Bridge Energy increases resource estimates

Bridge Energy , the Oslo Brs and AIM-listed oil and gas exploration and production company, has reported an increase in proved plus probable (2P) developed reserves.

In an updated independent annual reserves and resource report, the company reported that 2P developed reserves had increased to 3.26m barrels of oil equivalent (mmboe) as of December 31st compared to 2.67mmboe one year earlier.

The company reported that this represents a "2P reserve replacement ratio of 224% during 2012".

The net best estimate of contingent resource (2C) more than doubled, increasing by 37mmboe to 66mmboe as of December 31st and as a result of three successful discoveries out of the four explorations wells drilled in 2012, 22mmboe net 2C resource was added through the drill bit, the company reported.

Bridge's portfolio currently includes 11 discoveries in the UK and four in Norway. The company has interests in 12 licences in the UK sector of the North Sea containing 10 main prospects and additional identified leads.

In addition, Bridge holds interests in 16 licences in the Norwegian Sector of the North Sea containing 22 prospects as well as additional leads.

Tom Reynolds, the Chief Executive Officer of Bridge Energy, commented: "The recently completed reserves and resources report underlines the significant steps made by Bridge, through acquisition, development of our existing asset base and exploration success in 2012.

"The step-change in the commercial resource base coupled with progressing our development portfolio provides for a very exciting growth phase for Bridge to build upon during 2013."

MF