Bridge Energy ASA : Bridge Energy ASA : Q1 results for the period ended 31 March 2013 23^rd May 2013 Bridge Energy ASA ("Bridge", "Group" or "the Company") Q1 results for the period ended 31 March 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 Q1 trading update for the period ended 31 March 2013. A summary of the Company's Q1 Quarterly Report is highlighted below, with the full detailed report attached herein and, along with a presentation, available on the Bridge website. HIGHLIGHTS Exploration programme underway o2013 drilling programme has started, with significant follow-up to 2012 discovered resource anticipated later in the year o2013 exploration programme is fully funded and will target around 22mmboe in unrisked resources net to Bridge oCompany fully resourced and is expected to accumulate cash through 2013 oUpdated mapping of the recent PL457 Asha discovery has indicated a significant increase in resource estimates oA pre-unitisation agreement between PL457 and PL001B Ivar Aasen field interest holders has been entered into Building a strong portfolio of assets oAn updated independent annual reserves and resource report prepared by AGR Tracs International Limited was completed, confirming significant resource increase in 2012 oLicence award and operatorship in the Norwegian APA 2012 Licensing round of PL690, which contains the Spinell North discovery oSeveral awards pending from the 27th UKCS round Production on track oAverage production was 1,110 boe/d (Q1 2012: 873 boe/d) oThe UK Cormorant East Field came on to production 85 days after discovery and is currently ongoing testing through a 6-month depletion phase oA combination of a robust hedging programme, along with high commodity prices ensures good revenue generation from production Development oNear term drilling is anticipated in 2014 and 2015 with both the Boa and Duart assets oDiscussions remain ongoing with potential farm-in partners on the Vulcan East, Vulcan North West and Vulcan South licences Financials oProduction revenues in line with management expectations oNet operational cash greater than budget due to higher realised commodity prices oCash balance stands at approximately USD$14.5mm (Q4 approx. USD$8.3mm) oDebt facilities provide adequate support for growth: oReserve base lending facility currently £13m drawn on the £42m credit line oExploration facility currently 233 MMNOK drawn on the 400 MMNOK credit line Post-period events and Outlook oTwo exploration wells to be drilled in 2013 - PL511 Mjøsa (already commenced drilling) and PL457 Amol prospect (expected to commence drilling Q3 2013) oPL511 Mjøsa exploration well spud April targeting estimated unrisked mean potential by the of 14 mmboe net to Bridge Tom Reynolds, CEO of Bridge Energy, commented: "In the first quarter of 2013, we have focused on building from a strong 4Q2012. The remapping of the Asha discovery, subsequent increase in resource estimates and likely unitisation with the Ivar Aasen field development has created significant value as well as expanding the options available to Bridge to achieve business growth. With our production on track, we continue to pursue various options to deliver increased growth of our business, both organically and via acquisition. In addition, exciting development options exist within our existing portfolio and we will continue to progress these options through 2013, in order to unlock this value. Having kick-started our 2013 exploration programme with the recent spud of Mjøsa, we look forward to progressing the other growth options over the year to come." - Ends - For further information, please contact: Bridge Energy Tom Reynolds, Chief Executive email@example.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. 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 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 information is subject of the disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act. Bridge Energy Q1 Presentation Bridge Energy Q1 Report ------------------------------------------------------------------------------ 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#1703868
Bridge Energy ASA : Bridge Energy ASA : Q1 results for the period ended 31 March 2013
Press spacebar to pause and continue. Press esc to stop.