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North Sea Energy Announces Second Quarter 2013 Results

Aug 26 2013 12:00AM

Marketwire

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TORONTO, ONTARIO -- (Marketwired) -- 08/26/13 -- North Sea Energy Inc. ("NSE" or the "Company") (TSX VENTURE: NUK) announces its unaudited financial results for the period ended June 30, 2013. The summary of the selected financial information should be read in conjunction with the Company's Condensed Interim Consolidated Financial Statements (Unaudited) and the related Management Discussion and Analysis for the quarter ended June 30, 2013 dated August 26, 2013, which have been filed on SEDAR (www.sedar.com).

Highlights for the period ended June 30, 2013

-- In April, 2013, the Company announced that the data room opened in March, 2013 for Blocks 13/24c and 13/25 generated considerable interest.-- In June, 2013, the Company received an independent Prospective Resource Assessment of its Bagpuss and Blofeld Prospects (Blocks 13/24c and 13/25) (total gross low, best and high estimate of prospective resources respectively 31MMbo, 138MMbo and 594 MMbo).-- Cash on hand of $4,196,239 at June 30, 2013 (December 31, 2012, $6,246,200).Selected Quarterly Information---------------------------------------------------------------------------- As at ------------------------------------------------------- June 30, December 31, 2012 June 30, 2013 (Unaudited) (Unaudited) 2012 (Unaudited) CAD ($) CAD ($) CAD ($)----------------------------------------------------------------------------Assets 19,313,066 20,695,048 21,021,456----------------------------------------------------------------------------Long-term liabilities 5,010,564 4,772,424 2,529,555----------------------------------------------------------------------------Shareholders' Equity 11,169,789 12,474,196 15,496,065-------------------------------------------------------------------------------------------------------------------------------------------------------- For the three months ended For the six months ended -------------------------------------------------- June 30, June 30, June 30, June 30, 2013 2012 2013 2012 (Unaudited) (Unaudited) (Unaudited) (Unaudited) CAD ($) CAD ($) CAD ($) CAD ($) (except per (except per (except per (except per share data) share data) share data) share data)----------------------------------------------------------------------------Revenues 221,987 871,983 1,314,322 2,494,046----------------------------------------------------------------------------Loss before income tax (566,032) (2,250,458) (1,517,046) (2,808,879)----------------------------------------------------------------------------Net loss (566,032) (1,644,458) (1,517,046) (1,862,879)----------------------------------------------------------------------------Total comprehensive loss (566,032) (1,560,704) (1,443,256) (1,868,150)----------------------------------------------------------------------------Basic net loss per share (0.0097) (0.0281) (0.0259) (0.0318)----------------------------------------------------------------------------Diluted net loss per share (0.0097) (0.0281) (0.0259) (0.0318)----------------------------------------------------------------------------



Significant developments

On April 29, 2013, NSE announced that the data room opened in March, 2013 for Blocks 13/24c and 13/25 generated considerable interest.

In addition, the Company announced that the seismic acquisition program over the Badger prospect in UKCS Block 12/30 has been cancelled (NSE - 50% working interest, Premier Oil - 50% working interest). The Company is reviewing all options in order to establish a way forward to realise the potential of this block.

On June 27, 2013, the Company announced that it has recently received an independent Prospective Resource Assessment of UK North Sea Blocks 13/24c and 13/25, "Bagpuss and Blofeld Prospects", issued by Senergy (GB) Limited ("Senergy") on June 25, 2013 in accordance with NI 51-101 (the "Report") with an effective date of May 30, 2013. North Sea Energy (UK NO2) Limited is the licence holder of these blocks.

Subsequent events

On August 16, 2013, the Company announced that through its wholly owned subsidiary, North Sea Energy (UK NO2) Limited ("NSE UK2"), it has entered into a farm-in agreement with Maersk Oil North Sea UK Limited ("Maersk Oil") to participate in the initial exploration and appraisal of the Company's UK North Sea blocks 13/24c and 13/25 ("Bagpuss Prospect").

On August 22, 2013, the Company noted that Premier Oil plc. on that day announced the following, "In August 2013, Premier successfully farmed in for a 37.5 per cent interest in Blocks 13/24c and 13/25, which contain the Bagpuss and Blofeld prospects. The prospects, which Premier evaluates to be heavy oil targets, are located on the Halibut Horst which is a well-defined basement high within the Moray Firth. Analysis of the 1981 discovery well result suggests that the Bagpuss and Blofeld prospect together could contain up to 2 billion barrels of oil in place. It is envisaged that an initial well on one of these features will spud in late 2014."

About North Sea Energy Inc.

NSE (TSX VENTURE: NUK) 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.

Forward-looking statements

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 oil reserves and resources 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.



Contacts:
North Sea Energy Inc.
J. Craig Anderson
CEO
416-366-4700
canderson@northseaenergy.ca
www.northseaenergy.ca

Auburn Partners Inc.
Investor Relations:
647-430-8760
shanda@auburnpartners.com
wesleigh@auburnpartners.com





Source: Marketwire


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