Bridge Energy ASA : Offer by Spike Exploration Holding AS and Statement by the Board of Bridge

04 Oct 2013

Bridge Energy ASA

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

Offer by Spike Exploration Holding AS and statement by the Board of Bridge

Bridge, the Oslo Børs and AIM listed oil and gas exploration and production company (OSE: BRIDGE/AIM:BRDG.L), refers to the voluntary offer ("the Offer") made by Spike Exploration Holding AS ("Spike") to acquire the entire share capital of Bridge against a consideration in cash of NOK 15.25 per share ("the Offer Price").

On 16 September 2013, Spike announced its intention to launch the Offer which was unanimously recommended by the Bridge Board of Directors ("the Board").

Further to the announcement of 16 September 2013, Spike launched the Offer through an offer document dated 3 October 2013 (the "Offer Document"), which has been submitted to the shareholders of Bridge. The acceptance period of the Offer commenced today, 4 October 2013, and will end on 18 October 2013 at 16:30 hours (CET), subject to extensions.  The Board has in this respect issued its statement pursuant to section 6-19 cf. 6-16 of the Norwegian Securities Trading Act recommending its shareholders to accept the Offer. A copy of the Board recommendation is attached to this announcement.

It should be noted that pursuant to clause 3.5 of the Offer Document regarding procedures for accepting the Offer that shareholders who own shares registered in the names of broker's banks, investment companies or other nominees, must contact such persons to accept the Offer.

Pursuant to the Offer Document and fulfilment or waiver of the conditions therein, settlement is expected to take place during November 2013.

In addition to the Board recommendation, the Offer received pre-acceptances from shareholders holding approximately 62% of the total issued and outstanding shares of Bridge.  On 29 September 2013, Spike entered into a conditional share purchase agreement for the acquisition of 17,849,284 Bridge shares from the Province of Alberta by its manager Alberta Investment Management Corporation ("AIMCo) for a cash consideration equalling the Offer Price.  The shares to be acquired represent approximately 28.14% of the outstanding shares in Bridge.  The previously announced Offer pre-acceptances of 62% included the AIMCo shareholding.

Furthermore, Spike has today announced that they have acquired an additional 3,209,200 Bridge shares (representing approximately 5.06 per cent of the outstanding shares and votes in Bridge), and that they thereby hold shares and rights to shares in Bridge equal to 66.74% of the outstanding shares and votes in the Company.

- 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.