Bridge Energy ASA : Farm-down of P1763 Licence (Aragon)

04 Jan 2013

Bridge Energy ASA

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

Farm-down of P1763 Licence ("Aragon")

Bridge, the Oslo Børs and AIM listed oil and gas exploration and production company (OSE: BRIDGE/ AIM: BRDG.L) has through its wholly owned subsidiary, Bridge Energy (CNS) Limited, completed the agreement ("Transaction") with Agora Oil & Gas (UK) Limited ("Agora") (100% owned by Cairn Energy PLC) and JX Nippon Exploration & Production (UK) Limited ("JX Nippon") for the farm-down of a 16.5% working interest in the P1763 Aragon prospect in the UK Northern North Sea. 

As a result of the Transaction, all parties have agreed to participate in drilling a well to test the Aragon prospect prior to Q1 2015.

Subject to Transaction approval from the Department of Energy and Climate Change, Bridge will then hold a revised interest of 13.5%, with MPX North Sea Limited 22.5% (Operator), Agora Oil & Gas (UK) Limited 30%, JX Nippon Exploration & Production (UK) Limited 25% and Sorgenia E&P (UK) Limited 9%.

Tom Reynolds, CEO of Bridge Energy, commented:
"We are pleased both Cairn and JX Nippon have joined us in this licence, which demonstrates technical support for the potential within this acreage.  This farm-down continues our long-term strategy of re-allocating exploration capital over a wider number of opportunities, with the 13.5% remaining interest which Bridge retains in the licence, continuing to provide material upside potential."

- 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.

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.