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.

Oil and gas firm Bridge Energy set for AIM market debut

http://www.bbc.co.uk/news/uk-scotland-scotland-business-19585000

Bridge Energy sets its sights on the mid-caps as it makes its AIM bow


http://www.proactiveinvestors.co.uk/companies/news/48504/bridge-energy-sets-its-sights-on-the-mid-caps-as-it-makes-its-aim-bow-48504.html

Bridge Energy CEO says it has an “exciting growth profile” ahead of AIM listing


http://www.proactiveinvestors.co.uk/companies/stocktube/1305/bridge-energy-ceo-says-it-has-an-exciting-growth-profile-ahead-of-aim-listing-1305.html

Bridge Energy ASA completes farm-down on PL497/...
HUG
Bridge Energy ASA (OAX: BRIDGE, AIM: BRDG.L) has today through its wholly owned subsidiary Bridge Energy Norge AS ("Bridge") completed the agreement with Agora Oil & Gas AS ("Agora") which is 100% owned by Cairn Energy PLC ("Cairn"), for the farm-down of a 15% working interest in production licences PL497 and PL497B on the Norwegian Continental Shelf.

After the transaction Bridge holds a 15% interest in the licences. Agora, will as a consideration for the transaction carry a substantial share of Bridge's well cost. The licences contain the Geite prospect, which will be tested by the ongoing exploration well 7/11-13.

Alfred Kjemperud, Managing Director of Bridge Energy Norge, commented: "We are pleased that Cairn, through Agora, has joined us in the PL497/497B licences demonstrating support for the technical potential of the acreage."


Oslo, 28 September 2012

For further information, please contact:

Bridge Energy completes farm-down of two licences in Norwegian North Sea

http://www.proactiveinvestors.co.uk/companies/news/48573/bridge-energy-completes-farm-down-of-two-licences-in-norwegian-north-sea--48573.html

Down 7% today.

:-))

Bridge Energy ASA: Completion of the Boa Field ...
HUG
5th October 2012

Bridge Energy ASA

("Bridge", "Group" or "the Company")

Bridge Energy Announces Completion of Boa Field Acquisition

Bridge, the AIM and Oslo Axess listed oil and gas exploration and production company (OAX: BRIDGE/ AIM: BRDG), is pleased to announce that it has completed the acquisition of a 1.55% working interest in the producing Boa field from OMV (U.K.) Limited for an adjusted consideration of $18.1m (the "transaction") with an effective date of 1 January 2012. The acquisition includes a transfer of around 40,000 barrels of oil stock which will be sold following completion for an estimated value of around $4.4 million (based on prevailing prices of around $110/bbl).The acquisition is being funded through a combination of current cash and Bridge's existing reserve base lending facility. The acquisition increases Group 2012 production by 230 bopd and 0.2 mcfpd sales gas, which is equivalent to 260 boepd combined.

The Boa field
The unitised Boa field extends across the UK/Norway median line and lies 88.65% in Norway Block 24/6 and 11.35% in UK Blocks 9/15a and 9/15b. The Boa reservoir is contained within a high-quality upper Heimdal sand and comprises a light oil rim with an overlying gas cap and very strong natural aquifer drive.

The field was developed in 2008 as part of the wider Alvheim area development with three subsea development wells tied back to the Alvheim FPSO operated by Marathon Oil Norge AS. Oil is then shipped by shuttle tanker, while gas is exported into the UK market via the Beryl SAGE system. The Boa field facilities and the Alvheim FPSO has an excellent utilisation record with typical uptime above 90%.

Boa field production
The field had produced around 25 million barrels of oil up to the effective date of the acquisition (1st January 2012) and is currently producing 15,000 bopd gross. The production performance of the field has exceeded expectation and recovery estimates have continued to increase during the field life. Potential for further infill drilling in the field has been identified as well as the development of the field gas cap.

In addition to Alvheim, the FPSO processes oil from a number of other fields which resulted in a combined throughput for 2011 in excess of 140,000 boe/d. This high throughput results in very low unit operating costs for the Boa field.

The Boa working interest adds 0.5million barrels of 2P developed producing reserves to Bridge. The field delivers low maintenance oil production with a high operating margin. Bridge estimates that at an oil price of $110/bbl, it will receive over $100/bbl after tax for production during 2012-2014 as a result of Bridge's accumulated tax pool. The Boa field has low exposure to decommissioning liabilities and is expected to produce until 2022.

Bridge's CEO, Tom Reynolds, commented:
"The completion of the Boa acquisition continues our previously stated strategy to build a solid cash flow base for future re-investment and growth. The Boa field delivers reliable production with very strong operating margins, which is efficiently supported by our accumulated tax pool in the UK. The addition of Boa also continues to broaden our producing assets portfolio and further diversifying our revenue streams."

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Nice move up today.

The firm offers immediate exposure to oil drilling in Norway. In the medium term the share price should be boosted by incremental steps towards a targeted uplift in production. The £75 million cap aims to boost output from 1,250 barrels of oil per day to atleast 12,000 bopd by 2016. The listing looks well timed with results expected through the remainder of 2012 from a four-well drilling programme targeting a total of 65 million barrels of oil equivalent (mmboe). The group currently has proved and probable (2p) reserves of 13.4 mmboe.
The company has already commenced operations on the UK North sea Contender well and the Garantiana prospect. It willm follow this up with drilling on the Apollo/Draupne and Geite prospects before the end of the year.
These last three wells are located in the Norwegian North sea and Bridge joins just a handful of UK-quoted firms sanctioned to operate in the Nordic state.

They're not nicking our xel oil are they DC.,.

You would think so by the sp of Xel Bb. lol

Bridge Energy disappoints with dry well
By Benjamin Chiou

Mon 15 Oct 2012

BRDG - Bridge Energy Asa

Latest Prices
Name Price %
Bridge Energy Asa 129.00p 0.00%


LONDON (SHARECAST) - Shares in AIM-listed Bridge Energy sank on Monday after the company said that the an exploration well on the PL497 licence in the North Sea has turned up dry.

The company, which is also listed on the Oslo Axess, said although Triassic reservoir sandstones were encountered by well 7/11-13, "no hydrocarbons were found".

Operator of the PL497 licence, Det norske oljeselskap, will complete the drilling operations before the well is plugged and abandoned. Bridge has a 15% interest in PL497, while Det norske owns 35%. Other partners include Dana Petroleum Norway (25%), Agora Oil & Gas (15%) and Lotos Exploration and Production Norge (10%).

Bridge said that it is currently drilling the Garantiana prospect on PL554 in the Norwegian North Sea where it has a 20% interest, and the Contender exploration well on UK licence P201 where it has a 4% interest.

In addition, drilling of the multi-target exploration well on PL457 (in which it has a 20% stake), located on the western flank of the Utsira High in the Norwegian North Sea, is expected to commence soon.

By 12:57, shares were down 7.96% at 126.55p.

Bridge Energy shares advance on Contender oil discovery
10:59 am by Jamie Ashcroft The Brent sandstone reservoir had greater than expected porosity and hydrocarbon saturation.

Shares North Sea oil firms Bridge Energy (LON:BRDG) and Antrim (LON:AEY) advanced today with the news of a new discovery, in the Contender exploration well.

Antrim owns an 8.4% stake in the project, while newly listed Bridge has a 4% interest - the shares advanced over 12% and 6% respectively following this morning’s news.

The well, drilled to a depth of 16,903 feet, has found an oil bearing reservoir of more than 65 feet in Jurassic Brent sandstones. The targeted reservoir also had greater than expected porosity and hydrocarbon saturation.

It was drilled from an oil platform on the neighbouring Cormorant North field, and while further reservoir evaluation is ongoing the partners expect the discovery to be put on production in the near future.

"I am pleased to announce an oil discovery at the Contender exploration well. We are continuing to work with our partners to further define the size of the reservoir,” said Bridge chief executive Tom Reynolds.

“This news comes during an exciting period for Bridge, where in addition to the Contender well; in Norway we also have operations ongoing in the PL554 Garantiana well, along with the commencement of drilling operations on the PL457 Asha/Noor prospect later this month."

Going forward the Contender area will be known as the Cormorant East field, and it will be produced from the Comorant North platform.

The project is operated by Abu Dhabi oil firm TAQA which owns 60%, alongside Dana Petroleum (which is owned by the Korean National Offshore Oil Company, KNOOC) with 20% and the fifth partner is First Oil Expro Ltd with 7.6%.

22 Oct 2012


Bridge Energy ASA

("Bridge", “Group” or "the Company")

Oil Discovery at the Contender exploration well

Bridge, the Oslo Axess and AIM listed oil and gas exploration and production company (OAX: BRIDGE/ AIM: BRDG), is pleased to announce the discovery of a new oil accumulation by well 211/21-N94, known as the Contender Well, situated in the UK Northern North Sea Block, 211/22a Contender Area.

The Contender Well has been drilled to a total drilling depth of 16,903 feet (11,550 feet true vertical depth) by Operator TAQA Bratani Limited (“TAQA”) from their North Cormorant production platform. The target for the well was located in the Jurassic Brent sandstones to the North East of the Cormorant North field and encountered an oil accumulation.

Preliminary estimates indicate an oil bearing reservoir in excess of 65 (sixty five) feet was encountered in the Tarbert member of the Jurassic Brent sandstones, with greater than expected porosity and hydrocarbon saturation. Further reservoir evaluation is ongoing. The discovery well is expected to be completed and put on production in the near future. The field will be developed under the name ‘Cormorant East’ and production will be processed through the North Cormorant platform.

Under the terms of a farm-out agreement (announced 25th August 2011) Bridge has a 4% interest in the well. TAQA is the operator with a 60% interest, with Dana Petroleum (E&P) Limited 20%, Antrim Resources (N.I.) Limited 8.4% and First Oil Expro Limited 7.6%.

Tom Reynolds, Bridge Energy, CEO commented:

“I am pleased to announce an oil discovery at the Contender exploration well. We are continuing to work with our partners to further define the size of the reservoir.

“This news comes during an exciting period for Bridge, where in addition to the Contender Well; in Norway we also have operations ongoing in the PL554 Garantiana Well, along with the commencement of drilling operations on the PL457 Asha/Noor Prospect later this month.”

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Bridge Energy ASA: Commencement of Drilling ope...
HUG
24th October 2012

Bridge Energy ASA

("Bridge", "Group" or "the Company")

Commencement of Drilling operations on Asha/Noor (PL457)

Bridge, the Oslo Axess and AIM listed oil and gas exploration and production company (OAX: BRIDGE / AIM: BRDG.L) is pleased to announce that the drilling of exploration well 16/1-16 has started on the Asha/Noor prospect in Norway.

This multi-target well, located on the western flank of the Utsira High in the Norwegian North Sea has the potential to appraise nearby discoveries; Ivar Aasen and Apollo. The well is being drilled by the Bredford Dolphin semi-submersible rig.

The four reservoir target zones are Noor, Mukta, Zechstein and Draupne/Asha with total mean unrisked recoverable resources of approx. 30 million barrels of oil equivalent net to Bridge. Bridge has a 20% interest in the well. Wintershall Norge AS is the operator with 40%. Other partners are E.ON E&P Norge AS and VNG Norge AS both having a 20% share.

Tom Reynolds, Bridge Energy CEO, commented,
"I am very pleased to announce the commencement of drilling on the Asha/Noor exploration well, our fourth well spudded in the second half of this calendar year. The well is a high impact exploration well which represents a large net upside potential for Bridge, with the costs associated with drilling operations mitigated by the Norwegian tax rebate system. We will announce results from the well once drilling operations are complete."

Bridge Energy ASA: Commencement of Drilling ope...
HUG
24th October 2012

Bridge Energy ASA

("Bridge", "Group" or "the Company")

Commencement of Drilling operations on Asha/Noor (PL457)

Bridge, the Oslo Axess and AIM listed oil and gas exploration and production company (OAX: BRIDGE / AIM: BRDG.L) is pleased to announce that the drilling of exploration well 16/1-16 has started on the Asha/Noor prospect in Norway.

This multi-target well, located on the western flank of the Utsira High in the Norwegian North Sea has the potential to appraise nearby discoveries; Ivar Aasen and Apollo. The well is being drilled by the Bredford Dolphin semi-submersible rig.

The four reservoir target zones are Noor, Mukta, Zechstein and Draupne/Asha with total mean unrisked recoverable resources of approx. 30 million barrels of oil equivalent net to Bridge. Bridge has a 20% interest in the well. Wintershall Norge AS is the operator with 40%. Other partners are E.ON E&P Norge AS and VNG Norge AS both having a 20% share.

Tom Reynolds, Bridge Energy CEO, commented,
"I am very pleased to announce the commencement of drilling on the Asha/Noor exploration well, our fourth well spudded in the second half of this calendar year. The well is a high impact exploration well which represents a large net upside potential for Bridge, with the costs associated with drilling operations mitigated by the Norwegian tax rebate system. We will announce results from the well once drilling operations are complete."

- Ends -

For further information, please contact:

Bridge Energy ASA: UKCS 27th Round Awards to Br...
HUG
25th October 2012

Bridge Energy ASA

("Bridge", "Group" or "the Company")

UKCS 27th Round Awards to Bridge Energy

Bridge, the Oslo Axess and AIM listed oil and gas exploration and production company (OAX: BRIDGE/ AIM: BRDG.L) is pleased to announce that we have been successful in our two Central North Sea licence applications in the UKCS 27th Round. The licences have been offered to its UK Subsidiary, Bridge Energy UK Limited, and are as follows:

Skerryvore (30/12c, 30/13c, 30/18c) - Bridge has a 25% equity interest with Parkmead Group plc as operator. The acreage contains the Skerryvore oil prospect located between the Flyndre and Clyde Fields. The prospect is a well-defined diapiric structure imaged on high quality 3D seismic. Seismic studies are planned in order to optimise the location of the commitment exploration well.
9/9g - Bridge has a 30% equity interest, with MPX (Oil & Gas) Limited as operator. The 9/9g part block contains an extension of the Aragon prospect located in the adjacent part blocks 9/9d,9/14a and 9/15d, in which Bridge also has a 30% equity stake.

Further applications have been made by Bridge Energy in the Southern North Sea, which remain subject to more detailed assessments of the potential impact of oil and gas activities on certain protected nature conservation areas and any award will be notified in due course.

Tom Reynolds, Chief Executive of Bridge, commented:
"We are delighted with the new licence awards. They are in areas with existing infrastructure and in the case of 9/9g; close to existing acreage held by Bridge. Blocks 9/9d, 9/14a and 9/15d contain the Aragon prospect and provide significant prospective upside potential and we very much look forward to developing this new acreage with our licence partners."

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Bridge Energy boss "delighted" with UK licensing round awards
6:33 pm by Giles Gwinnett The company told investors it had been successful in its two Central North Sea licence applications
Tom Reynolds, chief executive of Bridge Energy (LON:BRDG), declared himself "delighted" with the firm's new awards following the UK licensing round for the North Sea.

The company told investors it had been successful in its two Central North Sea licence applications.

These are Skerryvore (30/12c, 30/13c, 30/18c) where Bridge has a 25% equity interest with Parkmead Group as operator.

The acreage contains the Skerryvore oil prospect located between the Flyndre and Clyde Fields and seismic studies are planned to optimise the location of an exploration well, Bridge said.

Meanwhile, at 9/9g, Bridge has a 30% equity interest, with MPX (Oil & Gas) as operator.

The 9/9g part block contains an extension of the Aragon prospect located in the adjacent part blocks 9/9d,9/14a and 9/15d, in which Bridge also has a 30% equity stake.

Reynolds said: "We are delighted with the new licence awards. They are in areas with existing infrastructure and, in the case of 9/9g, close to existing acreage held by Bridge.

"Blocks 9/9d, 9/14a and 9/15d contain the Aragon prospect and provide significant prospective upside potential and we very much look forward to developing this new acreage with our licence partners."

Bridge Energy ASA: Oil Discovery at the Garanti...
HUG
26th October 2012

Bridge Energy ASA

("Bridge", "Group" or "the Company")


Bridge Energy ASA: Oil Discovery at the Garantiana Well

Bridge, the Oslo Axess and AIM listed oil and gas exploration and production company (OAX: BRIDGE/ AIM: BRDG.L), is pleased to announce the discovery of a new oil accumulation by well 34/6-2S, known as the Garantiana Well, situated in the Norwegian North Sea PL554.

Bridge Energy, as a 20% license partner in PL554, confirms that the Garantiana Well has been drilled to a TVD of 4050m in the Triassic Lunde Formation. The well penetrated an oil-bearing Cook Formation with good reservoir characteristics.

No oil-water contact was encountered. Preliminary results show an oil rate of around 4,000 bbl/day through a 28/64" choke. Dependent on available rig days, a sidetrack may be drilled with the purpose of defining down flank oil-water contact. Resource volume estimates are pending analyses of the results.

Total E&P Norge AS is the operator with a 40% interest in the well, with the other partners Det norske oljeselskap ASA and Svenska Petroleum Exploration AS both having a 20% interest.

Tom Reynolds, CEO Bridge Energy, commented:
"I am delighted to announce an oil discovery in the Cook formation at Garantiana, PL554. This is a licence which Bridge applied for as operator in the Norwegian 2009 APA licensing round and developed into very attractive acreage before the farm-down and transfer of operatorship to Total in 2011. Garantiana has the potential to add significant resources to Bridge as an attractive discovery in its own right and has also de-risked several adjoining exploration opportunities on the licence. I believe this demonstrates the vision and capability of our Norwegian team, led by Alfred Kjemperud, and look forward to the results of our remaining 2012 well on PL457."


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Bridge Energy reveals significant oil discovery in Norwegian North Sea
7:58 am by Jamie Ashcroft The Garantiana Well flowed at an initial 4,000 barrels a day Bridge Energy (LON:BRDG) chief executive Tom Reynolds has expressed his delight following a significant oil discovery in the Norwegian North Sea.

The Garantiana Well, on PL554, flowed at an initial 4,000 barrels a day from the Cook Formation, which is described as having “good reservoir characteristics”.

Total, the operator, is yet to find the oil water contact.

Dependent on available rig days, a sidetrack may be drilled with the purpose of “defining down flank oil-water contact”, said Bridge.

Resource volume estimates are pending analyses of the results, it added.

Reynolds said:"I am delighted to announce an oil discovery in the Cook formation at Garantiana, PL554.

“This is a licence which Bridge applied for as operator in the Norwegian 2009 APA licensing round and developed into very attractive acreage before the farm-down and transfer of operatorship to Total in 2011.

“Garantiana has the potential to add significant resources to Bridge as an attractive discovery in its own right and has also de-risked several adjoining exploration opportunities on the licence.

“I believe this demonstrates the vision and capability of our Norwegian team, led by Alfred Kjemperud, and look forward to the results of our remaining 2012 well on PL457.

Total E&P Norge has 40% interest in the well. The other partners are Det norske oljeselskap and Svenska Petroleum Exploration, with 20% each.

Yesterday Bridge told investors it had been successful in its two Central North Sea licence applications.

These are Skerryvore (30/12c, 30/13c, 30/18c) where Bridge has a 25% equity interest with Parkmead Group as operator and 9/9g.

The acreage contains the Skerryvore oil prospect located between the Flyndre and Clyde Fields and seismic studies are planned to optimise the location of an exploration well, Bridge said.

Meanwhile, at 9/9g, Bridge has a 30% equity interest, with MPX as operator.

The 9/9g part block contains an extension of the Aragon prospect located in the adjacent part blocks 9/9d,9/14a and 9/15d, in which Bridge also has a 30% equity stake.