Bridge Energy ASA Bridge Energy Asa : Q2 Results For The Period Ended 30 June 2013

 
TIDMBRIDGE 
 
 
 
   22(nd) August 2013 
 
   Bridge Energy ASA 
 
   ("Bridge", "Group" or "the Company") 
 
   Q2 results for the period ended 30 June 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 Q2 trading update for the period ended 30 June 2013. 
 
   A summary of the Company's Q2 Quarterly Report is highlighted below, 
with the full detailed report attached, along with a presentation.  The 
reports and presentation can also be found on the Bridge website 
www.bridge-energy.com 
 
 
 
   HIGHLIGHTS 
 
   Exploration programme underway 
 
 
   -- 2013 drilling programme commenced in April with PL511 Mjøsa 
 
   -- A further two exploration wells in the PL457 licence spudded August 13 
      targeting the Asha East and Amol targets 
 
   -- 2013 exploration programme is  fully funded 
 
   -- A rig has been secured for the Aragon prospect in the UKCS; with drilling 
      on this prospect likely Q1 2014 and targeting net unrisked 9mmboe 
 
 
 
 
   Production on track 
 
 
   -- Average production for Q2 2013 was 947 boe/d (Q2 2012: 1,451 boe/d). 
 
   -- Healthy and stable revenue generation with production from Boa and 
      Victoria 
 
   -- Cormorant East production less stable but all costs remain carried by the 
      operator until full completion costs are paid back 
 
   -- Following recent discussions with the Operator, Duart is now expected to 
      re-start Q2 2014 
 
 
   Building a strong portfolio of assets 
 
 
   -- The high potential of the Asha Discovery has been underpinned by recent 
      remapping indicating higher resources. A pre-unitisation agreement signed 
      with Ivar Aasen group showing a clear path to commercialisation 
 
   -- Further licence applications are being considered, pending the 2013 NCS 
      APA round in order to continue to grow the portfolio 
 
 
   Development 
 
 
   -- Unitisation discussions between PL457 licence owners and PL001B Ivar 
      Aasen interest holders will be progressed through the Autumn 
 
   -- Development options within the Boa and Duart fields continue to progress, 
      with drilling firming up and now expected in 2015 
 
   -- The likely conclusion of the Tullow SNS divestment is expected to confirm 
      our new licence partner in the Vulcan South discovery willprovide greater 
      clarity on farm-down discussions regarding the Vulcan satellites. 
 
 
   Resource the business 
 
 
   -- Management continues to ensure the Bridge is well-resourced to support 
      and enhance shareholder value 
 
   -- Review of the debt capital structure is ongoing to ensure Bridge is able 
      to re-invest for growth through 2014 and beyond 
 
 
   Growth through acquisition 
 
 
   -- Bridge continues to review acquisition opportunities both on an asset and 
      corporate basis to increase cash flow from production and provide a 
      strong platform for additional growth 
 
 
   Post-period and Outlook 
 
 
   -- Two exploration wells currently being drilled on PL457, which will target 
      two separate prospects; Asha East and Amol, with the latter targeting 
      6mmboe net recoverable resource to Bridge 
 
   -- Focus on liquidity and capital management to preserve funding flexibility 
      and access to capital 
 
   -- Continued review of options to both grow production from existing 
      portfolio and build a strong platform for additional growth 
 
   -- New licence applications for the upcoming 2013 Norwegian APA round, 
      likely to be submitted in September 2013 
 
 
 
   Tom Reynolds, CEO of Bridge Energy, commented: 
 
   "We are excited by the exploration drilling currently underway on PL457. 
This is a high potential licence and we hope the recent spud of two 
further exploration wells targeting separate prospects will enhance 
value in this acreage. 
 
   Our exciting portfolio of exploration prospects supported by cashflow 
from production and our disciplined approach to cost and capital 
management put us in a good position to pursue additional growth 
opportunities." 
 
   - 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 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 18 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 Q2 Report: http://hugin.info/143039/R/1724296/574739.pdf 
   Bridge Energy Q2 Presentation: 
http://hugin.info/143039/R/1724296/574740.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#1724296 
 
 
  http://www.bridge-energy.no/