Bridge Energy ASA Bridge Energy ASA: Agreement between PL457 Asha and PL001B Ivar Aasen discovery

 
TIDMBRDG 
 
8(th) March 2013 
 
                               Bridge Energy ASA 
 
                      ("Bridge", "Group" or "the Company") 
 
          Agreement between PL457 Asha and PL001B Ivar Aasen discovery 
 
 
Bridge,  the Oslo  Børs and  AIM listed  oil and  gas exploration and production 
company  (OSE: BRIDGE/ AIM: BRDG.L), announces that, as a 20% licence partner in 
PL457   containing  the  Asha  discovery,  it  has  signed  an  agreement  ("the 
Agreement")  regarding the  co-ordination and  joint development  of PL001B (the 
"Ivar Aasen field") and PL457 Asha discovery. 
 
The  Agreement establishes an  approach towards unitisation  of the discoveries, 
with  this process  expected to  be concluded  latest mid-2014.  On the basis of 
this  Agreement, the Asha discovery  will form an integral  part of the proposed 
Ivar  Aasen field development going forward.  The Agreement has been approved by 
all  relevant licence holders  and remains subject  to execution by the parties, 
which is expected to be concluded imminently. 
 
A  plan to develop and operate (PDO) for  the Ivar Aasen field was submitted 21 
December 2012 to the Norwegian Ministry of Petroleum and Energy and is currently 
pending  approval, which is  expected to be  granted by the Norwegian Parliament 
prior to 30 June 2013. 
 
The  PDO for Ivar Aasen proposes to  install a steel legged platform, which will 
support  dry wellheads  and processing  capacity.  Hydrocarbons  from Ivar Aasen 
will  be then be exported via the Lundin operated Edward Grieg facilities. Field 
production start-up is planned for 2016. 
 
Other interests in PL457 are Wintershall Norge 40% (Operator), VNG Norge AS 20% 
and E.On Ruhrgas Norge 20%. 
 
Bridge  will be  hosting a  call for  analysts, which  is scheduled  for 12 noon 
today,  8(th) March 2013. In order to obtain dial-in access code details, please 
register at [e-mail]. 
 
Tom Reynolds, CEO of Bridge Energy, commented: 
"I  am pleased  to announce  this positive  step forward  on Asha, which clearly 
underlines  the commerciality of  this discovery; less  than one month after our 
resource update and three months after drilling. 
 
"With existing estimates indicating more than 13 mmboe net recoverable to Bridge 
from Asha, this Agreement both accelerates and unlocks significant value within 
PL457.  In addition to the Asha discovery further upside potential exists on 
this licence within the independent Aglaja and Amol prospective targets." 
 
                                    - Ends - 
 
 
For further information, please contact: 
 
Bridge Energy 
Tom Reynolds, Chief Executive 
[e-mail] 
Aberdeen                                                  [phone] 
 
Alfred Kjemperud, MD Bridge Energy Norge 
[e-mail] 
Norway                                              [phone] 
 
Cenkos Securities 
Jon Fitzpatrick                                            [phone] 
Neil McDonald                                                                +44 
131 220 9771 
 
FTI Consulting 
Edward Westropp/Natalia Erikssen 
[phone] 
[e-mail] 
 
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 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, 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 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#1683925]