Bridge Ups Asha Discovery Reserves Estimates (Norway)

Bridge, the Oslo Børs and AIM listed oil and gas exploration and production company, as a 20% licence partner in PL457, announces increased resource estimates for the 16/1 Asha oil discovery in the Norwegian North Sea (previously announced in December 2012). This follows completion of well operations on 16/1-16 and the sidetrack well 16/1-16A on 1st January 2013 and further analysis carried out since then.

As previously reported, the Asha discovery encountered good quality oil in excellent reservoirs within the Middle Jurassic Hugin Formation and Triassic Skagerrak Formation. A preliminary estimate of the size of the Asha discovery was reported to be between 25 and 35 mmboe recoverable resources within PL457, which excluded potential additional volumes outside the licence.

Recent updates in mapping by the operator indicate that the Asha discovery is in direct communication with a large upside volume to the east of the main structure. These volumes are in addition to the volumes reported previously.

Based on this updated mapping, Bridge now estimates the size of the Asha discovery to be between approximately 30 and 100 mmboe of recoverable resources within licence PL457. These estimates exclude potential additional volumes in neighbouring licences, which are estimated to be of a similar order of magnitude. The Asha resource numbers are currently being evaluated for Bridge by an external auditor as part of the annual reserves and resource report, which will be issued later this month.

Further appraisal of the discovery is now being considered.

Tom Reynolds, CEO of Bridge Energy, commented:

“I am very pleased to announce this positive development on the Asha oil discovery, which shows increased commercial resources situated close to the other significant developments in the area – the Ivar Aasen and Edvard Grieg fields.  Asha will make a significant contribution to the total resources within the western Utsira High area.”

Press Release, February 6, 2013

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