Bridge Energy ASA Bridge Energy Asa : Q1 Results For The Period Ended 31 March 2013

 
TIDMBRIDGE 
 
 
 
   23(rd) May 2013 
 
   Bridge Energy ASA 
 
   ("Bridge", "Group" or "the Company") 
 
   Q1 results for the period ended 31 March 2013 
 
   Bridge, the Oslo Børs and AIM listed oil and gas exploration and 
production company (OSE: BRIDGE/ AIM: BRDG.L), is pleased to announce 
its Q1 trading update for the period ended 31 March 2013. 
 
   A summary of the Company's Q1 Quarterly Report is highlighted below, 
with the full detailed report attached herein and, along with a 
presentation, available on the Bridge website. 
 
 
 
   HIGHLIGHTS 
 
   Exploration programme underway 
 
 
   -- 2013 drilling programme has started, with significant follow-up to 2012 
      discovered resource anticipated later in the year 
 
   -- 2013 exploration programme is fully funded and will target around 22mmboe 
      in unrisked resources net to Bridge 
 
   -- Company fully resourced and is expected to accumulate cash through 2013 
 
   -- Updated mapping of the recent PL457 Asha discovery has indicated a 
      significant increase in resource estimates 
 
   -- A pre-unitisation agreement between PL457 and PL001B Ivar Aasen field 
      interest holders has been entered into 
 
 
 
   Building a strong portfolio of assets 
 
 
   -- An updated independent annual reserves and resource report prepared by 
      AGR Tracs International Limited was completed, confirming significant 
      resource increase in 2012 
 
   -- Licence award and operatorship in the Norwegian APA 2012 Licensing round 
      of PL690, which contains the Spinell North discovery 
 
   -- Several awards pending from the 27th UKCS round 
 
 
   Production on track 
 
 
   -- Average production was 1,110 boe/d (Q1 2012: 873 boe/d) 
 
   -- The UK Cormorant East Field came on to production 85 days after discovery 
      and is currently ongoing testing through a 6-month depletion phase 
 
   -- A combination of a robust hedging programme, along with high commodity 
      prices ensures good revenue generation from production 
 
 
   Development 
 
 
   -- Near term drilling is anticipated in 2014 and 2015 with both the Boa and 
      Duart assets 
 
   -- Discussions remain ongoing with potential farm-in partners on the Vulcan 
      East, Vulcan North West and Vulcan South licences 
 
 
 
   Financials 
 
 
   -- Production revenues  in line with management expectations 
 
   -- Net operational cash greater than budget due to higher realised commodity 
      prices 
 
   -- Cash balance stands at approximately USD$14.5mm (Q4 approx. USD$8.3mm) 
 
   -- Debt facilities provide adequate support for growth: 
 
          -- Reserve base lending facility currently GBP13m drawn on the GBP42m 
             credit line 
 
          -- Exploration facility currently 233 MMNOK drawn on the 400 MMNOK 
             credit line 
 
 
   Post-period events and Outlook 
 
 
   -- Two exploration wells to be drilled in 2013 - PL511 Mjøsa (already 
      commenced drilling) and PL457 Amol prospect (expected to commence 
      drilling Q3 2013) 
 
   -- PL511 Mjøsa exploration well spud April targeting estimated unrisked 
      mean potential by the of 14 mmboe net to Bridge 
 
   Tom Reynolds, CEO of Bridge Energy, commented: 
 
   "In the first quarter of 2013, we have focused on building from a 
strong  4Q2012. The remapping of the Asha discovery, subsequent increase 
in resource estimates and likely unitisation with the Ivar Aasen field 
development has created significant value as well as expanding the 
options available to Bridge to achieve business growth. 
 
   With our production on track, we continue to pursue various options to 
deliver increased growth of our business, both organically and via 
acquisition.  In addition, exciting development options exist within our 
existing portfolio and we will continue to progress these options 
through 2013, in order to unlock this value. 
 
   Having kick-started our 2013 exploration programme with the recent spud 
of Mjøsa, we look forward to progressing the other growth options 
over the year to come." 
 
   - 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 
 
   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. 
 
   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 resource estimates are based on the company's most recent reserves 
report dated 31(st) December 2012.  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. 
 
   All Reserves and Resources are held by Bridge Energy ASA through its 
wholly-owned subsidiaries in UK and Norway.  The reporting date is 31 
December 2012. 
 
   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 from its operated Victoria field, 
non-operated Duart field and 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. 
 
   Bridge Energy Q1 Presentation: 
http://hugin.info/143039/R/1703868/563259.pdf 
   Bridge Energy Q1 Report: http://hugin.info/143039/R/1703868/563258.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#1703868 
 
 
  http://www.bridge-energy.no/