Bridge Energy ASA Bridge Energy Asa: Rig Contract Signed For P1763 Licence

 
TIDMBRIDGE 
 
 
 
   11(th) July 2013 
 
   Bridge Energy ASA 
 
   ("Bridge", "Group" or "the Company") 
 
   Rig contract signed for P1763 Licence (the "Licence") 
 
   Bridge, the Oslo Børs and AIM listed oil and gas exploration and 
production company (OSE: BRIDGE/ AIM: BRDG.L) is pleased to announce 
that, along with its partners in the Licence, it has entered into a 
contract with Dolphin Drilling Limited to secure a drilling slot with 
the Blackford Dolphin semi-submersible rig. 
 
   This rig will target the Aragon exploration prospect in the UK Northern 
North Sea, with this well expected to be drilled Q1 2014. 
 
   Bridge has a working interest of 13.5% in the Licence, with MPX North 
Sea Limited 22.5% (Operator), Agora Oil & Gas (UK) Limited (a wholly 
owned subsidiary of Cairn Energy plc) 30%, JX Nippon Exploration & 
Production (UK) Limited 25% and Sorgenia E&P (UK) Limited 9%. 
 
   Tom Reynolds, CEO of Bridge Energy, commented: 
 
   "We are pleased to have secured this rig slot, which will kick-start our 
2014 exploration drilling programme early in the year.  The Aragon 
prospect is located near to the Beryl field and is targeting the Upper 
Jurassic Heather Sands. At 9mmboe net unrisked potential to Bridge, this 
UK exploration target provides material upside potential, whilst also 
demonstrating the depth of opportunities which exist within our 
portfolio". 
 
   - 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. 
 
 
   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 information contained in this announcement has been reviewed and 
approved by Dr Kevin Purvis, Exploration Director, Bridge Energy UK Ltd. 
Kevin holds a Bsc and Phd in Geology from Nottingham and Reading 
University and has been a practising geologist for over 20 years and is 
a fellow of the Geological Society of London. He has read and approved 
the technical disclosure in this regulatory announcement 
 
   The technical disclosure in this announcement and the estimates in the 
CPR 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. 
 
   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. 
 
   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#1715630 
 
 
  http://www.bridge-energy.no/