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Asha Discovery Estimated to Hold 25-35 MMboe

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Bridge Energy, a partner in Production License 457, announced in a press release the increased resource estimates for the 16/1 Asha oil discovery in the Norwegian sector of the North Sea. This follows the completion of well operations on 16/1-6 well and the sidetrack well 16/1-16A in January 2013 and further analysis carried out since then.

The Asha discovery encountered good quality oil in excellent reservoirs within the Middle Jurassic Hugin formation and Triassic Skagerrak formation. A preliminary estimate of the size of the Asha discovery is reported to be between 25 and 35 million barrels of oil equivalent (MMboe) recoverable resources within the license, which excluded potential additional volumes outside the license.

"I am very pleased to announce this positive development on the Asha oil discovery, which shows increased commercial resources situated close to the other significant developments in the area - the Ivar Aasen and Edvard Grieg fields. Asha will make a significant contribution to the total resources within the western Utsira High area," stated Tom Reynolds, CEO of Bridge Energy.

The operator has indicated that the Asha discovery is in direct communication with a large upside volume to the east of the main structure. Based on the updated mapping, it is estimated that the size of the discovery to be between 30 and 100 MMboe of recoverable resources within license PL 457. Bridge stated that these estimates exclude potential additional volumes in neighboring licenses - estimated to be of a similar order of magnitude.

Further appraisal of the discovery is being considered by the consortium.

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