More oil recoverable from Asha offshore Norway

Offshore staff

OSLO, Norway – Bridge Energy (OSE: BRIDGE/ AIM: BRDG.L) says reserves have been upgraded for the recent Asha discovery in the Norwegian North Sea.

The company is a 20% partner in surrounding license PL457 that is operated by Wintershall.

An oil find was first announced in December, involving one well followed by a side track. These encountered good quality oil in Mid-Jurassic Hugin and Triassic Skagerrak reservoirs.

Earlier analysis suggested 25-35 MMboe recoverable within the license, but Wintershall’s recent mapping indicates that the discovery is in direct communication with a large upside volume east of the main structure.

As a result, Bridge assesses Asha’s potential in the 30-100 MMboe range, with potential additional volumes of a similar size in neighboring licenses.

Further appraisal drilling could follow.

2/6/2013

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