Bridge Energy ASA Bridge Energy Asa : Q1 Results For The Period Ended 31 March 2013
May 23 2013 - 12:00AM
UK Regulatory
TIDMBRIDGE
23(rd) May 2013
Bridge Energy ASA
("Bridge", "Group" or "the Company")
Q1 results for the period ended 31 March 2013
Bridge, the Oslo Børs and AIM listed oil and gas exploration and
production company (OSE: BRIDGE/ AIM: BRDG.L), is pleased to announce
its Q1 trading update for the period ended 31 March 2013.
A summary of the Company's Q1 Quarterly Report is highlighted below,
with the full detailed report attached herein and, along with a
presentation, available on the Bridge website.
HIGHLIGHTS
Exploration programme underway
-- 2013 drilling programme has started, with significant follow-up to 2012
discovered resource anticipated later in the year
-- 2013 exploration programme is fully funded and will target around 22mmboe
in unrisked resources net to Bridge
-- Company fully resourced and is expected to accumulate cash through 2013
-- Updated mapping of the recent PL457 Asha discovery has indicated a
significant increase in resource estimates
-- A pre-unitisation agreement between PL457 and PL001B Ivar Aasen field
interest holders has been entered into
Building a strong portfolio of assets
-- An updated independent annual reserves and resource report prepared by
AGR Tracs International Limited was completed, confirming significant
resource increase in 2012
-- Licence award and operatorship in the Norwegian APA 2012 Licensing round
of PL690, which contains the Spinell North discovery
-- Several awards pending from the 27th UKCS round
Production on track
-- Average production was 1,110 boe/d (Q1 2012: 873 boe/d)
-- The UK Cormorant East Field came on to production 85 days after discovery
and is currently ongoing testing through a 6-month depletion phase
-- A combination of a robust hedging programme, along with high commodity
prices ensures good revenue generation from production
Development
-- Near term drilling is anticipated in 2014 and 2015 with both the Boa and
Duart assets
-- Discussions remain ongoing with potential farm-in partners on the Vulcan
East, Vulcan North West and Vulcan South licences
Financials
-- Production revenues in line with management expectations
-- Net operational cash greater than budget due to higher realised commodity
prices
-- Cash balance stands at approximately USD$14.5mm (Q4 approx. USD$8.3mm)
-- Debt facilities provide adequate support for growth:
-- Reserve base lending facility currently GBP13m drawn on the GBP42m
credit line
-- Exploration facility currently 233 MMNOK drawn on the 400 MMNOK
credit line
Post-period events and Outlook
-- Two exploration wells to be drilled in 2013 - PL511 Mjøsa (already
commenced drilling) and PL457 Amol prospect (expected to commence
drilling Q3 2013)
-- PL511 Mjøsa exploration well spud April targeting estimated unrisked
mean potential by the of 14 mmboe net to Bridge
Tom Reynolds, CEO of Bridge Energy, commented:
"In the first quarter of 2013, we have focused on building from a
strong 4Q2012. The remapping of the Asha discovery, subsequent increase
in resource estimates and likely unitisation with the Ivar Aasen field
development has created significant value as well as expanding the
options available to Bridge to achieve business growth.
With our production on track, we continue to pursue various options to
deliver increased growth of our business, both organically and via
acquisition. In addition, exciting development options exist within our
existing portfolio and we will continue to progress these options
through 2013, in order to unlock this value.
Having kick-started our 2013 exploration programme with the recent spud
of Mjøsa, we look forward to progressing the other growth options
over the year to come."
- 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 Q1 Presentation:
http://hugin.info/143039/R/1703868/563259.pdf
Bridge Energy Q1 Report: http://hugin.info/143039/R/1703868/563258.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#1703868
http://www.bridge-energy.no/
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