Bridge Energy ASA : Announcement from Spike Exploration Holding AS

18 Oct 2013

Bridge Energy ASA

("Bridge", "Group" or "the Company")

Announcement from Spike Exploration Holding AS

Bridge, the Oslo Børs and AIM listed oil and gas exploration and production company (OSE:BRIDGE/AIM:BRDG.L), notes the announcement by Spike Exploration Holding AS (the "Offeror")  today in relation to its voluntary tender offer to acquire all outstanding shares in Bridge Energy ASA. As at the time of this release the Offeror holds 21,058,484 Shares, representing approximately 33.20 per cent of the Shares and voting rights in the Company. In addition, the Offeror has received acceptances under the Offer for a total of 40,250,144 Shares, representing approximately 63.5 per cent of the Shares and voting rights in the Company. In total, the Offeror's holding of Shares and rights to Shares equals approximately 96.7 per cent of the outstanding Shares and voting rights in the Company.  This means that the condition relating to minimum acceptance level in the Offer has been met.

The full text of Spike Exploration Holding AS announcement is below:

NOT FOR DISTRIBUTION IN OR INTO AUSTRALIA, JAPAN OR  ANY OTHER JURISDICTION IN WHICH THE DISTRIBUTION OR  RELEASE WOULD BE UNLAWFUL

Stavanger, 18 October 2013 - Reference is made to the  offer document dated 3 October 2013 (the "Offer  Document"), issued by Spike Exploration Holding AS  (the "Offeror"), relating to its voluntary tender  offer (the "Offer") to acquire all outstanding share(the "Shares") in Bridge Energy ASA (the "Company").

As of the time of this release, the Offeror holds 21,058,484 Shares, representing approximately 33.20 per cent of the Shares and voting rights in the Company. In addition, the Offeror has received acceptances under the Offer for a total of 40,250,144 Shares, representing approximately 63.5 per cent of the Shares and voting rights in the Company. In total, the Offeror's holding of Shares and rights to Shares equals approximately 96.7 per cent of the outstanding Shares and voting rights in the Company. This means that the condition relating to minimum acceptance level in the Offer has been met.

The period within which the Offer can be accepted expires today at 16:30 hours (CET).

Completion of the Offer is subject to the fulfilment or waiver by the Offeror of the conditions to completion set out in the Offer Document. The Offeror expects that the remaining conditions to completion of the Offer will be met or waived, as applicable, no later than early November 2013. Other than the condition relating to acceptance level addressed above, as of the date hereof, none of the conditions that require any action in order to be fulfilled have been fulfilled, and none of the conditions that refers to events that shall not occur have, to the Offeror's knowledge, occurred.

The Offer and the distribution of this announcement and other information in connection with the Offer may be restricted by law in certain jurisdictions.

Spike Exploration does not assume any responsibility in the event there is a violation by any person of such restrictions. Persons into whose possession this announcement or such other information should come are required to inform themselves about and to observe any such restrictions.

Contacts
Spike Exploration Holding AS
Bjørn Inge Tønnessen, CEO, [phone] bit@spike -
x.com
Harald Vabø, Chairman, [phone],
[e-mail]
This information is subject to the disclosure requirements set out in sections 4-3 and 6-19 of the  Norwegian Securities Trading Act.

- Ends -

For further information, please contact:

Bridge Energy
Tom Reynolds, Chief Executive
[e-mail]
Aberdeen
[phone]

Euan Tait, Corporate Development
[e-mail]
Aberdeen
[phone]

Cenkos Securities
Jon Fitzpatrick
[phone]
Neil McDonald
[phone]

FTI Consulting
Edward Westropp/Natalia Erikssen
[phone]
[e-mail]

Statutory guidance statements
This information is subject to disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act.

Notes to Editors
Bridge Energy is an oil and gas exploration and production company which holds production licences in the UK (North Sea) Continental Shelf and exploration assets in both the UK and Norwegian Continental Shelves. The company is listed on the Oslo stock exchange (OSE: BRIDGE) and the London stock exchange (AIM: BRDG.L).

The Company has a significant number of licences both within the UK and NCS, including several operatorships.  Bridge has drilled 18 exploration and appraisal wells, including ten discoveries.

Underpinned by existing production from its operated Victoria field, non-operated Duart field, non-operated Boa field, Bridge boasts a high impact exploration portfolio with a strong inventory of undeveloped gas discoveries which represents a sustainable business platform for production and exploration growth in the North Sea.

For more information please visit: www.bridge-energy.com