Spike Exploration to Buy Remaining Bridge Energy Shares

Spike Exploration has launched compulsory offer for remaining Bridge Energy shares.

Reference is made to the announcement dated 13 November 2013 in connection with settlement of the voluntary offer from Spike Exploration Holding AS to acquire all shares in Bridge Energy ASA not already owned by Spike Exploration.

Following settlement of the voluntary offer, Spike Exploration owned in aggregate 61,943,520 shares in the Company, representing approximately 97.7 per cent of the shares and voting rights in the Company.

The Board of Directors of Spike Exploration has, effective from close of trading on Oslo Børs on 19 November 2013, resolved to carry out a compulsory acquisition of all remaining shares in the Company not owned by Spike Exploration pursuant to the Norwegian Public Limited Liability Companies Act section 4-25 cf. the Norwegian Securities Trading Act section 6-22 (3). As a consequence, Spike Exploration has assumed ownership of all shares in the Company.

The offered redemption price under the compulsory acquisition is NOK 15.25 per share. The offered redemption price corresponds to the offer price in the completed voluntary offer to acquire all shares in the Company which, according to the Norwegian Securities Trading Act section 6-22 (2), is the applicable redemption price in a subsequent compulsory acquisition. DNB Bank ASA has furnished a guarantee for the settlement under the compulsory acquisition in accordance with the Norwegian Securities Trading Act section 6-22 (3) no. 3.

Any objections to, or rejections of, the offered redemption price must be raised on or before 21 January 2014. Former shareholders in the Company who do not object to, or reject, the offered redemption price within this deadline will lose their right to object to, or reject, the offered redemption price and are deemed to have accepted the offer.

A letter regarding the compulsory acquisition will be sent to all former shareholders subject to the compulsory transfer whose addresses are known. In addition, the compulsory acquisition will be announced through the electronic notice service of the Norwegian Register of Business Enterprises (Brønnøysundregistrene).

As a consequence of the compulsory acquisition, Spike Exploration will pursue a de-listing of the shares in the Company from Oslo Børs and AIM (a market operated by London Stock Exchange plc.). Separate stock exchange notices will be published regarding the timing for such de-listing. Spike Exploration also refers to the announcement published by the Company on 18 November 2013 regarding the forthcoming de-listing from AIM.

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Press Release, November 20, 2013