Bridge Energy ASA Bridge Energy Asa: Pl457 Drilling Campaign Update

 
TIDMBRIDGE 
 
 
 
   17(th) October 2013 
 
   Bridge Energy ASA 
 
   ("Bridge", "Group" or "the Company") 
 
   PL457 Drilling Campaign Update 
 
   Bridge, the Oslo Børs and AIM listed oil and gas exploration and 
production company (OSE:BRIDGE/AIM:BRDG.L), provides an update on the 
current exploration drilling campaign, targeting the Amol and Asha East 
prospects within the PL457 licence. 
 
   Further to the announcement on 25(th) September 2013, the Company 
advises that the Asha East well has been drilled to its total depth. The 
primary target in Asha East was Hugin (Jurassic) sandstone with a 
secondary target in the Skagerrak Fm (Triassic).  A 55m core has been 
retrieved from the Jurassic section.  Preliminary assessment of the 
acquired data indicates that, despite oil shows, there are no signs of 
movable hydrocarbons in the well.  As a consequence, no drill stem test 
will be carried out.  After completion of the ongoing data acquisition, 
the well will be plugged and abandoned. 
 
   Bridge has a 20% interest in the PL457 licence.  Wintershall is the 
operator with 40%, with the other partners VNG (20%) and E.ON (20%). 
 
   - 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. 
 
   The information contained in this announcement has been reviewed and 
approved by Dr Alfred Kjemperud, Managing Director, Bridge Energy Norge 
AS.  Alfred holds a PhD in Geology from The University of Oslo and has 
been a practising Petroleum Geologist for over 30 years. He has compiled, 
read and approved the technical disclosure in this regulatory 
announcement. 
 
   The technical disclosure in this announcement and the estimates 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#1736197 
 
 
  http://www.bridge-energy.no/