BRDG Bridge Energy

 
TIDMBRDG 
 
6(th) February 2013 
 
                               Bridge Energy ASA 
 
                      ("Bridge", "Group" or "the Company") 
 
                     PL457 Asha discovery resource increase 
 
Bridge,  the Oslo  Børs and  AIM listed  oil and  gas exploration and production 
company (OSE: BRIDGE/ AIM: BRDG.L), as a 20% licence partner in PL457, announces 
increased  resource estimates for  the 16/1 Asha oil  discovery in the Norwegian 
North  Sea (previously announced  in December 2012). This  follows completion of 
well  operations  on  16/1-16 and  the  sidetrack well 16/1-16A on 1(st) January 
2013 and further analysis carried out since then. 
 
As  previously  reported,  the  Asha  discovery  encountered good quality oil in 
excellent  reservoirs within  the Middle  Jurassic Hugin  Formation and Triassic 
Skagerrak  Formation.  A preliminary estimate of  the size of the Asha discovery 
was  reported to be between 25 and  35 mmboe recoverable resources within PL457, 
which excluded potential additional volumes outside the licence. 
 
Recent updates in mapping by the operator indicate that the Asha discovery is in 
direct  communication  with  a  large  upside  volume  to  the  east of the main 
structure. These volumes are in addition to the volumes reported previously. 
 
Based  on  this  updated  mapping,  Bridge  now  estimates  the size of the Asha 
discovery  to be between approximately 30 and 100 mmboe of recoverable resources 
within  licence PL457.  These estimates  exclude potential additional volumes in 
neighbouring  licences,  which  are  estimated  to  be  of  a  similar  order of 
magnitude. The Asha resource numbers are currently being evaluated for Bridge by 
an  external auditor as part  of the annual reserves  and resource report, which 
will be issued later this month. 
 
Further appraisal of the discovery is now being considered. 
 
 
 
Tom Reynolds, CEO of Bridge Energy, commented: 
 
"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.  Asha will make a significant contribution to the total resources within 
the western Utsira High area." 
 
 
                                    - Ends - 
 
 
For further information, please contact: 
 
Bridge Energy 
Tom Reynolds, Chief Executive 
tom.reynolds@bridge-energy.com 
Aberdeen                                              +44 1224 659 120 
 
Alfred Kjemperud, MD Bridge Energy Norge 
Alfred.kjemperud@bridge-energy.com 
Norway                                          +47 66 77 96 30 
 
 
Cenkos Securities 
Jon Fitzpatrick                                                +44 207 397 1951 
Neil McDonald                                                       +44 
131 220 9771 
 
FTI Consulting 
Edward Westropp/Natalia Erikssen                         +44 20 7831 3113 
Edward.Westropp@fticonsulting.com 
 
Statutory guidance statements 
This information is subject to disclosure requirements pursuant to section 5-12 
of the Norwegian Securities Trading Act. 
 
The information contained in this announcement has been reviewed and approved by 
Dr  Alfred Kjemperud, Managing Director, Bridge Energy Norge AS.  Alfred holds a 
PhD  in Geology from The University of  Oslo and has been a practising Petroleum 
Geologist  for over 30 years.  He has compiled,  read and approved the technical 
disclosure in this regulatory announcement. 
 
The  resource estimates for PL457 is based  on the company's best estimate as of 
February  2013.  The technical disclosure in this announcement and the estimates 
are  based  on  the  definitions  and  guidelines  set out in the 2007 Petroleum 
Resources  Management System prepared  by the Oil  and Gas Reserves Committee of 
the  Society of  Petroleum Engineers  and reviewed  and jointly sponsored by the 
World  Petroleum Council (WPC), the American Association of Petroleum Geologists 
(AAPG)   and   the   Society  of  Petroleum  Evaluation  Engineers  (SPEE).These 
definitions and guidelines can be found on the SPE website at www.spe.org. 
 
Notes to Editors 
Bridge Energy is an oil and gas exploration and production company which holds 
production licences in the UK (North Sea) Continental Shelf and exploration 
assets in both the UK and Norwegian Continental Shelves. The company is listed 
on the Oslo stock exchange (OSE: BRIDGE) and the London stock exchange (AIM: 
BRDG.L). 
 
The Company has a significant number of licences both within the UK and NCS, 
including several operatorships.  Bridge has drilled 17 exploration and 
appraisal wells, including ten discoveries. 
 
Underpinned by existing production from its operated Victoria field, non- 
operated Duart field and non-operated Boa field, Bridge boasts a high impact 
exploration portfolio with a strong inventory of undeveloped gas discoveries 
which represents a sustainable business platform for production and exploration 
growth in the North Sea. 
 
For more information please visit: www.bridge-energy.com 
 
 
 
This announcement is distributed by Thomson Reuters on behalf of 
Thomson Reuters clients. The owner of this announcement warrants that: 
(i) the releases contained herein are protected by copyright and 
    other applicable laws; and 
(ii) they are solely responsible for the content, accuracy and 
     originality of the information contained therein. 
 
Source: Bridge Energy ASA via Thomson Reuters ONE 
[HUG#1675935] 
 

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