Bridge Confirms Two Norwegian Wells for 2013

Anglo-Norwegian junior explorer Bridge Energy expects to drill two wells in 2013, with the first well expected to spud in the third quarter of 2013, the firm confirmed Thursday.

Reporting a trading update for 4Q 2012, Bridge said that it expects to see operations begin on its Mjøsa exploration well on Norwegian production license 511 in July 2013. Bridge has a 7.5-percent stake in the license, where Wintershall Norge is the operator.

The firm’s PL457 exploration well, which is to target the Amol prospect, is expected to be drilled in 4Q 2013.

Bridge also confirmeds that it would drill two wells in 2014. The firm is currently in discussions with Total in order to define a prospective target for the Garantiana exploration well on PL554 and PL554B, while it expects to see operations start on the PL494 Hercules exploration well in 2Q 2014.

Bridge was involved in the drilling of four exploration wells in 4Q 2012, three of which – the Contender well in the UK North Sea, the Garantiana well on PL554 in the Norwegian North Sea and Asha well on PL457 in the Norwegian North Sea – yielded commercial oil discoveries.

"I am pleased to announce the Q4 2012 trading update for Bridge, a period which has been transformational for the business. Following our listing on AIM in London in September 2012, we have had significant success with the drill bit; drilling three discoveries from four exploration wells. With our producing assets providing cash flow to support our ongoing exploration activities, we are well positioned to continue maturing our substantial portfolio," Bridge Energy CEO Tom Reynolds commented in a statement.

"Since the end of the period we have continued to enhance the business, both from a Board perspective with the addition of Caroline Brown and with the licence awards in Norway and the UK. To round off a great period, Bridge also won the coveted NCS Explorer of the Year award 2012, which was welcome recognition for the team's efforts from our industry colleagues."



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