Bridge Energy ASA: Announcement from Spike Exploration Holding AS
18^th October 2013
Bridge Energy ASA
("Bridge", "Group" or "the Company")
Announcement from Spike Exploration Holding AS
Bridge, the Oslo Børs and AIM listed oil and gas exploration and production
company (OSE:BRIDGE/AIM:BRDG.L), notes the announcement by Spike Exploration
Holding AS (the "Offeror") today in relation to its voluntary tender offer to
acquire all outstanding shares in Bridge Energy ASA. As at the time of this
release the Offeror holds 21,058,484 Shares, representing approximately 33.20
per cent of the Shares and voting rights in the Company. In addition, the
Offeror has received acceptances under the Offer for a total of 40,250,144
Shares, representing approximately 63.5 per cent of the Shares and voting
rights in the Company. In total, the Offeror's holding of Shares and rights to
Shares equals approximately 96.7 per cent of the outstanding Shares and voting
rights in the Company. This means that the condition relating to minimum
acceptance level in the Offer has been met.
The full text of Spike Exploration Holding AS announcement is below:
NOT FOR DISTRIBUTION IN OR INTO AUSTRALIA, JAPAN OR ANY OTHER JURISDICTION IN
WHICH THE DISTRIBUTION OR RELEASE WOULD BE UNLAWFUL
Stavanger, 18 October 2013 - Reference is made to the offer document dated 3
October 2013 (the "Offer Document"), issued by Spike Exploration Holding AS
(the "Offeror"), relating to its voluntary tender offer (the "Offer") to
acquire all outstanding share(the "Shares") in Bridge Energy ASA (the
As of the time of this release, the Offeror holds 21,058,484 Shares,
representing approximately 33.20 per cent of the Shares and voting rights in
the Company. In addition, the Offeror has received acceptances under the Offer
for a total of 40,250,144 Shares, representing approximately 63.5 per cent of
the Shares and voting rights in the Company. In total, the Offeror's holding
of Shares and rights to Shares equals approximately 96.7 per cent of the
outstanding Shares and voting rights in the Company. This means that the
condition relating to minimum acceptance level in the Offer has been met.
The period within which the Offer can be accepted expires today at 16:30 hours
Completion of the Offer is subject to the fulfilment or waiver by the Offeror
of the conditions to completion set out in the Offer Document. The Offeror
expects that the remaining conditions to completion of the Offer will be met
or waived, as applicable, no later than early November 2013. Other than the
condition relating to acceptance level addressed above, as of the date hereof,
none of the conditions that require any action in order to be fulfilled have
been fulfilled, and none of the conditions that refers to events that shall
not occur have, to the Offeror's knowledge, occurred.
The Offer and the distribution of this announcement and other information in
connection with the Offer may be restricted by law in certain jurisdictions.
Spike Exploration does not assume any responsibility in the event there is a
violation by any person of such restrictions. Persons into whose possession
this announcement or such other information should come are required to inform
themselves about and to
observe any such restrictions.
Spike Exploration Holding AS
Bjørn Inge Tønnessen, CEO, +47 902 01 289, bit@spike-
Harald Vabø, Chairman, +47 917 11 209,
This information is subject to the disclosure requirements set out in sections
4-3 and 6-19 of the Norwegian Securities Trading Act.
- Ends -
For further information, please contact:
Tom Reynolds, Chief Executive
+44 1224 659 120
Euan Tait, Corporate Development
+44 1224 659 120
207 397 1951
131 220 9771
Edward Westropp/Natalia Erikssen +44 20 7831 3113
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 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.
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:
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.
This announcement is distributed by Thomson Reuters on behalf of Thomson
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
information contained therein.
Source: Bridge Energy ASA via Thomson Reuters ONE
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