Bridge Energy, the Oslo Børs and AIM listed oil and gas exploration and production company (OSE: BRIDGE/ AIM: BRDG.L), holds production and development assets in the UK sector of the North Sea and exploration assets on both the UKCS and NCS.
4 producing assets, which currently contribute c.1,100 boepd
- Victoria field has been on production since 2008
- Duart interest (acquired December 2011)
- Boa interest (acquired October 2012)
- Cormorant East interest commenced production January 2013
Reserves and resources (based on Competent Persons Report, 31 December 2013)
- 15.6 mmboe 2P reserves
- 63 mmboe contingent resources
- 203 mmboe risked prospective resources to be drilled 2013-2015
The Company’s core activity is funded from cash flow. Underpinned by existing production, Bridge will pursue the following routes to growth:
- Resource growth through exploration. Over 22 mmboe of 2C Contingent Resource was added to the Company’s existing base through the drill-bit in 2012, which represents a 140% increase in our overall contingent resources.
- At this time four exploration wells are included in the near term drilling programme 2013-2014, targeting c. 158 mmboe.
- Growth through acquisition. With the purchase of a 1.55% interest in the Boa field, concluded during October 2012, the Company’s sources of production and revenue have been enhanced and diversified.
- Such acquisitions are sourced and executed efficiently by optimising the use of the company’s accumulated tax loss pool of c. USD $200million.
- Mature development options within existing portfolio. Through development studies with our various partners management has identified material upside potential within both our existing producing and non-producing asset base.
- Enhanced liquidity and access to capital. The secondary listing on London AIM and transfer to the main Oslo exchange has broadened the Company’s access to investors, building on the list of institutions introduced during the January 2012 capital raising.
- Resource the business. The Company continually ensures that all key functions are appropriately resourced. In a highly competitive market for talent, Bridge continues to build its internal competence.