Spike Exploration Completes Voluntary Offer All Outstanding Shares in Bridge Energy ASA
11/14/2013Spike Exploration Holding AS (“Spike”) has on 13 November 2013 completed the voluntary cash tender offer to acquire all outstanding shares in Bridge Energy ASA (“Bridge”) and is currently holding approximately 97.7% of the shares in Bridge. Spike now intends to initiate a compulsory acquisition of the remaining shares in Bridge not owned by Spike in accordance with applicable laws, and to propose that Bridge applies for a delisting of the shares from the Oslo Stock Exchange and London AIM. It is expected that a compulsory acquisition of the remaining shares in Bridge will be effectuated during the week starting 18 November 2013. For more information, please see Spike’s announcement published by Oslo Stock Exchange on 13 November 2013.
Bridge is an oil and gas exploration and production company listed on the Oslo Stock Exchange and the London AIM. Bridge holds exploration assets and discoveries on the NCS and exploration, production and development assets in the UK Continental Shelf. Spike intends to incorporate Bridge’s Norwegian business with its own activities in Norway while the UK business is intended to be carved out and developed in a separate platform, to be supported by the same main shareholder, HitecVision VI, L.P.
The current combined portfolio contains several discoveries with an exciting appraisal upside as well numerous exploration prospects. The exploration and appraisal program holds for the time being 8 firm and probable wells over the next 2 years. Two of these, Cairngorm in the UK and Novus in Norway, were both spudded earlier in November. The combined asset portfolio holds 19 licenses, whereof one producing field in the UK.
“The Norwegian part of Bridge is a good match for Spike. This is valid both for where to look for oil and gas on the Norwegian Continental Shelf as well as contributing with good exploration skills. However, Spike will to continue to be active in both the farm-in market and in licensing rounds, in order to participate in many more wells than currently planned for in the combined portfolio.” comments Bjørn Inge Tønnessen, CEO of Spike Exploration.
Spike Exploration is an exploration company focusing on oil and gas exploration on the Norwegian and UK continental shelves. Since the agreement with HitecVision in June 2012, accessing up to USD 300 million in equity, Spike has established a highly competent organization of 20 employees, which now will be complemented by similarily competent professionals from the Bridge organisation. The functional base is principally in geoscience disciplines, supported by business development, finance, operations and HSEQ.
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