Bridge Energy ASA : Bridge Energy ASA : Q2 results for the period ended 30 June 2013

  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
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
Natalia Erikssen
 +44 20 7831 3113
natalia.erikssen@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 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

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information contained therein.

Source: Bridge Energy ASA via Thomson Reuters ONE
HUG#1724296
 
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