Bridge Energy ASA Bridge Energy Asa: Duart Restart Schedule
29 June 2013 - 12:38AM
UK Regulatory
TIDMBRIDGE
28(th) June 2013
Bridge Energy ASA
("Bridge", "Group" or "the Company")
Duart Restart Schedule
Bridge, the Oslo Børs and AIM listed oil and gas exploration and
production company (OSE: BRIDGE/AIM: BRDG.L), provides an update on the
scheduled restart of production from the Duart field, which is located
in the UK North Sea and in which Bridge holds a 50% working interest.
As announced by the Company in September 2012, the Duart field was
scheduled to restart production in October 2013, following an extended
outage of the Tartan host platform to complete certain maintenance and
modification work. The Operator for the field has advised that, due to
extension of the Tartan works, Duart restart is now likely to be
deferred into late Q1 2014 or early Q2 2014.
Tartan platform provides production processing services including gas
lift to the Duart field. None of the Tartan remediation works are
related to the Duart well or to the Duart field facilities. This delay
therefore represents a deferral of cash flow, with Duart reserves and
value remaining unchanged.
The proposed well targeting Duart East/Duart South remains under
consideration by the partnership, with further work to define the
opportunity likely to be finalised in 2014.
Tom Reynolds, CEO of Bridge Energy, commented:
"Whilst the Duart deferred re-start is disappointing, ongoing cash
generated from our existing producing assets, along with existing
banking facilities ensure we remain adequately resourced until Duart
production recommences. We very much look forward to the commencement
of our autumn exploration drilling schedule on our Norwegian Licence
PL457, which will target both the Amol prospect and our Asha discovery."
- Ends -
For further information, please contact:
Bridge Energy
Tom Reynolds, Chief Executive
tom.reynolds@bridge-energy.com
Aberdeen +44 1224 659 120
Cenkos Securities
Jon Fitzpatrick +44 207 397 1951
Neil McDonald +44 131 220 9771
FTI Consulting
Natalia Erikssen +44 20 7831 3113
natalia.erikssen@fticonsulting.com
Statutory guidance statements
This information is subject to disclosure requirements pursuant to
section 5-12 of the Norwegian Securities Trading Act.
The information contained in this announcement has been reviewed and
approved by Ernest Edwards, Operations Director, Bridge Energy UK Ltd.
Ernest holds a MSc in Petroleum Engineering from Imperial College
(London) and has been a practising Reservoir and Petroleum Engineer for
over 20 years and is a member of the Society of Petroleum Engineers
(SPE). He has compiled, read and approved the technical disclosure in
this regulatory announcement
The technical disclosure in this announcement and the estimates in the
CPR are based on the definitions and guidelines set out in the 2007
Petroleum Resources Management System prepared by the Oil and Gas
Reserves Committee of the Society of Petroleum Engineers and reviewed
and jointly sponsored by the World Petroleum Council (WPC), the American
Association of Petroleum Geologists (AAPG) and the Society of Petroleum
Evaluation Engineers (SPEE).These definitions and guidelines can be
found on the SPE website at www.spe.org.
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.
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.
This announcement is distributed by Thomson Reuters on behalf of Thomson
Reuters clients.
The owner of this announcement warrants that:
(i) the releases contained herein are protected by copyright and other
applicable laws; and
(ii) they are solely responsible for the content, accuracy and
originality of the
information contained therein.
Source: Bridge Energy ASA via Thomson Reuters ONE
HUG#1712930
http://www.bridge-energy.no/
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