Bridge Energy ASA : Bridge Energy ASA : Q2 results for the period ended 30 June 2013 22^nd August 2013 Bridge Energy ASA ("Bridge", "Group" or "the Company") Q2 results for the period ended 30 June 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 Q2 trading update for the period ended 30 June 2013. A summary of the Company's Q2 Quarterly Report is highlighted below, with the full detailed report attached, along with a presentation. The reports and presentation can also be found on the Bridge website www.bridge-energy.com HIGHLIGHTS Exploration programme underway o2013 drilling programme commenced in April with PL511 Mjøsa oA further two exploration wells in the PL457 licence spudded August 13 targeting the Asha East and Amol targets o2013 exploration programme is fully funded oA rig has been secured for the Aragon prospect in the UKCS; with drilling on this prospect likely Q1 2014 and targeting net unrisked 9mmboe Production on track oAverage production for Q2 2013 was 947 boe/d (Q2 2012: 1,451 boe/d). oHealthy and stable revenue generation with production from Boa and Victoria oCormorant East production less stable but all costs remain carried by the operator until full completion costs are paid back oFollowing recent discussions with the Operator, Duart is now expected to re-start Q2 2014 Building a strong portfolio of assets oThe high potential of the Asha Discovery has been underpinned by recent remapping indicating higher resources. A pre-unitisation agreement signed with Ivar Aasen group showing a clear path to commercialisation oFurther licence applications are being considered, pending the 2013 NCS APA round in order to continue to grow the portfolio Development oUnitisation discussions between PL457 licence owners and PL001B Ivar Aasen interest holders will be progressed through the Autumn oDevelopment options within the Boa and Duart fields continue to progress, with drilling firming up and now expected in 2015 oThe likely conclusion of the Tullow SNS divestment is expected to confirm our new licence partner in the Vulcan South discovery willprovide greater clarity on farm-down discussions regarding the Vulcan satellites. Resource the business oManagement continues to ensure the Bridge is well-resourced to support and enhance shareholder value oReview of the debt capital structure is ongoing to ensure Bridge is able to re-invest for growth through 2014 and beyond Growth through acquisition oBridge continues to review acquisition opportunities both on an asset and corporate basis to increase cash flow from production and provide a strong platform for additional growth Post-period and Outlook oTwo exploration wells currently being drilled on PL457, which will target two separate prospects; Asha East and Amol, with the latter targeting 6mmboe net recoverable resource to Bridge oFocus on liquidity and capital management to preserve funding flexibility and access to capital oContinued review of options to both grow production from existing portfolio and build a strong platform for additional growth oNew licence applications for the upcoming 2013 Norwegian APA round, likely to be submitted in September 2013 Tom Reynolds, CEO of Bridge Energy, commented: "We are excited by the exploration drilling currently underway on PL457. This is a high potential licence and we hope the recent spud of two further exploration wells targeting separate prospects will enhance value in this acreage. Our exciting portfolio of exploration prospects supported by cashflow from production and our disciplined approach to cost and capital management put us in a good position to pursue additional growth opportunities." - Ends - For further information, please contact: Bridge Energy Tom Reynolds, Chief Executive firstname.lastname@example.org Aberdeen +44 1224 659 120 Cenkos Securities Jon Fitzpatrick +44 207 397 1951 Neil McDonald +44 131 220 9771 FTI Consulting Natalia Erikssen +44 20 7831 3113 email@example.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 18 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 Q2 Report Bridge Energy Q2 Presentation ------------------------------------------------------------------------------ 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#1724296
Bridge Energy ASA : Bridge Energy ASA : Q2 results for the period ended 30 June 2013
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