Bridge Energy ASA : Bridge Energy Announces awarded new bloc...

06 Jan 2012

Aberdeen, 6 January 2012
Bridge Energy ASA
("Bridge" or "the Company")

Title: Bridge Energy Announces awarded new block in the UK North Sea

Bridge, the Oslo Axess-listed oil and gas exploration and production company (OAX: BRIDGE) is pleased to announce that it has been notified by the UK Department of Energy and Climate Change (DECC) that it has been awarded block 49/21c in the UK North Sea in the 26th Seaward Licensing Round. The award is for a traditional licence and the initial term is for four years and carries a commitment to reprocess 150 km of 3D seismic data. A decision on drilling a well will be required to be made by the end of the fourth year of the initial term.

Jim Brunton, MD of Bridge UK commented:
"We are very pleased to have been offered this block which we see as adding further quality to our exciting exploration portfolio in one of our core areas in the Southern Gas basin. Given the location of the block in this prolific and productive sector of the UK gas basin surrounded by the Leman, Vulcan and Valiant gas fields, we are confident in the prospects that we have mapped on the licence."

Jim Brunton, Managing Director UK
[e-mail]
Aberdeen                                           [phone]

Einar Bandlien, CEO                          [phone]
[e-mail]    [phone]   
FTI Consulting
Billy Clegg/Edward Westropp            [phone]
[e-mail]

 Notes to Editors

Bridge Energy the Oslo Axess-listed (OAX: BRIDGE) oil and gas exploration and production company holds production licences in the UK (North Sea) Continental Shelf and exploration assets in both the UK and Norwegian Continental Shelves.

The Company holds 26 licences, 7 as operator, and to date drilled 13 exploration and appraisal wells, including seven discoveries. Average production for 1H 2011 was 6.84 mmcf/d (1,141boe/d).

Underpinned by existing production from its operated Victoria and non-operated Duart fields, 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.