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: 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.

- 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.