Wintershall Starts PL457 Drilling Campaign

Anglo-Norwegian junior explorer Bridge Energy reported Wednesday that its partner, Wintershall, has started its exploration drilling campaign on Norwegian production license PL457.

Two wells are being drilled on PL457: the Amol prospect on the Utsira High and the Asha East prospect on the Gudrun Terrace. Both wells will be drilled by the Borgland Dolpin (mid-water semisub) rig, with the Asha East well being drilled as a side-track from the Amol well main bore. Results from Asha East are expected first.

Bridge CEO Tom Reynolds commented in a company statement:

"I am pleased to announce the spud of the next two exploration wells within the Bridge 2013 drilling program. The wells will target the Amol prospect, where we estimate around six million barrels of oil equivalent potential net recoverable resource to Bridge on an un-risked basis, and will also target the Asha East prospect.

"With significant resources discovered through the Asha well drilled in 2012, these wells have the potential to add significant resources to an already valuable asset."

Bridge has 20-percent interest in PL457, while operator Wintershall has a 40-percent stake. VNG and E.ON both have a 20-percent interest in the license.

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