Bridge Energy ASA Bridge Energy Asa: Pl511 Mjøsa Exploration Well Update
11/06/2013 7:01am
UK Regulatory
TIDMBRIDGE
11(th) June 2013
Bridge Energy ASA
("Bridge", "Group" or "the Company")
PL511 Mjøsa (6406/6-3) exploration well update
Bridge, the Oslo Børs and AIM listed oil and gas exploration and
production company (OSE: BRIDGE/AIM: BRDG.L), is a minority partner in
the PL511 licence (non-operated) containing the Mjøsa prospect,
where drilling operations are about to complete.
Reservoir quality sandstones have been encountered. Preliminary well
results indicate uncommercial gas volumes; however further
interpretation from the ongoing data acquisition programme will provide
additional detailed analysis on the prospect. Wintershall Norge AS, as
operator of PL511, will complete the drilling operations before the well
is plugged and abandoned.
Bridge's financial exposure on this well was limited following a
farm-down of its original interest in 2010. Bridge has a 7.5% interest
in PL511; Wintershall holds a 25% interest with other partners Maersk
Oil Norway AS (25%), Petoro AS (20%), Tullow Oil Norge AS (10%), and VNG
Norge AS (12.5%).
- Ends -
For further information, please contact:
Bridge Energy
Tom Reynolds, Chief Executive
tom.reynolds@bridge-energy.com
Aberdeen +44 1224 659 120
Cenkos Securities
Jon Fitzpatrick +44 207 397 1951
Neil McDonald +44 131 220 9771
FTI Consulting
Edward Westropp/Natalia Erikssen
+44 20 7831 3113
Edward.Westropp@fticonsulting.com
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#1708446
http://www.bridge-energy.no/