Bridge Energy ASA Bridge Energy ASA: Agreement between PL457 Asha and PL001B Ivar Aasen discovery
March 08 2013 - 1:30AM
UK Regulatory
TIDMBRDG
8(th) March 2013
Bridge Energy ASA
("Bridge", "Group" or "the Company")
Agreement between PL457 Asha and PL001B Ivar Aasen discovery
Bridge, the Oslo Børs and AIM listed oil and gas exploration and production
company (OSE: BRIDGE/ AIM: BRDG.L), announces that, as a 20% licence partner in
PL457 containing the Asha discovery, it has signed an agreement ("the
Agreement") regarding the co-ordination and joint development of PL001B (the
"Ivar Aasen field") and PL457 Asha discovery.
The Agreement establishes an approach towards unitisation of the discoveries,
with this process expected to be concluded latest mid-2014. On the basis of
this Agreement, the Asha discovery will form an integral part of the proposed
Ivar Aasen field development going forward. The Agreement has been approved by
all relevant licence holders and remains subject to execution by the parties,
which is expected to be concluded imminently.
A plan to develop and operate (PDO) for the Ivar Aasen field was submitted 21
December 2012 to the Norwegian Ministry of Petroleum and Energy and is currently
pending approval, which is expected to be granted by the Norwegian Parliament
prior to 30 June 2013.
The PDO for Ivar Aasen proposes to install a steel legged platform, which will
support dry wellheads and processing capacity. Hydrocarbons from Ivar Aasen
will be then be exported via the Lundin operated Edward Grieg facilities. Field
production start-up is planned for 2016.
Other interests in PL457 are Wintershall Norge 40% (Operator), VNG Norge AS 20%
and E.On Ruhrgas Norge 20%.
Bridge will be hosting a call for analysts, which is scheduled for 12 noon
today, 8(th) March 2013. In order to obtain dial-in access code details, please
register at Jessica.Allum@fticonsulting.com.
Tom Reynolds, CEO of Bridge Energy, commented:
"I am pleased to announce this positive step forward on Asha, which clearly
underlines the commerciality of this discovery; less than one month after our
resource update and three months after drilling.
"With existing estimates indicating more than 13 mmboe net recoverable to Bridge
from Asha, this Agreement both accelerates and unlocks significant value within
PL457. In addition to the Asha discovery further upside potential exists on
this licence within the independent Aglaja and Amol prospective targets."
- 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.
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, 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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