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 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.