Bridge Energy Share Discussion Threads

[rogerlin] 05/6/2013 19:09

Statoil as operator has recommended a delay of the investment decision for the Johan Castberg project in the Norwegian Barents Sea.


Statoil has continued to mature the resource base and development plans for the project. There are still uncertainties related to the resource estimate and investment level.

"In addition, the Norwegian government has recently proposed reduced uplift in the petroleum tax system, which reduces the attractiveness of future projects, particularly marginal fields and fields which require new infrastructure. This has made it necessary to review the Johan Castberg project," says Øystein Michelsen, Statoil's executive vice president for development and production in Norway

[ceohunter] 05/6/2013 10:32

*TOMORROW*- The directors of Bridge Energy (AIM: BRDG), Caledonia Mining (AIM: CMCL), Leyshon Resources (AIM: LRL) and Largo Resources (TSX-V: LGO) will be presenting.

Thursday the 6th June 2013, Chesterfield Mayfair Hotel, 35 Charles Street, Mayfair, W1J 5EB (Charles Suite)

The presentations will start at 6:00pm and finish at approx 8:00pm. After the presentations are complete the directors will also be available to take questions during a free canapé and wine reception.

REGISTER HERE: http://www.proactiveinvestors.co.uk/register/event_details/191

[rogerlin] 04/6/2013 15:32

Thanks mattoil.

[mattoil] 04/6/2013 12:11

Yes, ASC is ABG Sundal Collier, a Norwegian Broker, most likely buying for a bigger client.

[rogerlin] 04/6/2013 10:52

Are these the trades described as buyer "ASC"?

[mattoil] 04/6/2013 09:40

Quiet, but one broker has been buying more than 1% of Bridge during the last week. Unknown who is buying though. Next shareholder list should tell us.

[rogerlin] 04/6/2013 09:12

Six weeks since the spud announcement, but it all seems very quiet Mattoil.

[mattoil] 03/6/2013 16:09

Will be interesting to see if we can get some news from Mjøsa before the presentation. By then they should have pretty decent indications and if Tom is to speak on the 6th, it may be just as good to make an official statement.

[ceohunter] 30/5/2013 13:22

The directors of Bridge Energy (AIM: BRDG), Caledonia Mining (AIM: CMCL), Leyshon Resources (AIM: LRL) and Largo Resources (TSX-V: LGO) will be presenting:
Thursday the 6th June 2013.

VENUE: Chesterfield Mayfair Hotel, 35 Charles Street, Mayfair, W1J 5EB (Charles Suite)
The presentations will start at 6:00pm and finish at approx 8:00pm. After the presentations are complete the directors will also be available to take questions during a free canapé and wine reception.

REGISTER HERE: http://www.proactiveinvestors.co.uk/register/event_details/191

[rogerlin] 30/5/2013 11:34

Yes and at 4 min 30 in there is a map of prospective areas in yellow showing Tellus/Amol bigger than Ivar Aasen which I think is what you alluded to in your earlier post Bomfin. Lundin certainly do the artwork nicely. Time will tell if they are right.

[bomfin] 30/5/2013 10:12

Saw somewhere that a summer start for Amol is predicted. So not that far away.
Did you notice 1 of the 2 potential migration paths of oil on the Lundin video? 1 of them Right through Asha and Amol. imho

[rogerlin] 30/5/2013 10:06

Borgland Dolphin finished with the Rocksource drill 26/5-1 on 8th May and was said to be going to Vega field to drill 35/11-R-14 for Statoil where I think it is now although that does not appear to have started. Will it go to Amol after that I wonder?

[bomfin] 29/5/2013 13:25

Nice insight into Utsira High from Lundin. Just before halfway Amol prospect appears to be there north of Edward Greig. Video.

http://www.lundin-petroleum.com/Documents/120828_LundinONS_WEB.mp4

[rogerlin] 29/5/2013 09:19

An item of trivia. Tom Reynolds starts the webcast with a comment about the first slide being the "Bredford Dolphin" at Mjosa. Is this really correct? A later slide says it is the Transocean Arctic at Mjosa. And the Borgland Dolphin to drill PL457 later. I think from the NPD site that the Bredford Dolphin is with Lundin on PL501.

[bomfin] 28/5/2013 09:03

Thanks CEOHunter,

Sounds like a nice event! :-)

Catching up this morning. Results webcast had a couple of little positives imho.
The question about Detnor mentioning the day before that the Eastern Asha discovery may have 100 million barrels is quite a thing if true for a company involved in Unitisation talks. The answer reminding us that the 30-100 million barrel figure is just within PL457 and there might be as much again in the other 2 licenses west and south is pointing to a big field when put along with Draupne/Ivar Aasen. If it is at the top end of what Bridge are suggesting it\'s 350 million boe and then development costs/barrel fall markedly and the value of each barrel found go up by as much as 20% of how much the development cost/barrel has fallen. imho dyor. Currently looking like between $1 and $2.50/ barrel imho dyor
Also in answer to questions again. Confidence that they have already got 50 million barrels gross at Garantiana. With of course more explo to follow there. All imho dyor

[ceohunter] 28/5/2013 08:40

The directors of Bridge Energy (AIM: BRDG), Caledonia Mining (AIM: CMCL), Leyshon Resources (AIM: LRL) and Largo Resources (TSX-V: LGO) will be presenting:
Thursday the 6th June 2013.

VENUE: Chesterfield Mayfair Hotel, 35 Charles Street, Mayfair, W1J 5EB (Charles Suite)
The presentations will start at 6:00pm and finish at approx 8:00pm. After the presentations are complete the directors will also be available to take questions during a free canapé and wine reception.

REGISTER HERE: http://www.proactiveinvestors.co.uk/register/event_details/191

[mattoil] 27/5/2013 21:11

Bridge up 4% in Oslo. Closing in on results from Mjøsa? Will be interesting to see if the buying continues.

[bomfin] 25/5/2013 11:25

thanks for the info. Back in UK Tuesday. Will catch up then.

[mattoil] 24/5/2013 14:21

Pareto Securities:
H2'13 well could firm up more Asha volumes

The operator of the Asha license has now secured a H2'13 rig slot for the next well in the license. This will both test the Amol prospect and appraise the potential eastern extension of Asha. This well could potentially firm up a volume in the higher end of the current 30-100 mill boe range for Asha in time for the mid-2014 unitisation with the Ivar Aasen development, and thereby significantly strengthen the PL 457 partners' position

Good quarterly results
Bridge reported Q1'13 net profit of NOK 3m, which was better than our NOK -11m estimate. The background was lower than expected exploration expenses and an unrealized gain on the company's natural gas price hedge position. The company reported a cash position of NOK 95m, with additional unused capacity on its debt facilities. In line with our estimates, the company expects this to be sufficient to fund its activities this year, while the financing situation thereafter depends on the outcome of the potential asset transactions the company is considering.

H2'13 well in PL 457 will both test new prospect and appraise Asha
The operator of the Asha license (Wintershall) has now secured Borgland Dolphin to drill a well with expected start up in Q3'13 and results in Q4'13. The well will both test the 30 mill boe Amol prospect and appraise the possible eastern extension of the Asha discovery. Bridge's current estimate for Asha is 30-100 mill boe and the appraisal should narrow the range significantly. We think this well result could strengthen the position of Bridge and its partners in PL 457 in the ongoing unitisation process with the Ivar Aasen development, scheduled to be finalized by mid-2014.

Compelling valuation – BUY recommendation reiterated
As we have earlier noted, the market is pricing Bridge at an unusually high discount to underlying asset values. In fact, one could argue that based on recent transaction pricing of UK tax loss positions, close to zero value is attributed the company's oil & gas assets. We think this cannot last in the long run and expect the share price will improve through the remainder of this year, potentially triggered by an asset sale or other structural changes.

[mattoil] 24/5/2013 14:20

Shares in North Sea focused Bridge Energy (LON:BRDG) are too cheap, according to City Broker Cenkos.

Analyst Ashley Kelty says that at 122p each – valuing the firm at £77mln – the shares don't fairly reflect the value in the Bridge portfolio.
"The company remains undervalued relative to peers," he said in a note.
According to Kelty the AIM quoted share offers 'deep value' for investors.
Highlighting specific projects, he says the developments in the Vulcan area could prove to be transformational for the company, and so could the recent discoveries in Norway.

"We see further high impact exploration wells in 2013, alongside progress on developments, as providing catalysts for further rerating of the shares in the coming months." Cenkos repeated its 'buy' rating and 266p price target following Bridge's first quarter results statement.

[rogerlin] 23/5/2013 17:46

Listened to the webcast which follows the slides of the Q1 presentation pretty closely. A few points which stood out for me.

1. The Ivar Aasen/Asha unitization agreement will contain clauses providing for re-determination if new wells are subsequently drilled.
2. The planned Amol well may also appraise Asha East but that is still under discussion (so presumably it may not).
3. Any farmout of Vulcan is delayed by the need to co-ordinate with the Tullow sale process of their 30% of Vulcan south.
4. Towards the end of 2013 "some form of strategic transaction" will be required for capex for things like Vulcan.

[mattoil] 22/5/2013 12:13

Bridge has said diary might come online before October, but they don't know yet. October has been the official story for about 7-8.months. Don't expect anything else,but would have been a nice surprise.

[bomfin] 22/5/2013 08:58

yes, later this year for Duart. Apologies if what I mentioned seemed like earlier. Looks like we are all waiting for news from Norway today.

1st news from Detnor this morning. The Ivar Aasen field development has been approved by The Norwegian Parliament. Never in doubt but everyone able to focus on the negotiations now. imho dyor