Bridge Energy ASA Bridge Energy ASA: PL457 Asha discovery resource increase
06 Février 2013 - 10:27AM
UK Regulatory
TIDMBRDG
6(th) February 2013
Bridge Energy ASA
("Bridge", "Group" or "the Company")
PL457 Asha discovery resource increase
Bridge, the Oslo Børs and AIM listed oil and gas exploration and production
company (OSE: BRIDGE/ AIM: BRDG.L), as a 20% licence partner in PL457, announces
increased resource estimates for the 16/1 Asha oil discovery in the Norwegian
North Sea (previously announced in December 2012). This follows completion of
well operations on 16/1-16 and the sidetrack well 16/1-16A on 1(st) January
2013 and further analysis carried out since then.
As previously reported, the Asha discovery encountered good quality oil in
excellent reservoirs within the Middle Jurassic Hugin Formation and Triassic
Skagerrak Formation. A preliminary estimate of the size of the Asha discovery
was reported to be between 25 and 35 mmboe recoverable resources within PL457,
which excluded potential additional volumes outside the licence.
Recent updates in mapping by the operator indicate that the Asha discovery is in
direct communication with a large upside volume to the east of the main
structure. These volumes are in addition to the volumes reported previously.
Based on this updated mapping, Bridge now estimates the size of the Asha
discovery to be between approximately 30 and 100 mmboe of recoverable resources
within licence PL457. These estimates exclude potential additional volumes in
neighbouring licences, which are estimated to be of a similar order of
magnitude. The Asha resource numbers are currently being evaluated for Bridge by
an external auditor as part of the annual reserves and resource report, which
will be issued later this month.
Further appraisal of the discovery is now being considered.
Tom Reynolds, CEO of Bridge Energy, commented:
"I am very pleased to announce this positive development on the Asha oil
discovery, which shows increased commercial resources situated close to the
other significant developments in the area - the Ivar Aasen and Edvard Grieg
fields. Asha will make a significant contribution to the total resources within
the western Utsira High area."
- Ends -
For further information, please contact:
Bridge Energy
Tom Reynolds, Chief Executive
tom.reynolds@bridge-energy.com
Aberdeen +44 1224 659 120
Alfred Kjemperud, MD Bridge Energy Norge
Alfred.kjemperud@bridge-energy.com
Norway +47 66 77 96 30
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 for PL457 is based on the company's best estimate as of
February 2013. 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:
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 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
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