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Bridge Signs a Contract for Jack up Rig with Ensco

Source: www.gulfoilandgas.com 4/26/2012, Location: Europe

Bridge Energy ASA the Oslo Axess listed oil and gas exploration and production company is pleased to announce that it has signed a contract for a jack up rig with Ensco Offshore UK Ltd. The Ensco 92 rig has been contracted for a firm one well slot and a further option which can be exercised subject to rig availability. It is expected that the rig will be available sometime between March 2013 and January 2014. The uncertainty in timing is due to preceding operators having options on the rig which are currently undeclared. The rig is currently undertaking work on the Clipper South development for RWE.

Jim Brunton, Bridge's UK Managing Director commented: "We are very pleased to have secured the Ensco 92 rig in what is an extremely tight and competitive rig market. This allows us to move forward with a greater degree of certainty in our southern North Sea development programme. We are also pleased to extend the excellent relationship we have developed with Ensco over the last 6 years."

Bridge CEO Designate Tom Reynolds stated: "This commitment represents a significant step forward for Bridge Energy and enables the Company to deliver additional production from its gas development portfolio. Taken together with our committed exploration drilling programme through the summer of 2012 Bridge is delivering within each of its key growth objectives."

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