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Bridge Energy ASA : Bridge Energy ASA: Agreement between PL457 Asha and PL001B Ivar Aasen discovery

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
prospective targets."

                                   - Ends -

For further information, please contact:

Bridge Energy
Tom Reynolds, Chief Executive
tom.reynolds@bridge-energy.com
Aberdeen
 +44 1224 659 120

Alfred Kjemperud, MD Bridge Energy Norge
Alfred.kjemperud@bridge-energy.com
Norway    
 +47 66 77 96 30

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, 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

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Source: Bridge Energy ASA via Thomson Reuters ONE
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