Bridge Energy ASA Bridge Energy Asa: Offer By Spike Exploration Holding As And Statement By The Board Of Bridge

 
TIDMBRIDGE 
 
 
 
   4(th) October 2013 
 
   Bridge Energy ASA 
 
   ("Bridge", "Group" or "the Company") 
 
   Offer by Spike Exploration Holding AS and statement by the Board of 
Bridge 
 
   Bridge, the Oslo Børs and AIM listed oil and gas exploration and 
production company (OSE: BRIDGE/AIM:BRDG.L), refers to the voluntary 
offer ("the Offer") made by Spike Exploration Holding AS ("Spike") to 
acquire the entire share capital of Bridge against a consideration in 
cash of NOK 15.25 per share ("the Offer Price"). 
 
   On 16 September 2013, Spike announced its intention to launch the Offer 
which was unanimously recommended by the Bridge Board of Directors ("the 
Board"). 
 
   Further to the announcement of 16 September 2013, Spike launched the 
Offer through an offer document dated 3 October 2013 (the "Offer 
Document"), which has been submitted to the shareholders of Bridge. The 
acceptance period of the Offer commenced today, 4 October 2013, and will 
end on 18 October 2013 at 16:30 hours (CET), subject to extensions.  The 
Board has in this respect issued its statement pursuant to section 6-19 
cf. 6-16 of the Norwegian Securities Trading Act recommending its 
shareholders to accept the Offer. A copy of the Board recommendation is 
attached to this announcement. 
 
   It should be noted that pursuant to clause 3.5 of the Offer Document 
regarding procedures for accepting the Offer that shareholders who own 
shares registered in the names of broker's banks, investment companies 
or other nominees, must contact such persons to accept the Offer. 
 
   Pursuant to the Offer Document and fulfilment or waiver of the 
conditions therein, settlement is expected to take place during November 
2013. 
 
   In addition to the Board recommendation, the Offer received 
pre-acceptances from shareholders holding approximately 62% of the total 
issued and outstanding shares of Bridge.  On 29 September 2013, Spike 
entered into a conditional share purchase agreement for the acquisition 
of 17,849,284 Bridge shares from the Province of Alberta by its manager 
Alberta Investment Management Corporation ("AIMCo) for a cash 
consideration equalling the Offer Price.  The shares to be acquired 
represent approximately 28.14% of the outstanding shares in Bridge.  The 
previously announced Offer pre-acceptances of 62% included the AIMCo 
shareholding. 
 
   Furthermore, Spike has today announced that they have acquired an 
additional 3,209,200 Bridge shares (representing approximately 5.06 per 
cent of the outstanding shares and votes in Bridge), and that they 
thereby hold shares and rights to shares in Bridge equal to 66.74% of 
the outstanding shares and votes in the Company. 
 
   - Ends - 
 
   For further information, please contact: 
 
   Bridge Energy 
 
   Tom Reynolds, Chief Executive 
 
   [e-mail] 
 
   Aberdeen                                                                    [phone] 
 
   Euan Tait, Corporate Development 
 
   [e-mail] 
 
   Aberdeen                                                                    [phone] 
 
   Cenkos Securities 
 
   Jon Fitzpatrick                                                            [phone] 
 
   Neil McDonald                                                            [phone] 
 
   FTI Consulting 
 
   Edward Westropp/Natalia Erikssen                              +44 20 
7831 3113 
 
   [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 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. 
 
 
 
 
 
   Recommendation from the Board of Directors: 
http://hugin.info/143039/R/1733628/580495.pdf 
 
   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#1733628 
 
 
  http://www.bridge-energy.no/