2012-12-06 17:57:24 -
TORONTO, ONTARIO -- (Marketwire) -- 12/06/12 -- North Sea Energy Inc. ("NSE" or the "Company") (TSX VENTURE:NUK) announces that it is in the process of high grading its portfolio of North Sea licenses. To best utilize the Company's exploration and development funds, our on-going review prioritizes prospects based on prospective resources, technical and risk analysis of the potential for each block in our portfolio. Based on this, certain new blocks are deemed by our qualitative review to have superior potential compared to some current blocks requiring immediate drilling decisions.
As recently announced, NSE, through its subsidiary North Sea Energy (UK No2) Limited, has been awarded the following blocks in the 27th UKCS licensing round: 13/24c, 13/25 and 14/29b, containing a number of new attractive leads. Furthermore, NSE has received an indication that it may be awarded three additional blocks in a second tranche of the 27th UKCS licensing round, anticipated in Q2 2013 subject to environmental considerations and DECC approval. As a result, NSE will be relinquishing the following blocks: 22/5c, 15/21d and 13/28b.
On other matters, the 12/30 block containing the Badger prospect is currently attracting interest in the data room set up by NSE to obtain farm-in partners.
About North Sea Energy Inc.
NSE is a UK-focused oil and gas exploration and production ("E&P") company listed on the TSX Venture Exchange. NSE is producing light oil from the Jacky field, located in the Inner Moray Firth off the Scottish coast and has acquired an interest in nine blocks in the North Sea.
Except for statements of historical fact, this news release contains certain "forward-looking information" within the meaning of applicable securities law. Forward-looking information is frequently characterized by words such as "plan", "expect", "project", "intend", "believe", "anticipate", "estimate" and other similar words, or statements that certain events or conditions "may" or "will" occur. In particular, forward-looking information in this press release includes, but is not limited to, statements with respect to timing and completion of the Transaction (including receipt of TSX-V approval), oil reserves and future revenues. Although we believe that the expectations reflected in the forward-looking information are reasonable, there can be no assurance that such expectations will prove to be correct. We cannot guarantee future results, performance or achievements. Consequently, there is no representation that the actual results achieved will be the same, in whole or in part, as those set out in the forward-looking information. Forward-looking information is based on the opinions and estimates of management at the date the statements are made, and are subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ materially from those anticipated in the forward-looking information. Some of the risks and other factors that could cause the results to differ materially from those expressed in the forward-looking information include, but are not limited to: general economic conditions in Canada, the United States, UK and globally; industry conditions, including fluctuations in the prices of oil and natural gas; governmental regulation of the oil and gas industry, including environmental regulation; unanticipated operating events or performance which can reduce production or cause production to be shut in or delayed; failure to obtain industry partner and other third party consents and approvals, if and when required; competition for and/or inability to retain drilling rigs and other services; the availability of capital on acceptable terms; the need to obtain required approvals from regulatory authorities; stock market volatility; volatility in market prices for oil and natural gas; liabilities inherent in oil and natural gas operations; competition for, among other things, capital, acquisitions of reserves, undeveloped lands, skilled personnel and supplies; incorrect assessments of the value of acquisitions; geological, technical, drilling, processing and transportation problems; changes in tax laws and incentive programs relating to the oil and gas industry; failure to realize the anticipated benefits of acquisitions and dispositions; and the other factors. Readers are cautioned that this list of risk factors should not be construed as exhaustive.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
North Sea Energy Inc.
President and Chief Executive Officer
(416) 366-4700 firstname.lastname@example.org
Auburn Partners Inc.
Shanda Kilborn & Wesleigh Harkness