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: 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."