Bridge Energy Production on Track

Anglo-Norwegian junior explorer Bridge Energy reported Thursday that its production was in line with expectations during the first three months of the year, when Bridge saw net production of 1,110 barrels of oil equivalent per day (1Q 2012: 873 boepd).

Bridge confirmed that its Mjøsa exploration well on Norwegian production license 511 is currently being drilled, while its Amol prospect on PL457 is expected to begin drilling in the third quarter of this year. Mjøsa is targeting estimate resources of 14 million barrels of oil equivalent.

The firm also confirmed that it expects near-term drilling to take place on both its Boa and Duart assets in the North Sea in 2014 and 2015. Meanwhile, discussions are ongoing regarding potential farm-in partners for its Vulcan East, Vulcan North West and Vulcan South licenses.

During the first quarter the UK Cormorant East field came on production 85 days after its discovery. Bridge confirmed it is currently undergoing testing through a six-month depletion phase.

Bridge CEO Tom Reynolds commented in a statement:

"In the first quarter of 2013, we have focused on building from a strong 4Q 2012. The remapping of the Asha discovery, subsequent increase in resource estimates and likely unitization with the Ivar Aasen field development has created significant value as well as expanding the options available to Bridge to achieve business growth.

"With our production on track, we continue to pursue various options to deliver increased growth of our business, both organically and via acquisition.  In addition, exciting development options exist within our existing portfolio and we will continue to progress these options through 2013, in order to unlock this value.

"Having kick-started our 2013 exploration program with the recent spud of Mjøsa, we look forward to progressing the other growth options over the year to come."

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