotlight-pt2-including-bridge-energy-ortac-and-blur-13783.html

Bridge Energy ASA : Q2 results for the period e...

HUG




22nd August 2013

Bridge Energy ASA

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

Q2 results for the period ended 30 June 2013

Bridge, the Oslo Børs and AIM listed oil and gas exploration and production company (OSE: BRIDGE/ AIM: BRDG.L), is pleased to announce its Q2 trading update for the period ended 30 June 2013.

A summary of the Company's Q2 Quarterly Report is highlighted below, with the full detailed report attached, along with a presentation. The reports and presentation can also be found on the Bridge website www.bridge-energy.com



HIGHLIGHTS

Exploration programme underway
•
2013 drilling programme commenced in April with PL511 Mjøsa

•
A further two exploration wells in the PL457 licence spudded August 13 targeting the Asha East and Amol targets

•
2013 exploration programme is fully funded

•
A rig has been secured for the Aragon prospect in the UKCS; with drilling on this prospect likely Q1 2014 and targeting net unrisked 9mmboe




Production on track
•
Average production for Q2 2013 was 947 boe/d (Q2 2012: 1,451 boe/d).

•
Healthy and stable revenue generation with production from Boa and Victoria

•
Cormorant East production less stable but all costs remain carried by the operator until full completion costs are paid back

•
Following recent discussions with the Operator, Duart is now expected to re-start Q2 2014


Building a strong portfolio of assets
•
The high potential of the Asha Discovery has been underpinned by recent remapping indicating higher resources. A pre-unitisation agreement signed with Ivar Aasen group showing a clear path to commercialisation

•
Further licence applications are being considered, pending the 2013 NCS APA round in order to continue to grow the portfolio


Development
•
Unitisation discussions between PL457 licence owners and PL001B Ivar Aasen interest holders will be progressed through the Autumn

•
Development options within the Boa and Duart fields continue to progress, with drilling firming up and now expected in 2015

•
The likely conclusion of the Tullow SNS divestment is expected to confirm our new licence partner in the Vulcan South discovery willprovide greater clarity on farm-down discussions regarding the Vulcan satellites.


Resource the business
•
Management continues to ensure the Bridge is well-resourced to support and enhance shareholder value

•
Review of the debt capital structure is ongoing to ensure Bridge is able to re-invest for growth through 2014 and beyond


Growth through acquisition
•
Bridge continues to review acquisition opportunities both on an asset and corporate basis to increase cash flow from production and provide a strong platform for additional growth


Post-period and Outlook
•
Two exploration wells currently being drilled on PL457, which will target two separate prospects; Asha East and Amol, with the latter targeting 6mmboe net recoverable resource to Bridge

•
Focus on liquidity and capital management to preserve funding flexibility and access to capital

•
Continued review of options to both grow production from existing portfolio and build a strong platform for additional growth

•
New licence applications for the upcoming 2013 Norwegian APA round, likely to be submitted in September 2013




Tom Reynolds, CEO of Bridge Energy, commented:
"We are excited by the exploration drilling currently underway on PL457. This is a high potential licence and we hope the recent spud of two further exploration wells targeting separate prospects will enhance value in this acreage.

Our exciting portfolio of exploration prospects supported by cashflow from production and our disciplined approach to cost and capital management put us in a good position to pursue additional growth opportunities."

- Ends -

Bridge Energy says Spike takeover is a good result
By Jamie Ashcroft September 16 2013, 4:03pm “I think shareholders agree that this [takeover] represents a good result,' Reynolds said.“I think shareholders agree that this [takeover] represents a good result," Reynolds said.

Bridge Energy (LON:BRDG) shares rocketed after it recommended a premium priced takeover offer from Norway’s Spike Exploration.

Bridge said 62% of its shareholders have accepted the offer, while 34% have given irrevocable undertakings.

The AIM quoted stock jumped 28% to 156.5p in response to the all-cash bid, worth 162 pence a share, which values it at £103 million.

Today’s deal was a bit of a surprise - the last time we spoke with chief executive Tom Reynolds, just a few weeks ago, the company was keen to talk about its own acquisitive goals.

It also apparently had a catalyst-filled exploration programme and, following last year’s successes, had development programmes and other opportunities to add value.

That said, Reynolds believes today’s premium priced offer delivers value to shareholders without the not-insignificant risks inherent in the explorations business.

Funding, most likely dilutive, would have been needed as well he explains.

“There was a big hill [for Bridge] to climb,” he told Proactive investors.

“Now, that is not in anyway about being daunted by the challenge ahead, it is just a recognition that to take the business forward and to continue to add value to assets at this point would require a pretty significant injection of capital.

“It would also take longer [to realise the value] and for institutional investors, particularly, there is the issue of ‘time value’. And the path forward [for Bridge] would not be without risks or uncertainty.”

“I think shareholders agree that this [takeover] represents a good result.”

On the chances of another rival bid Reynolds explains that Bridge has spoken with a broad group of potential counterparties in the 'recent past' and Spike’s offer represents the optimal result.

“I don’t believe there’s anyone hiding in the bushes waiting to pounce, put it that way. But, I’m always prepared to be surprised,” Reynolds adds.

Spike is backed by sole shareholder Hitecvision, a private equity group that has already had success in building Norwegian oil and gas companies – one of its last E&P businesses, Spring Energy was sold to Tullow for US$372mln in 2012, and formed the basis of the FTSE firm’s strategic entry to the Norway.

The private equity group also has interests in the oil services sector.