Bridge Energy ASA Bridge Energy ASA : Q4 results for the period ended 31 December 2012
28 Février 2013 - 7:00AM
UK Regulatory
TIDMBRDG
28(th) February 2013
Bridge Energy ASA
("Bridge", "Group" or "the Company")
Q4 results for the period ended 31 December 2012
Bridge, the Oslo Børs and AIM listed oil and gas exploration and production
company (OSE: BRIDGE/ AIM: BRDG.L), is pleased to announce its Q4 trading update
for the period ended 31 December 2012.
A summary of the Company's Q4 Quarterly Report is highlighted below, with the
full detailed Report and Presentation attached herein and available on the
website.
HIGHLIGHTS
Exploration
* Successful conclusion of the 2012 exploration drilling programme, which
added significant contingent and economically commercial resources to the
existing asset base (c.20mmboe)
* Four exploration wells drilled in the final quarter of 2012, yielding three
commercial oil discoveries:
* Contender Well (UK North Sea, Bridge 4%) - An oil discovery announced on
22(nd) October 2012; First oil production 85 days from discovery, with
the field subsequently being renamed Cormorant East
* PL554 Garantiana (Norwegian North Sea, Bridge 20%) - An oil discovery
announced on 26(th) October 2012. Taking account of the results of the
side-track, preliminary estimates between 25 and 75 mmboe of recoverable
oil on a gross basis
* PL457 Asha (Norwegian North Sea, Bridge 20%) - A commercial oil
discovery announced on 20(th )December 2012. Following completion of the
well on 1(st) January 2013, resource estimate upgraded to between 30
and 100 mmboe of recoverable resource. Bridge retains a 20% working
interest
* This resource estimate excludes other independent prospects within the
immediate area and Bridge remains in discussions with the joint venture
party as to the look-forward drilling programme within this licence.
Licence awards
* Portfolio enhanced with the award of three licences within the most recent
UK and Norwegian licencing rounds:
* Two new licences awarded in the 27(th) UKCS round; with several others
pending.
* Post period end, on 16(th) January 2013, Bridge was awarded a 40%
interest and operatorship to Bridge in block 6407/4 off Mid-Norway
within the Norwegian APA 2012 licensing round.
Production
* Bridge Energy's average production for Q4 2012 was 863 boe/d (Q4
2011: 1,050 boe/d). from the Victoria, Duart and Boa fields.
Development
* Boa (Bridge 1.55%) - Infill drilling opportunities identified with long-term
lead-items already ordered.
* Duart South & East (Bridge 50%) - The operator has made significant progress
on the subsurface study work for Duart South discovery and Duart East
prospect. The operator is actively working to secure an additional long term
semi-sub rig contract and the Duart in-field development will be considered
as part of the potential rig programme.
* Vulcan satellites - Actively seeking a farm-in partner on the Vulcan East,
Vulcan North West and Vulcan South licences. Farm-down process commenced
late Q4 2012, expected to be progressed through H1 2013.
Corporate Development
* Boa acquisition concluded on 5(th) October 2012 with a net consideration
paid of USD$17.1mm. First stock crude sale post acquisition of USD$9.2mm
was recently received, representing over 50% recovery of initial purchase
price.
* Farm-down of P.1763 Aragon licence (Bridge 16.5%) to Agora Oil & Gas Limited
and JX Nippon Exploration & Production Limited.
* Bridge remains active in the A&D market and is seeking both production
assets and future investment opportunities in order to appropriately
leverage its existing tax loss pool.
Events after the quarter
* Caroline Brown was appointed as a Board Member on 10(th) January 2013.
* First oil was achieved from the Cormorant East Field on 15(th) January 2013.
* CFO Eystein Westgaard, CFO of Bridge Energy resigned on 18(th) January
2013, with his replacement to be announced in due course.
* Updated reserves report issued February 2013.
Outlook - 2013/14 exploration drilling programme
* Two wells planned (and fully funded) for 2013, with the first well expected
to spud Q3 2013.
* PL511 Mjøsa exploration well with committed rig slot expected to commence
operations July 2013. Bridge Energy has 7.5% working interest, with
Wintershall Norge AS operator.
* PL554 & PL554B Garantiana exploration well expected to be drilled in 2014.
Bridge is currently in discussions with Total as operator in order to define
prospective target.
* PL457 exploration well, targeting the independent prospect Amol, expected to
be drilled in Q4. Discussions ongoing within the PL457 group.
* PL494 Hercules exploration well with committed rig slot expected to commence
operations Q2 2014.
* In addition to the above, Bridge continues to be active within both the NCS
and UKCS farm-in markets.
Tom Reynolds, CEO of Bridge Energy, commented:
"I am pleased to announce the Q4 2012 trading update for Bridge, a period which
has been transformational for the business. Following our listing on AIM in
London in September 2012, we have had significant success with the drill bit;
drilling three discoveries from four exploration wells. With our producing
assets providing cash flow to support our ongoing exploration activities, we are
well positioned to continue maturing our substantial portfolio.
"Since the end of the period we have continued to enhance the business, both
from a Board perspective with the addition of Caroline Brown and with the
licence awards in Norway and the UK. To round off a great period, Bridge also
won the coveted NCS Explorer of the Year award 2012, which was welcome
recognition for the team's efforts from our industry colleagues."
- 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
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 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 information is subject of the disclosure requirements pursuant to section
5-12 of the Norwegian Securities Trading Act.
Bridge Energy Q4 Presentation:
http://hugin.info/143039/R/1681757/549888.pdf
Bridge Energy Q4 Report:
http://hugin.info/143039/R/1681757/549887.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#1681757]
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