Bridge Energy ASA Bridge Energy Asa: Duart Restart Schedule

 
TIDMBRIDGE 
 
 
 
   28(th) June 2013 
 
   Bridge Energy ASA 
 
   ("Bridge", "Group" or "the Company") 
 
   Duart Restart Schedule 
 
   Bridge, the Oslo Børs and AIM listed oil and gas exploration and 
production company (OSE: BRIDGE/AIM: BRDG.L), provides an update on the 
scheduled restart of production from the Duart field, which is located 
in the UK North Sea and in which Bridge holds a 50% working interest. 
 
   As announced by the Company in September 2012, the Duart field was 
scheduled to restart production in October 2013, following an extended 
outage of the Tartan host platform to complete certain maintenance and 
modification work. The Operator for the field has advised that, due to 
extension of the Tartan works, Duart restart is now likely to be 
deferred into late Q1 2014 or early Q2 2014. 
 
   Tartan platform provides production processing services including gas 
lift to the Duart field. None of the Tartan remediation works are 
related to the Duart well or to the Duart field facilities. This delay 
therefore represents a deferral of cash flow, with Duart reserves and 
value remaining unchanged. 
 
   The proposed well targeting Duart East/Duart South remains under 
consideration by the partnership, with further work to define the 
opportunity likely to be finalised in 2014. 
 
   Tom Reynolds, CEO of Bridge Energy, commented: 
 
   "Whilst the Duart deferred re-start is disappointing, ongoing cash 
generated from our existing producing assets, along with existing 
banking facilities ensure we remain adequately resourced until Duart 
production recommences.  We very much look forward to the commencement 
of our autumn exploration drilling schedule on our Norwegian Licence 
PL457, which will target both the Amol prospect and our Asha discovery." 
 
   - Ends - 
 
   For further information, please contact: 
 
   Bridge Energy 
 
   Tom Reynolds, Chief Executive 
 
   [e-mail] 
 
   Aberdeen                                                                               [phone] 
 
   Cenkos Securities 
 
   Jon Fitzpatrick                                                                        [phone] 
 
   Neil McDonald                                                                        [phone] 
 
   FTI Consulting 
 
   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. 
 
   The information contained in this announcement has been reviewed and 
approved by Ernest Edwards, Operations Director, Bridge Energy UK Ltd. 
Ernest holds a MSc in Petroleum Engineering from Imperial College 
(London) and has been a practising Reservoir and Petroleum Engineer for 
over 20 years and is a member of the Society of Petroleum Engineers 
(SPE). He has compiled, read and approved the technical disclosure in 
this regulatory announcement 
 
   The technical disclosure in this announcement and the estimates in the 
CPR 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. 
 
   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 18 exploration 
and appraisal wells, including ten discoveries. 
 
   Underpinned by existing production from its operated Victoria field, 
non-operated Duart field, 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. 
 
   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#1712930 
 
 
  http://www.bridge-energy.no/