Bridge Energy ASA: Offer by Spike Exploration Holding AS and statement by the Board of Bridge

Bridge Energy ASA: Offer by Spike Exploration Holding AS and statement by the
                               Board of Bridge

4^th October 2013

                              Bridge Energy ASA

                     ("Bridge", "Group" or "the Company")

  Offer by Spike Exploration Holding AS and statement by the Board of Bridge

Bridge, the Oslo Børs  and AIM listed oil  and gas exploration and  production 
company (OSE: BRIDGE/AIM:BRDG.L), refers to the voluntary offer ("the  Offer") 
made by Spike  Exploration Holding AS  ("Spike") to acquire  the entire  share 
capital of Bridge against a consideration in cash of NOK 15.25 per share ("the
Offer Price").

On 16 September 2013, Spike announced its intention to launch the Offer  which 
was unanimously recommended by the Bridge Board of Directors ("the Board").

Further to the  announcement of 16  September 2013, Spike  launched the  Offer 
through an offer document dated 3  October 2013 (the "Offer Document"),  which 
has been submitted to the shareholders of Bridge. The acceptance period of the
Offer commenced today,  4 October 2013,  and will  end on 18  October 2013  at 
16:30 hours  (CET), subject  to extensions.  The Board  has in  this  respect 
issued its  statement pursuant  to  section 6-19  cf.  6-16 of  the  Norwegian 
Securities Trading Act recommending  its shareholders to  accept the Offer.  A 
copy of the Board recommendation is attached to this announcement.

It should be noted that pursuant to clause 3.5 of the Offer Document regarding
procedures for accepting the Offer that shareholders who own shares registered
in the names of broker's banks,  investment companies or other nominees,  must 
contact such persons to accept the Offer.

Pursuant to the  Offer Document  and fulfilment  or waiver  of the  conditions 
therein, settlement is expected to take place during November 2013.

In addition to  the Board recommendation,  the Offer received  pre-acceptances 
from  shareholders  holding  approximately  62%   of  the  total  issued   and 
outstanding shares of  Bridge. On  29 September  2013, Spike  entered into  a 
conditional share purchase agreement for the acquisition of 17,849,284  Bridge 
shares from  the  Province  of  Alberta  by  its  manager  Alberta  Investment 
Management Corporation ("AIMCo) for a  cash consideration equalling the  Offer 
Price. The  shares  to be  acquired  represent approximately  28.14%  of  the 
outstanding shares in Bridge. The previously announced Offer  pre-acceptances 
of 62% included the AIMCo shareholding.

Furthermore, Spike has today announced  that they have acquired an  additional 
3,209,200 Bridge  shares  (representing approximately  5.06  per cent  of  the 
outstanding shares and votes in Bridge), and that they thereby hold shares and
rights to shares in Bridge equal to 66.74% of the outstanding shares and votes
in the Company.

                                   - Ends -

For further information, please contact:

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

Euan Tait, Corporate Development
euan.tait@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.

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, 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.


Recommendation from the Board of Directors

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Source: Bridge Energy ASA via Thomson Reuters ONE
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