22 Feb 2012
Bridge Energy Annual Statement of Reserves
Bridge Energy, the Oslo Axess-listed (OAX: BRIDGE) oil and
gas exploration and production company is pleased to
announce the release of its Annual Statement of Reserves
• Proved developed gas reserves (1P) increased
slightly, from 2.18 to 2.22 million barrels of oil
equivalent (mmboe). The produced volumes from
the Victoria gas field was more than compensated by
added reserves in the the Duart oil field.
• Total 2P/P50 reserves are 21.3 mmboe, unchanged from
Einar H. Bandlien, Bridge's Chief Executive Officer,
commented, "The reserves and resources recognized
within the annual statement provide a solid foundation for
Bridge's parallel growth strategies. These are production
growth driven by development projects and resource growth
driven by exploration drilling. Reserves added through the
Duart acquisition will provide additional production
revenues to support the 2012/13 activity programme.
Following the steps taken by management during 2011 to
improve the underlying balance sheet - including an
expansion of available debt facilities and an equity raise
- Bridge will now execute the Victoria phase II development
project adding more production and cash flow in 2013.
The resulting cash flow will allow Bridge to drill nine
wells over the 2012/13 period. The 2012 programme has 5
firm wells, which include testing PL457 in the greater
Johan Sverdrup area targeting more than 30 mmboe on an
unrisked basis net to Bridge.
The development of Victoria phase II will demonstrate that
Bridge's gas resources can be delivered through the use of
horizontal multi-fractured wells and will substantially
de-risk the reserves and resources within Vulcan East and
Vulcan North West."
All of Bridge Energy's reserves and resources were
independently audited at year end 2011 by AGR Petroleum
Services AS for the Norwegian assets and TRACS
International Consultancy Ltd. for the UK assets. Both
companies are owned by AGR Petroleum Services Holding AS.
For further information contact:
Einar H. Bandlien,
+47 66 77 69 30
Tom Reynolds, Deputy CEO
+44 7795 373477
+47 66 77 96 30