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Bridge Energy ASA : Bridge Energy ASA : Q1 results for the period ended 31 March 2013



  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

  o 2013 drilling programme has started, with significant follow-up to 2012
    discovered resource anticipated later in the year 
  o 2013 exploration programme is fully funded and will target around 22mmboe
    in unrisked resources net to Bridge
  o Company fully resourced and is expected to accumulate cash through 2013
  o Updated mapping of the recent PL457 Asha discovery has indicated a
    significant increase in resource estimates
  o A pre-unitisation agreement between PL457 and PL001B Ivar Aasen field
    interest holders has been entered into

             
Building a strong portfolio of assets

  o An updated independent annual reserves and resource report prepared by AGR
    Tracs International Limited was completed, confirming significant resource
    increase in 2012
  o Licence award and operatorship in the Norwegian APA 2012 Licensing round
    of PL690, which contains the Spinell North discovery
  o Several awards pending from the 27th UKCS round

Production on track

  o Average production was 1,110 boe/d (Q1 2012: 873 boe/d)
  o The UK Cormorant East Field came on to production 85 days after discovery
    and is currently ongoing testing through a 6-month depletion phase
  o A combination of a robust hedging programme, along with high commodity
    prices ensures good revenue generation from production

Development

  o Near term drilling is anticipated in 2014 and 2015 with both the Boa and
    Duart assets
  o Discussions remain ongoing with potential farm-in partners on the Vulcan
    East, Vulcan North West and Vulcan South licences

             
Financials

  o Production revenues  in line with management expectations
  o Net operational cash greater than budget due to higher realised commodity
    prices
  o Cash balance stands at approximately USD$14.5mm (Q4 approx. USD$8.3mm)
  o Debt facilities provide adequate support for growth:

       o Reserve base lending facility currently £13m drawn on the £42m credit
         line
       o Exploration facility currently 233 MMNOK drawn on the 400 MMNOK
         credit line

Post-period events and Outlook

  o Two exploration wells to be drilled in 2013 - PL511 Mjøsa (already
    commenced drilling) and PL457 Amol prospect (expected to commence drilling
    Q3 2013)
  o PL511 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
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.
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
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