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Bridge Energy ASA : Bridge Energy ASA: Agrees farm-down of P1763 licence



   Bridge Energy ASA : Bridge Energy ASA: Agrees farm-down of P1763 licence

4^th January 2013

                              Bridge Energy ASA

                     ("Bridge", "Group" or "the Company")

                    Farm-down of P1763 Licence ("Aragon")

Bridge, the Oslo Børs  and AIM listed oil  and gas exploration and  production 
company (OSE: BRIDGE/ AIM:  BRDG.L) has through  its wholly owned  subsidiary, 
Bridge Energy  (CNS) Limited,  completed  the agreement  ("Transaction")  with 
Agora Oil & Gas (UK) Limited ("Agora") (100% owned by Cairn Energy PLC) and JX
Nippon Exploration & Production (UK)  Limited ("JX Nippon") for the  farm-down 
of a 16.5% working interest  in the P1763 Aragon  prospect in the UK  Northern 
North Sea. 

As a result  of the  Transaction, all parties  have agreed  to participate  in 
drilling a well to test the Aragon prospect prior to Q1 2015.

Subject to  Transaction approval  from the  Department of  Energy and  Climate 
Change, Bridge will then hold a revised interest of 13.5%, with MPX North  Sea 
Limited 22.5%  (Operator),  Agora  Oil  & Gas  (UK)  Limited  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 both Cairn and JX Nippon have joined us in this licence, which
demonstrates technical support for the potential within this acreage.  This
farm-down continues our long-term strategy of re-allocating exploration
capital over a wider number of opportunities, with the 13.5% remaining
interest which Bridge retains in the licence, continuing to provide material
upside potential."

                                   - 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.

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 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#1668220
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