Bridge Energy ASA Corporate Presentation March 2013 21st March 2013 - PowerPoint PPT Presentation

Bridge Energy ASA Corporate Presentation March 2013 21st March 2013

Disclaimer This presentation and its appendices (together the “Presentation”) have been prepared and delivered by Bridge Energy ASA (“Bridge Energy” or the “Company”) . The Presentation and its contents are strictly confidential and may not be reproduced or redistributed, in whole or in part, to any other person than the intended recipient. The Presentation is prepared for discussion purposes only. The Presentation does not constitute, and should not be construed as, any offer or invitation or recommendation to buy or sell any of the securities issued by the Company and does and will not constitute or form or be part of any offering material. The Presentation contains information which has been sourced from third parties believed to be reliable, but without independent verification. The Presentation contains certain forward-looking statements relating to the business, financial performance and results of the relevant issuers and/or industries and markets. These statements may contain words as “will”, ”expects”, “anticipates”, ”believes”, ”estimates” and words of similar import. Any forward-looking statements and other information contained in this Presentation, including assumptions, opinions and views cited from third party sources are solely opinions and forecasts which are subject to risks, uncertainties and other factors that may cause actual events to differ materially from any anticipated development. As such by the nature of any forward looking statement, relying on such statements involves risk. This Presentation has not been reviewed or registered with any public authority, stock exchange or regulated market place, hereunder the Oslo Stock Exchange and the UK Financial Services Authority. The shares of the Company have not and will not be registered under the U.S. Securities Act or any state securities laws, and may not be offered or sold within the United States, or to the account or benefit of U.S. Persons. No part of this document may be copied or duplicated in any form or by any means or redistributed without the written consent of the Company. The distribution of this Presentation is in certain jurisdictions is restricted by law, including (but not limited to) USA, Canada, Japan, Australia and Hong Kong. Persons into whose possession this Presentation may come are required to inform themselves about and to comply with all applicable laws and regulations in force in any jurisdiction in or from which it invests or receives or possesses this Presentation and must obtain any consent, approval or permission required under the laws and regulations in force in such jurisdiction. By attending or receiving this Presentation you acknowledge that you will be solely responsible for your own assessment of the information herein, the market and the market position of the Company and the relevant securities and that you will conduct your own analysis and be solely responsible for forming your own view of the potential future performance of any relevant investments. Neither Bridge Energy nor any subsidiary undertakings or any such person‟s affiliates makes any undertaking, representation or warranty (express or implied) as to the accuracy or completeness of the information (whether written or oral and whether or not included in this Presentation) concerning the matters described herein. Neither Bridge Energy nor any subsidiary undertakings or any such person‟s affiliates accepts any liability whatsoever as to any errors, omissions or misstatements contained herein and, accordingly, neither Bridge Energy nor any subsidiary undertakings or any such person‟s affiliates, officers, employees, accepts any liability whatsoever arising directly or indirectly from the use of this Presentation or the information included herein. The Presentation speaks and reflects prevailing conditions and views as of 21st March 2013 . It may be subject to corrections and change at any time without notice. Neither Bridge Energy nor any subsidiary undertakings or any such person‟s affiliates intend to, and neither the delivery of this Presentation or any further discussions with any recipient shall, under any circumstances, not create any implication that the Company assumes any obligation to, update or correct the information herein. Nor is this Presentation an implication that there has been no change in the affairs of the Company since such date. This Presentation is subject to Norwegian law and the exclusive jurisdiction of the Norwegian courts. 21st March 2013 2

Table of contents • Corporate overview • Current producing assets • Development potential • Exploration success • Extensive ongoing explo. programme • Summary

Introduction • Bridge Energy ASA (“Bridge”) is a Norwegian and UK listed full cycle oil & gas company • Exploration & Production company holding production assets in the UKCS and exploration assets in both NCS and UKCS • 4 producing assets, which currently contribute c.1,200 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 • Production projected to exceed 10,000 boepd within 5 years from existing portfolio • Bridge has 37 licences (8 as operator) and has drilled 17 E&A wells, including 10 discoveries • High impact exploration portfolio underpinned by existing production, along with a strong inventory of undeveloped discoveries 21st March 2013 4

Bridge – a self-sustaining E&P business • Listed Oslo 21 May 2010 (OSE: BRIDGE) Share structure • Listed London AIM 27 September 2012 (AIM: BRDG.L) 4,8% 1,0% 7,6% • Analyst Coverage Analyst – Pareto Thomas Aarrestad 33.9% – First Securities Teodor Sveen Nilsen – ABG Sundal Collier Anders Holte – 25.1% Carnegie ASA Martin Vold – Sparebank Markets Kristoffer Dahlberg – Fondsfinans ASA Morten Lindbaek – Cenkos Securities Ashley Kelty – Edison Research Ian McClelland 28.2% Float AIMCo Lime Rock Storebrand KLP Mgt Share Price *12,15NOK (135p) Shares in issue 63,429,169 Consensus TP 21 NOK Market cap 771 MNOK (£88m) *18 th March 2013 21st March 2013 5

Five clear routes to delivering growth • Growth through acquisition – Significant UK tax loss position shelters cash flow from production – Supports higher level of debt funding to fund acquisition – Resulting leverage supports strong return on invested equity • Broaden exploration portfolio – Targeting 3-4 exploration wells drilled per year – Significant inventory of targets in both the NCS and UKCS • Progress development options within existing portfolio of assets – Significant upside potential within Duart & Boa assets, with ability to deliver production increase at reasonable cost in the short term – Material value within Vulcan satellites, can be unlocked through introduction of partner • Grow liquidity and access to capital – Enhanced through listing on AIM and transfer to Oslo Børs – Debt facilities with accordion capability to support growth • Resource the business – Strong management team with track record of delivery 21st March 2013 6

2012- a transformational year Production Exploration • 2P reserves increase by 22% & • 4 wells drilled with 3 discoveries value increase to NPV 10 £68mm • 23mmboe of 2C resource added through drill-bit • Acquisition of Boa Interest Oct • 37mmboe 2C in total 2012 • Additional targets de-risked & further • RRR 221 % licence awards in 2012 Development upside Liquidity & access to capital • Asha pre-unitisation agreement • Good progress made on Duart • AIM listing Sep 2012 and Boa • Transfer to Oslo Bors Oct 2012 • Maturing development concepts • Strong underlying institutional support within Vulcan area 21st March 2013 7

Table of contents • Corporate Overview • Current producing assets • Development potential • Exploration success • Extensive ongoing explo. programme • Summary

Overview of UK producing assets Cormorant East • Victoria gas field – operated 75% interest • First gas in October 2008 Boa • 2P reserves of 2.1 mmboe Duart – 50% interest (Talisman operator) • Duart • First oil in 2007 • Net 2p reserves of 0.75 mmbbl • Boa – 1.55% interest (Marathon operator) • First oil in 2008 • Net 2p reserves of 0.42 mmbbl • Cormorant East- 4% interest (TAQA operator) Victoria • First oil January 2013 • Currently in depletion phase • Good upside potential Note: Reserve and contingent resources are based on reserve report 31 st December 2012 9 21st March 2013

Victoria – steady production Forecast monthly production boepd* 900 800 700 600 500 400 300 200 100 0 jan-13 apr-13 jul-13 okt-13 jan-14 apr-14 jul-14 okt-14 Asset summary** • 2P Reserves - 2.1 mmboe • Field Interest - 75% (Operator) • NPV10 # - £26mm # Assumes reference Brent price of USD$110/bbl and NBP gas 60p/therm ** From Reserve Report dated 31 st December 2012 21st March 2013 10

Duart field – low maintenance, high margin barrels Forecast monthly production boepd* 800 700 600 500 400 300 200 100 0 jan-13 apr-13 jul-13 okt-13 jan-14 apr-14 jul-14 okt-14 Asset summary** • 2P Reserves - 0.75mmbbl • Field Interest – 50% (Talisman Operator) • NPV10 # - £25.9mm # Assumes reference Brent price of USD$110/bbl and NBP gas 60p/therm 11 21st March 2013 ** From Reserves Report dated 31 December 2012