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 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.