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.

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.