Bridge Energy ASA Bridge Energy ASA : Updated Reserves and Resources Report
26 Février 2013 - 8:01AM
UK Regulatory
TIDMBRDG
26 February 2013
Bridge Energy ASA
("Bridge", "Group" or "the Company")
Updated Reserves and Resources Report
Bridge, the Oslo Børs and AIM listed oil and gas exploration and production
company (OSE: BRIDGE/ AIM: BRDG.L), is pleased to announce an updated
independent annual reserves and resource report ("Report"), prepared by AGR
TRACS International Limited who are a global independent consultancy
specialising in petroleum reservoir evaluation and economic analysis.
Report highlights:
* Proved plus Probable (2P) developed reserves as at 31st December 2012have
increased to 3.26 mmboe (31(st) December 2011: 2.67mmboe). This represents
a 2P reserve replacement ratio of 224% during 2012;
* The net best estimate of contingent resource (2C) more than doubled,
increasing by 37mmboe to 66mmboe[1]at 31(st) December 2012; and
* As a result of 3successful discoveries out of the 4 explorations wells
drilled in 2012, 22 mmboe net 2C resource was added through the drill bit.
Portfolio overview
* Bridge's portfolio currently includes 11 discoveries in the UK and 4 in
Norway;
* The Company has interests in 12 licences in the UK sector of the North Sea
containing 10 main prospects and additional identified leads; and
* Bridge holds interests in 16 licences in the Norwegian Sector of the North
Sea containing 22 prospects as well as additional leads.
Developed assets evaluation
* 2P developed reserves from the3 core producing assets have increased from
the 31(st) December 2011report; and
* Using the current market oil price of Dated Brent USD110/bbl and UK gas
price GBP 6.0/mscf, with net present value (NPV10) calculated as the
summation of each field's future net cash flow discounted by 10% per annum.
+----------+-------------------------------+------------+
| | 2P developed reserves (mmboe) | NPV10 ( GBPm) |
+----------+-------------------------------+------------+
| Victoria | 2.09 | 26.0 |
+----------+-------------------------------+------------+
| Duart | 0.75 | 25.9 |
+----------+-------------------------------+------------+
| Boa | 0.42 | 15.5 |
+----------+-------------------------------+------------+
| Total | 3.24 | 67.4 |
+----------+-------------------------------+------------+
Development assets
· The Report reflects an increase in contingent resources with the award
of the Vulcan South licence in 2012. The increased gas resource enables wider
regional development options to be considered for the whole of the Vulcan
Satellite area.
· Further near-term development potential has been recognised within the
Boa and Duart fields. These development options are currently being actively
progressed by the field operators.
Contingent resources
* 3 discoveries added22 mmboe 2C resource in 2012.
* Vulcan South licence awarded February 2012 added a further 12.3 mmboe 2C
resource.
+---------------------------------+------------------+
| | Net 2C |
| | resource (mmboe) |
+---------------------------------+------------------+
| PL457 Asha | 13.4 |
+---------------------------------+------------------+
| PL554 Garantiana | 8.6 |
+---------------------------------+------------------+
| Cormorant East& Kerloch | 1.3 |
+---------------------------------+------------------+
| Duart & Boa further development | 1.3 |
+---------------------------------+------------------+
| Vulcan South[2] | 12.3 |
+---------------------------------+------------------+
| Total | 36.9 |
+---------------------------------+------------------+
* A number of additional prospects have been significantly de-risked by the
2012 exploration results.
* Several of the discoveries are very close to existing or planned development
infrastructure.
A copy of the full Report, together with the Company's Annual Statement of
Reserves for 2012, is available at our website www.bridge-
energy.com/investorrelations/report.
Tom Reynolds, CEO of Bridge Energy, commented:
"The recently completed reserves and resources report underlines the significant
steps made by Bridge, through acquisition, development of our existing asset
base and exploration success in 2012. The step-change in the commercial
resource base coupled with progressing our development portfolio provides for a
very exciting growth phase for Bridge to build upon during 2013."
- 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
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
Ernest Edwards, Operations Director, Bridge Energy UK Ltd. Ernest holds a MSc
in Petroleum Engineering from Imperial College (London) and has been a
practising Reservoir and Petroleum Engineer for over 22 years and is a member of
the Society of Petroleum Engineers (SPE). 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.
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 17 exploration and
appraisal wells, including ten discoveries.
Underpinned by existing UK production revenues, Bridge boasts a high impact
exploration portfolio with a strong inventory of undeveloped 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
=-------------------------------------------------------------------------------
[1] 2C figures have been adjusted to reflect the relinquishment of NCS licence
PL337 as at 31(st) January 2013.
[2] Out of round UK licence award
This information is subject of the disclosure requirements pursuant to section
5-12 of the Norwegian Securities Trading Act.
Updated Reserves and Resources:
http://hugin.info/143039/R/1680952/549355.pdf
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#1680952]
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