Bridge Energy ASA announces Asha oil discovery, results of PL 457 well 16/1-16 and sidetrack 16/1-16A

Thursday, Dec 20, 2012

Bridge, the Oslo Børs and AIM listed oil and gas exploration and production company (OSE: BRIDGE/ AIM: BRDG.L), as a 20% licence partner in PL 457, announces that operations on the 16/1-16A sidetrack on the Asha discovery in PL 457 in the Norwegian North Sea are about to complete.

The Asha discovery was made by the first wellbore, 16/1-16, encountering good quality oil in excellent reservoirs of the Middle Jurassic Hugin Formation and Triassic Skagerrak Formation. A sidetrack well, 16/1-16A, was then drilled to appraise the discovery and to identify an oil-water contact. The sidetrack well has now been drilled to its total depth confirming the good quality reservoir and an oil-water contact has been established. Data assessment is on-going.

Taking account of the preliminary results of the sidetrack, Bridge estimates the size of the Asha discovery to be between 25 and 35 mmboe recoverable resources within PL 457, excluding potential additional volumes outside the licence. The Asha discovery well is the first exploration well in PL 457. Other prospects, located in the immediate vicinity of the discovery, are under evaluation. A second exploration well is planned to be drilled in the area.

Tom Reynolds, CEO of Bridge Energy, commented:

"I am very pleased to announce this significant oil discovery on the Asha prospect. The Asha discovery adds substantial resources to Bridge, and other prospects on the licence offer further upside potential.

With this result, Bridge has made three commercial discoveries from four wells drilled in 2012 adding approximately 15 million barrels of oil equivalents to our resource base. This broadens the number of production growth options within our portfolio, and the Bridge team is now looking forward to working with our partners to examine future drilling targets and potential development options."

Partners in the PL 457 licence are: Wintershall Norge AS, Operator (40%), Bridge Energy Norge AS (20%), E.ON E&P Norge AS (20%), VNG Norge AS (20%).

Source: Bridge Energy ASA

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