Bridge Gets DECC OK for Victoria Phase 2

Bridge has received approval from the United Kingdom Department of Energy and Climate Change (DECC) for the development of the Victoria Phase 2 project.

The Victoria field, (owned and operated by Bridge) is located in License P033 Block 49/17 in the Southern North Sea. The original Victoria field was developed in 2008 and is a subsea tie-back to the Viking BD facilities operated by ConocoPhillips. The field is currently producing approximately 7,500 mmscfd (1,250 boe/d). The Phase 2 project is a further subsea well tied back approximately 70 meters to the existing Victoria subsea infrastructure. The well is planned to be a horizontal well, which will be hydraulically fracture stimulated and should add approximately, 1,700 boe/d production. Bridge is planning for first gas from the new field sometime in 2012 or early 2013 subject to rig availability.

Bridge UK's Managing Director Jim Brunton commented, "This news combined with the recent announcements of the Duart acquisition and the extension to our Debt Facility is a major step forward in meeting our stated plans for delivery of production growth.

"Subject to rig availability, we will be producing approximately 3,700 boe/d by the end of 2012 from the Victoria, Duart and Victoria Phase 2 fields which will further facilitate our exciting exploration program in 2012 and beyond."