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.

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."

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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."


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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.

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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

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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.
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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.

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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."

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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