BRDG Bridge Energy

 
TIDMBRDG 
 
28(th) February 2013 
 
Bridge Energy ASA 
 
("Bridge", "Group" or "the Company") 
 
Q4 results for the period ended 31 December 2012 
 
Bridge,  the Oslo  Børs and  AIM listed  oil and  gas exploration and production 
company (OSE: BRIDGE/ AIM: BRDG.L), is pleased to announce its Q4 trading update 
for the period ended 31 December 2012. 
A  summary of the Company's  Q4 Quarterly Report is  highlighted below, with the 
full  detailed  Report  and  Presentation  attached  herein and available on the 
website. 
 
 
HIGHLIGHTS 
 
 
Exploration 
  * Successful conclusion of the 2012 exploration drilling programme, which 
    added significant contingent and economically commercial resources to the 
    existing asset base (c.20mmboe) 
  * Four exploration wells drilled in the final quarter of 2012, yielding three 
    commercial oil discoveries: 
 
      * Contender Well (UK North Sea, Bridge 4%) - An oil discovery announced on 
        22(nd) October 2012; First oil production 85 days from discovery, with 
        the field subsequently being renamed Cormorant East 
      * PL554 Garantiana (Norwegian North Sea, Bridge 20%) - An oil discovery 
        announced on 26(th) October 2012.  Taking account of the results of the 
        side-track, preliminary estimates between 25 and 75 mmboe of recoverable 
        oil on a gross basis 
      * PL457 Asha (Norwegian North Sea, Bridge 20%) - A commercial oil 
        discovery announced on 20(th )December 2012. Following completion of the 
        well on 1(st) January 2013,  resource estimate upgraded to between 30 
        and 100 mmboe of recoverable resource.  Bridge retains a 20% working 
        interest 
      * This resource estimate excludes other independent prospects within the 
        immediate area and Bridge remains in discussions with the joint venture 
        party as to the look-forward drilling programme within this licence. 
 
 
Licence awards 
  * Portfolio enhanced with the  award of three licences within the most recent 
    UK and Norwegian licencing rounds: 
 
      * Two new licences awarded in the 27(th) UKCS round; with several others 
        pending. 
      * Post period end, on 16(th) January 2013, Bridge was awarded a 40% 
        interest and operatorship to Bridge in block 6407/4 off Mid-Norway 
        within the Norwegian APA 2012 licensing round. 
 
 
Production 
  * Bridge Energy's average production for Q4 2012 was 863 boe/d (Q4 
    2011: 1,050 boe/d). from the Victoria, Duart and Boa fields. 
 
 
Development 
  * Boa (Bridge 1.55%) - Infill drilling opportunities identified with long-term 
    lead-items already ordered. 
  * Duart South & East (Bridge 50%) - The operator has made significant progress 
    on the subsurface study work for Duart South discovery and Duart East 
    prospect. The operator is actively working to secure an additional long term 
    semi-sub rig contract and the Duart in-field development will be considered 
    as part of the potential rig programme. 
  * Vulcan satellites - Actively seeking a farm-in partner on the Vulcan East, 
    Vulcan North West and Vulcan South licences. Farm-down process commenced 
    late Q4 2012, expected to be progressed through H1 2013. 
 
 
Corporate Development 
  * Boa acquisition concluded on 5(th) October 2012 with a net consideration 
    paid of USD$17.1mm.  First stock crude sale post acquisition of USD$9.2mm 
    was recently received, representing over 50% recovery of initial purchase 
    price. 
  * Farm-down of P.1763 Aragon licence (Bridge 16.5%) to Agora Oil & Gas Limited 
    and JX Nippon Exploration & Production Limited. 
  * Bridge remains active in the A&D market and is seeking both production 
    assets and future investment opportunities in order to appropriately 
    leverage its existing tax loss pool. 
 
 
Events after the quarter 
  * Caroline Brown was appointed as a Board Member on 10(th) January 2013. 
  * First oil was achieved from the Cormorant East Field on 15(th) January 2013. 
  *  CFO Eystein Westgaard, CFO of Bridge Energy resigned on 18(th) January 
    2013, with his replacement to be announced in due course. 
  * Updated reserves report issued February 2013. 
 
 
Outlook - 2013/14 exploration drilling programme 
  * Two wells planned (and fully funded) for 2013, with the first well expected 
    to spud Q3 2013. 
  * PL511 Mjøsa exploration well with committed rig slot expected to commence 
    operations July 2013.  Bridge Energy has 7.5% working interest, with 
    Wintershall Norge AS operator. 
  * PL554 & PL554B Garantiana exploration well expected to be drilled in 2014. 
    Bridge is currently in discussions with Total as operator in order to define 
    prospective target. 
  * PL457 exploration well, targeting the independent prospect Amol, expected to 
    be drilled in Q4.  Discussions ongoing within the PL457 group. 
  * PL494 Hercules exploration well with committed rig slot expected to commence 
    operations Q2 2014. 
  * In addition to the above, Bridge continues to be active within both the NCS 
    and UKCS farm-in markets. 
 
 
Tom Reynolds, CEO of Bridge Energy, commented: 
"I  am pleased to announce the Q4 2012 trading update for Bridge, a period which 
has  been transformational  for the  business. Following  our listing  on AIM in 
London  in September 2012, we  have had significant  success with the drill bit; 
drilling  three  discoveries  from  four  exploration  wells. With our producing 
assets providing cash flow to support our ongoing exploration activities, we are 
well positioned to continue maturing our substantial portfolio. 
 
"Since  the end of  the period we  have continued to  enhance the business, both 
from  a  Board  perspective  with  the  addition  of Caroline Brown and with the 
licence  awards in Norway and the UK.  To  round off a great period, Bridge also 
won  the  coveted  NCS  Explorer  of  the  Year  award  2012, which  was welcome 
recognition for the team's efforts from our industry colleagues." 
 
 
- 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 
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 are  based on the  company's most recent reserves report 
dated  31(st) December 2012.  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 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 information is subject of the disclosure requirements pursuant to section 
5-12 of the Norwegian Securities Trading Act. 
 
Bridge Energy Q4 Presentation: 
http://hugin.info/143039/R/1681757/549888.pdf 
 
Bridge Energy Q4 Report: 
http://hugin.info/143039/R/1681757/549887.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#1681757] 
 

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