Bridge Energy ASA : Cormorant East Field Shut-in

15 Jan 2013

Bridge Energy ASA

("Bridge", "Group" or "the Company")

Cormorant East Field Shut-in

Bridge, the Oslo Børs and AIM listed oil and gas exploration and production company (OSE: BRIDGE/ AIM: BRDG.L) confirms that the export infrastructure system ("Export System") used by the Cormorant East Field ("Cormorant East"), is currently unavailable due to issues on the Cormorant Alpha platform.  As a consequence all production and associated pipeline infrastructure, including Cormorant East, is currently shut-in.   

The Export System Operator is providing updates on the shutdown status via its website:

http://www.taqaglobal.com/media-centre/press-releases/2013.aspx?sc_lang=en

- Ends -

For further information, please contact:

Bridge Energy
Tom Reynolds, Chief Executive
[e-mail]
Aberdeen                                                 [phone]

Cenkos Securities
Jon Fitzpatrick                                          [phone]
Neil McDonald                                         [phone]

FTI Consulting
Edward Westropp/Natalia Erikssen           [phone]
[e-mail]

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 20 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 in the CPR 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, non-operated Boa field and now the non-operated Cormorant East 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.