Bridge Energy Share Discussion Threads

[thegreatgeraldo] 30/11/2012 15:38

SP fairly strong in Oslo this after....

[bomfin] 30/11/2012 09:57

think it's Tullow. Agree with the rest Mattoil

[mattoil] 29/11/2012 23:49

They got solid financing for acquiring new fields, future production limit the risk for lenders and the tax pool ensures profitability of the buy, no matter what. The Duart shut-in is unfortunate, but does not give Bridge any costs for bringing the field back online, it does however defer income till later. I think we can expect another buy before end of the year, something that will help the cash flow. I don't have much hope for Asha, although given the fact that it is an extension of Ivar Aasen it will be commercial. Garantiana on the other hand is almost certainly commercial and given the other prospects in the license, a very nice find.

As far as Vulcan goes, Total already owns a stake in Vulcan South, so finding a partner (Total?) should be doable.

[bomfin] 29/11/2012 12:20

thanks fp,

I think they have a bit of leeway on their lending facilities in the UK and Norway. RBS are perhaps looking at those significant UK tax losses and seeing that as security to fund acquisitions. Certainly Bridge are claiming some fancy numbers on what they are getting back in cash flow from producing assets. Boa i.e. is said to give back 100$/barrel when oil prices are at 110$barrel. All they need is more production it appears. May be in a position to swap some assets for production? Garantiana, Asha? Success at Garantiana derisks a few other good prospects also. Waiting for Asha result, Garantiana result and Contender 1st oil. My fingers are crossed!

[father_paul] 29/11/2012 11:25

Majority of Bridge's assets (excluding Garantiana) are just 2C in Vulcan gas development which is currently unfunded for development. Said they are seeking to farm-down Vulcan from 100% to 35-50%, but market reaction to farm-downs is fickle.

I haven't checked cash situation but assuming that funding is the problem, despite Contender, Victoria and Boa cashflow.

[bomfin] 29/11/2012 10:28

Thx tgg,

Can't get my head round the market cap here.

At Oilbarrel presentation Tom Reynolds said they've got about £130 million in tax losses in UK to use up. (paraphrasing) you need to listen to the webcast on oilbarrel site. They've done what I consider a couple of expensive buys of resources Duart and Boa and what looks like an expensive development at Victoria. Duart is shut in until next October according to the operator Talisman. Considering one of Bridge's directors was a former manager of this field at Talisman this does not overly concern me. They have Contender 4% which will partly make up for this anyway. Thing is though that Duart/Victoria and Boa will be giving back big cash flow when producing because there is no tax payable. It's a £130 million pot and all you need is producing assets.
So say they get the 2,000 bops acquisition and they pay £50 million for 4 million barrels reserves. That 4 million barrels reserves can pay back £200 million. At 2,000 barrels/day it does so in 5 years. They use their current equity to do it and they multiply the equity x 3 in 5 years. That's certainly what they suggested at Oilbarrel re Duart acquisition. Look at the Orange bars the final 1 is 3 times the first one.
Add to that the Vulcan development prospects. The fact they say they are analogues to Clipper South which they say came onstream at 7,000 boepd recently
with RWE the operator and the fact that they have the Garantiana discovery I'm really wondering where the downside is and why there isn't more in the share price for some of this upside potential?
IMHO DYOR

[thegreatgeraldo] 27/11/2012 16:35

bomfin
27 Nov'12 - 14:56 - 79 of 79 0 0

Listened to the oilbarrel webcast. I'd missed that they seem fairly confident in bagging an acquisition giving 2,000 boepd production. If it's significantly back dated the strong oil price in 2012 could be helpful?

..that's how they work. Effective date tends to be around the time they start talking seriously, then there's the announcement, with completion usually some way in the future. There's a slide for it in the OB pres.

[bomfin] 27/11/2012 14:56

Listened to the oilbarrel webcast. I'd missed that they seem fairly confident in bagging an acquisition giving 2,000 boepd production. If it's significantly back dated the strong oil price in 2012 could be helpful?
IMHO DYOR

[thegreatgeraldo] 26/11/2012 16:28

Hopefully a lot longer than they'd hoped - although as per the webcast, they've had some delays.

[bomfin] 26/11/2012 16:26

Hoping it's been a long side track to the base of the Cook sands. Fingers crossed

[thegreatgeraldo] 26/11/2012 15:58

Indeed - Garantiana news next!

[bomfin] 26/11/2012 15:28

That's speedy work on the old transfer of bolsas.

[mattoil] 26/11/2012 01:19

It seems pretty certain that the find is commercial. Bridge says there is an upside from their 30-50mmboe scenario in the current sidetrack. Det Norske on the other hand expects the final assessment to be within their 25 - 60mmboe target.

And thanks for the Det Norske webcast, that was pretty hilarious; "Then we are screwed". :)

[bomfin] 23/11/2012 09:47

apart from Detnorske ceo being a really funny man. He manages to state from 25 million to 60 million barrels oil likely at Garantiana. In question and answer section in the menu. Also suggests discovery is commercial. IMHO DYOR.All usual disclaimers regards presentation/webcast info.
Link to Detnor 3rd quarter results webcast.


Worth watching the whole q and a section for a laugh also.!!

[bomfin] 22/11/2012 13:48

Listened to the webcast.
They(Bridge) reckon they've got 30 to 50 million barrels recoverable oil in the Garantiana well before the sidetrack. I reckon that's worth half current market cap! Clearly market is dissapointed at Noor being water wet. Doesn't mean their remainiing assets arn't worth a stuff. IMHO DYOR (please listend to webcast which will ofcourse have all the usual disclaimers)

[pistonbroke1] 22/11/2012 08:50

Look at the news tab above!!

[ronan7] 22/11/2012 08:50

news out

was watching these always felt a bit rich in regards to SP

[kaos89] 22/11/2012 08:44

Another big drop today, anyone know why?

q3 report seems okay to me, am i missing something?

[old tyke] 22/11/2012 08:20

piston

agreed!

[sammy_smith] 15/11/2012 16:52

Video presentation with Bridge Energy (OSLO BORS-BRID)
Tom Reynolds, Chief Executive Officer
Bridge Energy, which is listed on AIM and Oslo's Axess Exchange, is focused on the UK and Norwegians of the North Sea.

Click the link below:

[pistonbroke1] 14/11/2012 10:18

not done the share price much good

[old tyke] 13/11/2012 21:50

v upbeat pres at today's Oil Barrel Conf - you heard it here first....

[unlikely2] 29/10/2012 15:38

From Newsweb.no today:-

Bridge Energy ASA: Application for Transfer of Listing to Oslo Børs

Bridge, the Oslo Axess and AIM listed oil and gas exploration and production
company (OAX: BRIDGE/ AIM: BRDG.L) has, on 24 October 2012 submitted an
application requesting to transfer the listing of the company's shares from Oslo
Axess to the main Oslo Børs trading exchange.

- Ends -

How long this process takes I don't know. Seems to be the Norwegian equivalent of moving from an AIM listing to a Full Stock Exchange listing. Raises the profile and gives access to more investors.

[unlikely2] 26/10/2012 09:36

Market seems underwhelmed at the moment. I guess a bit of that is due to only one out of four potential reservoirs was good. However, the best guess recoverable resource net to Bridge was 8,9 mm bbls for the Cook formation. They have not yet found the OWC so I would reckon its more likely to be on the high side. For a company the size of Bridge that is meaningful. Also has to derisk the three other prospects in the licence.

Total, who did not wish to release any info at this stage, say a sidetrack will now be drilled. Expect around three weeks until the next thrilling installment.

[aim_trader] 26/10/2012 09:01

7:58 am
Bridge Energy reveals significant oil discovery in Norwegian North Sea
The Garantiana Well, on PL554, flowed at an initial 4,000 barrels a day from the Cook Formation, which is described as having "good reservoir characteristics"