BRDG Bridge Energy

 
TIDMBRDG 
 
26 February 2013 
 
Bridge Energy ASA 
 
("Bridge", "Group" or "the Company") 
 
Updated Reserves and Resources Report 
 
 
Bridge,  the Oslo  Børs and  AIM listed  oil and  gas exploration and production 
company   (OSE:  BRIDGE/  AIM:  BRDG.L),  is  pleased  to  announce  an  updated 
independent  annual  reserves  and  resource  report ("Report"), prepared by AGR 
TRACS   International   Limited   who   are  a  global  independent  consultancy 
specialising in petroleum reservoir evaluation and economic analysis. 
 
 
 
Report highlights: 
 
  * Proved plus Probable (2P) developed reserves as at 31st December 2012have 
    increased to 3.26 mmboe (31(st) December 2011: 2.67mmboe).  This represents 
    a 2P reserve replacement ratio of 224% during 2012; 
  * The net best estimate of contingent resource (2C) more than doubled, 
    increasing by 37mmboe to 66mmboe[1]at 31(st) December 2012; and 
  * As a result of 3successful discoveries out of the 4 explorations wells 
    drilled in 2012,  22 mmboe net 2C resource was added through the drill bit. 
 
 
 
Portfolio overview 
 
  * Bridge's portfolio currently includes 11 discoveries in the UK and 4 in 
    Norway; 
  * The Company has interests in 12 licences in the UK sector of the North Sea 
    containing 10 main prospects and additional identified leads; and 
  * Bridge holds interests in 16 licences in the Norwegian Sector of the North 
    Sea containing 22 prospects as well as additional leads. 
 
 
Developed assets evaluation 
 
  * 2P developed reserves from the3 core producing assets have increased from 
    the 31(st) December 2011report; and 
  * Using the current market oil price of Dated Brent USD110/bbl and UK gas 
    price GBP 6.0/mscf, with net present value (NPV10) calculated as the 
    summation of each field's future net cash flow discounted by 10% per annum. 
 
 
+----------+-------------------------------+------------+ 
|          | 2P developed reserves (mmboe) | NPV10 ( GBPm) | 
+----------+-------------------------------+------------+ 
| Victoria |             2.09              |    26.0    | 
+----------+-------------------------------+------------+ 
|  Duart   |             0.75              |    25.9    | 
+----------+-------------------------------+------------+ 
|   Boa    |             0.42              |    15.5    | 
+----------+-------------------------------+------------+ 
|  Total   |             3.24              |    67.4    | 
+----------+-------------------------------+------------+ 
 
Development assets 
 
 
 ·         The Report reflects an increase in contingent resources with the award 
of  the Vulcan South licence in  2012.  The increased gas resource enables wider 
regional  development  options  to  be  considered  for  the whole of the Vulcan 
Satellite area. 
 ·         Further near-term development potential has been recognised within the 
Boa  and Duart  fields. These  development options  are currently being actively 
progressed by the field operators. 
 
 
Contingent resources 
 
  * 3 discoveries added22 mmboe 2C resource in 2012. 
  * Vulcan South licence awarded February 2012 added a further 12.3 mmboe 2C 
    resource. 
 
 
 
+---------------------------------+------------------+ 
|                                 |      Net 2C      | 
|                                 | resource (mmboe) | 
+---------------------------------+------------------+ 
|           PL457 Asha            |       13.4       | 
+---------------------------------+------------------+ 
|        PL554 Garantiana         |       8.6        | 
+---------------------------------+------------------+ 
|     Cormorant East& Kerloch     |       1.3        | 
+---------------------------------+------------------+ 
| Duart & Boa further development |       1.3        | 
+---------------------------------+------------------+ 
|         Vulcan South[2]         |       12.3       | 
+---------------------------------+------------------+ 
|              Total              |       36.9       | 
+---------------------------------+------------------+ 
 
  * A number of additional prospects have been significantly de-risked by the 
    2012 exploration results. 
  * Several of the discoveries are very close to existing or planned development 
    infrastructure. 
 
 
A  copy of  the full  Report, together  with the  Company's Annual  Statement of 
Reserves     for    2012, is    available    at    our    website    www.bridge- 
energy.com/investorrelations/report. 
 
Tom Reynolds, CEO of Bridge Energy, commented: 
 
"The recently completed reserves and resources report underlines the significant 
steps  made by  Bridge, through  acquisition, development  of our existing asset 
base  and  exploration  success  in  2012.  The  step-change  in  the commercial 
resource  base coupled with progressing our development portfolio provides for a 
very exciting growth phase for Bridge to build upon during 2013." 
 
- Ends - 
 
For further information, please contact: 
 
Bridge Energy 
Tom Reynolds, Chief Executive 
tom.reynolds@bridge-energy.com 
Aberdeen 
+44 1224 659 120 
 
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 
Ernest  Edwards, Operations Director, Bridge Energy  UK Ltd.  Ernest holds a MSc 
in  Petroleum  Engineering  from  Imperial  College  (London)  and  has  been  a 
practising Reservoir and Petroleum Engineer for over 22 years and is a member of 
the Society of Petroleum Engineers (SPE). He has compiled, read and approved the 
technical disclosure in this regulatory announcement 
 
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. 
 
All  Reserves and Resources  are held by  Bridge Energy ASA  through its wholly- 
owned subsidiaries in UK and Norway.  The reporting date is 31 December 2012. 
 
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 UK production revenues, Bridge boasts a high impact 
exploration portfolio with a strong inventory of undeveloped 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 
 
=------------------------------------------------------------------------------- 
 
[1] 2C figures have been adjusted to reflect the relinquishment of NCS licence 
PL337 as at 31(st) January 2013. 
[2] Out of round UK licence award 
 
This information is subject of the disclosure requirements pursuant to section 
5-12 of the Norwegian Securities Trading Act. 
 
Updated Reserves and Resources: 
http://hugin.info/143039/R/1680952/549355.pdf 
 
 
 
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#1680952] 
 

Bridge Energy (LSE:BRDG)
Gráfico Histórico do Ativo
De Mai 2024 até Jun 2024

Bridge Energy (LSE:BRDG)
Gráfico Histórico do Ativo
De Jun 2023 até Jun 2024