Bridge Energy ASA Bridge Energy Asa: Exploration Drilling Campaign In Pl457 Commences
14 Agosto 2013 - 8:01AM
UK Regulatory
TIDMBRIDGE
14 August 2013
Bridge Energy ASA
("Bridge", "Group" or "the Company")
Exploration drilling campaign in PL457 commences
Bridge, the Oslo Børs and AIM listed oil and gas exploration and
production company (OSE: BRIDGE / AIM: BRDG.L), is pleased to announce
that the exploration drilling campaign in PL 457 covering wells
targeting the Amol and the Asha East prospects has commenced, with the
wells being located on the Utsira High and Gudrun Terrace, respectively.
Both wells will be drilled by the semi-submersible rig Borgland Dolphin.
The Asha East exploration well will be drilled as a side-track from the
Amol exploration well main bore, with the results from Asha East well
expected first.
Bridge has a 20% interest in the wells. Wintershall is the operator
with 40%, with the other partners VNG (20%) and E.ON (20%).
More details of both prospects can be found in our most recent Corporate
Presentation and our Reserves and Resources Report at
http://www.bridge-energy.com/investor.
Tom Reynolds, CEO of Bridge Energy, commented:
"I am pleased to announce the spud of the next two exploration wells
within the Bridge 2013 drilling programme. The wells will target the
Amol prospect, where we estimate around 6mmboe potential net recoverable
resource to Bridge on an unrisked basis, and will also target the Asha
East prospect. With significant resources discovered through the Asha
well drilled in 2012, these wells have the potential to add significant
resources to an already valuable asset."
- 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.
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 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 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.
The Company has a significant number of licences both within the UK and
NCS, including several operatorships. Bridge has drilled 18 exploration
and appraisal wells, including ten discoveries.
Underpinned by existing production, 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.
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#1722841
http://www.bridge-energy.no/
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