Bridge Energy ASA : Bridge Energy ASA: Agreement between PL457 Asha and PL001B
Ivar Aasen discovery
8^th March 2013
Bridge Energy ASA
("Bridge", "Group" or "the Company")
Agreement between PL457 Asha and PL001B Ivar Aasen discovery
Bridge, the Oslo Børs and AIM listed oil and gas exploration and production
company (OSE: BRIDGE/ AIM: BRDG.L), announces that, as a 20% licence partner
in PL457 containing the Asha discovery, it has signed an agreement ("the
Agreement") regarding the co-ordination and joint development of PL001B (the
"Ivar Aasen field") and PL457 Asha discovery.
The Agreement establishes an approach towards unitisation of the discoveries,
with this process expected to be concluded latest mid-2014. On the basis of
this Agreement, the Asha discovery will form an integral part of the proposed
Ivar Aasen field development going forward. The Agreement has been approved by
all relevant licence holders and remains subject to execution by the parties,
which is expected to be concluded imminently.
A plan to develop and operate (PDO) for the Ivar Aasen field was submitted 21
December 2012 to the Norwegian Ministry of Petroleum and Energy and is
currently pending approval, which is expected to be granted by the Norwegian
Parliament prior to 30 June 2013.
The PDO for Ivar Aasen proposes to install a steel legged platform, which will
support dry wellheads and processing capacity. Hydrocarbons from Ivar Aasen
will be then be exported via the Lundin operated Edward Grieg facilities.
Field production start-up is planned for 2016.
Other interests in PL457 are Wintershall Norge 40% (Operator), VNG Norge AS
20% and E.On Ruhrgas Norge 20%.
Bridge will be hosting a call for analysts, which is scheduled for 12 noon
today, 8^th March 2013. In order to obtain dial-in access code details, please
register at Jessica.Allum@fticonsulting.com.
Tom Reynolds, CEO of Bridge Energy, commented:
"I am pleased to announce this positive step forward on Asha, which clearly
underlines the commerciality of this discovery; less than one month after our
resource update and three months after drilling.
"With existing estimates indicating more than 13 mmboe net recoverable to
Bridge from Asha, this Agreement both accelerates and unlocks significant
value within PL457. In addition to the Asha discovery further upside
potential exists on this licence within the independent Aglaja and Amol
- Ends -
For further information, please contact:
Tom Reynolds, Chief Executive
+44 1224 659 120
Alfred Kjemperud, MD Bridge Energy Norge
+47 66 77 96 30
207 397 1951
131 220 9771
Edward Westropp/Natalia Erikssen +44 20 7831
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:
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, 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
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
information contained therein.
Source: Bridge Energy ASA via Thomson Reuters ONE
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