27 Jun 2012

Bridge Energy ASA agrees farm-down on PL497/497B

Bridge Energy ASA
("Bridge" or "the Company")
Bridge Energy ASA agrees farm-down on PL497/497B
Bridge Energy ASA, the Oslo Axess-listed oil and gas exploration and production company (OAX: BRIDGE) is pleased to announce that its wholly owned subsidiary Bridge Energy Norge AS has executed an agreement with Agora Oil & Gas AS ("Agora") which is 100% owned by Cairn Energy PLC ("Cairn"), for the farm-down of a 15% working interest in production licences PL497 and PL497B on the Norwegian Continental Shelf.

After the transaction Bridge Energy will hold a 15% working interest in the two licences. Cairn, through its subsidiary Agora, will as a consideration for the transaction carry a substantial share of Bridge Energy's well cost. The main prospect in the licences, Geite, is scheduled for drilling in Q3 2012.

Alfred Kjemperud, Managing Director of Bridge Energy Norge, commented:

"We are pleased that Cairn, through Agora, has joined us in the PL497 licence which demonstrates support for the technical potential of the acreage. Through this farm-out, Bridge is able to re-allocate its exploration capital over a wider number of prospects in support of one of our key corporate objectives. The 15% interest in Geite which Bridge retains, represents a substantial target and gives upside potential which could have a material value impact in the event of a discovery."

- Ends -
Oslo, 27 June 2012
For further information, please contact:
Alfred I. Kjemperud
alfred.kjemperud@bridge-energy.com
Managing Director, Bridge Energy Norge        +47 66779630

Tom Reynolds, Chief Executive
tom.reynolds@bridge-energy.com
Aberdeen                                                             +44 1224 659 120

FTI Consulting
Billy Clegg/Edward Westropp                            +44 20 7269 7230
Edward.Westropp@fticonsulting.com

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 (OAX:BRIDGE).
The Company holds 29 licences, 8 as operator, and to date has drilled 13 exploration and appraisal wells, including seven discoveries.
Underpinned by existing production from its operated Victoria field and non-operated Duart 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

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