North Sea Energy Announces an Independent Prospective Resource Assessment Completed on the Bagpuss and Blofeld Prospects
27 Junio 2013 - 11:44AM
Marketwired Canada
North Sea Energy Inc. ("NSE" or the "Company") (TSX VENTURE:NUK) is pleased to
announce 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, the Company's wholly- owned subsidiary, is
the licence holder of these blocks.
The following tables summarise the results of the assessment of the Gross
Undiscovered Prospective Resources within the Bagpuss and Blofeld Prospects in
Blocks 13/24c and 13/25.
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Bagpuss and Blofeld Prospects (UK Block 13/24c and 13/25)
Undiscovered Oil in Place and Prospective Resources(1)(Unrisked)
Gross(2)(as of 30th May 2013)
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Low(3) Best(3) High(3)
Estimate Estimate Estimate Mean
MMbo MMbo MMbo MMbo
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Stock-Tank-Oil-Initially-In-Place
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Bagpuss Prospect 106 491 2,173 925
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Blofeld Prospect 103 385 1,386 615
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Total(4) 208 876 3,559 1,539
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Prospective Resources
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Bagpuss Prospect 16 77 360 151
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Blofeld Prospect 15 61 234 101
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Total(4) 31 138 594 252
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Table S1: Bagpuss and Blofeld Prospects: Gross Oil Undiscovered in Place and
Prospective Resources (Unrisked)
(1) Prospective resources are those quantities of oil and gas estimated, as
of a given date, to be potentially recoverable from undiscovered
accumulations by application of future development projects. Resource
categories are as defined in the Canadian Oil and Gas Evaluation
Handbook (COGEH).
(2) Gross means the proportion of the oil-in-place volumes and prospective
resources in Blocks 13/24c and 13/25. Volumes are expressed as Million
stock tank barrels (MMstb) for oil.
(3) Low, Best and High Estimate: in a probabilistic resource size
distribution these are the P90 (90% probability), P50, and P10,
respectively.
(4) This volume is an arithmetic sum of multiple estimates of Prospective
Resources, which statistical principles indicate may be misleading as to
volumes that may actually be in place or recovered. Readers should give
attention to the estimates of individual classes of resources and
appreciate the differing probabilities of recovery associated with each
class as explained in this report. Note that totals may not sum exactly
due to rounding.
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Bagpuss Prospect (UK Block 13/24c and 13/25)
Undiscovered Oil in Place and Prospective Resources(1)(Unrisked)
Gross(2)(as of 30th May 2013)
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Low(3) Best(3) High(3)
Estimate Estimate Estimate Mean
MMbo MMbo MMbo MMbo
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Stock-Tank-Oil-Initially-In-Place
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Lower Cretaceous 67 284 1,127 484
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Basement/Granite
wash 31 148 652 277
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Basement/Granite 8 59 394 163
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Total(4) 106 491 2,173 925
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Prospective Resources
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Lower Cretaceous 10 48 210 88
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Basement/Granite
wash 5 25 121 50
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Basement/Granite 0.5 4 29 12
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Total(4) 16 77 360 151
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Table S2: Bagpuss Prospect: Gross Oil Undiscovered in Place and Prospective
Resources (Unrisked)
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Blofeld Prospect (UK Block 13/24c and 13/25)
Undiscovered Oil in Place and Prospective Resources(1)(Unrisked)
Gross(2)(as of 30th May 2013)
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Low(3) Best(3) High(3)
Estimate Estimate Estimate Mean
MMbo MMbo MMbo MMbo
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Stock-Tank-Oil-Initially-In-Place
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Lower Cretaceous 60 205 672 304
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Jurassic 10 33 102 47
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Basement/Granite
wash 27 105 372 166
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Basement/Granite 7 41 240 97
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Total(4) 103 385 1,386 615
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Prospective Resources
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Lower Cretaceous 9 35 127 55
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Jurassic 1.5 6 19 9
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Basement/Granite
wash 4 18 70 30
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Basement/Granite 0.4 3 17 7
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Total(4) 15 61 234 101
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Table S3: Blofeld Prospects: Gross Oil Undiscovered in Place and Prospective
Resources (Unrisked)
The following tables summarise the results of the assessment of the Net
Undiscovered Prospective Resources attributable to NSE within the Bagpuss and
Blofeld Prospects in Blocks 13/24c and 13/25:
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Bagpuss and Blofeld Prospects (UK Block 13/24c and 13/25)
Undiscovered Oil in Place and Prospective Resources(1)
Net(5)(as of 30th May 2013)
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Low(3) Best(3) High(3)
Estimate Estimate Estimate Mean
MMbo MMbo MMbo MMbo
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Stock-Tank-Oil-Initially-In-Place
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Bagpuss Prospect 42 196 869 370
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Blofeld Prospect 41 154 554 246
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Total(4) 83 350 1,424 616
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Prospective Resources
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Bagpuss Prospect 6 31 144 60
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Blofeld Prospect 7 24 94 40
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Total(4) 13 55 237 101
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Table S4: Bagpuss and Blofeld Prospects: Net Oil Undiscovered in Place and
Prospective Resources Attributable to North Sea Energy (Unrisked)
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Bagpuss Prospect (UK Block 13/24c and 13/25)
Undiscovered Oil in Place and Prospective Resources(1)(Unrisked)
Net(5)(as of 30th May 2013)
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Low(3) Best(3) High(3)
Estimate Estimate Estimate Mean
MMbo MMbo MMbo MMbo
----------------------------------------------------------------------------
Stock-Tank-Oil-Initially-In-Place
----------------------------------------------------------------------------
Lower Cretaceous 27 114 451 194
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Basement/Granite
wash 12 59 261 111
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Basement/Granite 3 24 158 65
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Total(4) 42 196 869 370
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Prospective Resources
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Lower Cretaceous 4 19 84 35
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Basement/Granite
wash 2 10 48 20
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Basement/Granite 0.2 2 12 5
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Total(4) 6 31 144 60
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Table S5: Bagpuss Prospect: Net Oil Undiscovered in Place and Prospective
Resources Attributable to North Sea Energy (Unrisked)
(5) Net means the proportion of the resources in Blocks 13/24c and 13/25
attributable to NSE. NSE currently has a 40% working interest in the
blocks. Volumes are expressed as Million stock tank barrels (MMstb) for
oil.
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Blofeld Prospect (UK Block 13/24c and 13/25)
Undiscovered Oil in Place and Prospective Resources(1)(Unrisked)
Net(5)(as of 30th May 2013)
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Low(3) Best(3) High(3)
Estimate Estimate Estimate Mean
MMbo MMbo MMbo MMbo
----------------------------------------------------------------------------
Stock-Tank-Oil-Initially-In-Place
----------------------------------------------------------------------------
Lower Cretaceous 24 82 269 122
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Jurassic 4 13 41 19
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Basement/Granite
wash 11 42 149 67
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Basement/Granite 3 17 96 39
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Total(4) 41 154 554 246
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Prospective Resources
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Lower Cretaceous 4 14 51 22
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Jurassic 0.6 2 8 3
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Basement/Granite
wash 2 7 28 12
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Basement/Granite 0.2 1 7 3
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Total(4) 7 24 94 40
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Table S6: Blofeld Prospect: Net Oil Undiscovered in Place and Prospective
Resources Attributable to North Sea Energy (Unrisked)
It should be noted that there is no certainty that any portion of the resources
will be discovered. If a discovery is made, there is no certainty that it will
be commercially viable to produce any portion of the resources or, if it is
developed, there is no certainty as to the timing of such development.
About the Bagpuss and Blofeld Prospects
Blocks 13/24c and 13/25 were awarded to EnCounter Oil Ltd as Operator and North
Sea Energy (UK NO2) Ltd as Promote Licence P1943 in the UK 27th Round effective
from 1st January 2013. North Sea Energy (UK NO2) Limited's working interest in
the licence is 40%, EnCounter Oil Ltd - 40%, Groliffe Limited subsequently
exercised its right to back in to the licence for a 20% working interest.
The initial work programme was to obtain and reprocess 100km of 2D seismic data
and carry out a well analysis, this has now been completed.
No later than 31st December 2014 the Group can, subject to any necessary
regulatory approvals, elect to convert the licence to a traditional licence by
making a firm commitment to drill a well.
On March 20, 2013, NSE announced that the Company had opened a data room with
its joint venture partners to facilitate the potential farm out of the Bagpuss
and Blofeld Prospects. The Company is pleased to announce that the data room has
generated considerable interest.
The blocks have not been assigned any proved, probable or possible reserves at
this time; the resources have been assessed as an unproved property containing
prospective resources.
The arithmetic total net to NSE for the 'best estimate' Prospective Resources is
55 MMbo; this is the undiscovered and unrisked total for the Bagpuss and Blofeld
Prospects on Blocks 13/24c and 13/25. The arithmetic total net to NSE for the
'best estimate' Undiscovered Oil in Place is 350 MMbo.
The Location of the Resources
Blocks 13/24c and 13/25 are located on the Halibut Horst which is a well defined
basement high within the Moray Firth, in the North Sea, United Kingdom. The
nearest producing fields are Captain 15 km along trend to the west and Ross
which is located immediately off block in the South Halibut Graben. Water depth
ranges from around 250 to 400 ft across the blocks.
The Bagpuss and Blofeld Prospects are large well defined structural traps on the
culmination of the Halibut Horst. The two prospects are separated by a well
defined southwest to northeast trending fault but they may be in communication
and share common spill points. Bagpuss lies to the west within 13/24c and 13/25
and Blofeld lies to the east almost entirely in 13/25. A small area of both
prospects may lie outside the blocks. Closure to the South is controlled by the
main fault that borders the Halibut Horst and the South Halibut Graben. The
structure was drilled in 1981 by well 13/24a-2A which was plugged and abandoned.
The well was inadequately logged as the basement sequence was encountered much
higher than prognosis, although good shows, indicating potentially mobile oil,
were encountered in a thin basal sandstone believed to be of Lower Cretaceous
age and through the granitic basement. A bottom hole core indicated that the
granite may represent granite wash of sedimentary origin, oil shows were also
encountered in fractures. It is possible that oil pay exists in the well down to
the base of the well indicating a potential column of over 225 ft.. The Captain
Field also lies on the Halibut Horst and is believed to contain approximately
one billion barrels of 19-21 degrees API, heavy oil, and it has been suggested
that more than 35% of this may be recoverable. Although the potential reservoirs
in Bagpuss and Blofeld are over 1,000 ft shallower, it is possible that oil
quality may be analogous as bottom hole temperatures recorded in well 13/24a-2A
indicated higher reservoir temperatures possibly due to higher heatflow from the
underlying granite basement.
The Risks and the Level of Uncertainty
The risk associated with an exploration prospect comprises two components: the
chance of discovery (or of geological success) and the chance of development.
The geological risk assigned for each reservoir interval in the Report is the
chance or probability of discovering hydrocarbons in sufficient quantity for
them to be tested to the surface and is considered as the chance or probability
of the Prospective Resource maturing into a Contingent Resource. The Lower
Cretaceous represents a relatively low risk test as sandstones with shows were
encountered in the 13/24a-2A well. The chance of development has not been
assessed at this stage but a critical factor will be the quality of any
hydrocarbons discovered. The oil is likely to be relatively heavy with a high
viscosity, although possibly comparable to that in the producing Captain Field
where the oil gravity is believed to be in the range of 19 to 21 degrees API.
Significant Positive and Negative Factors
The significant positive factors that we consider relevant to the resource
estimate are as follows:
-- The 13/24a-2A well encountered a 29 ft Cretaceous sandstone and a
"granite wash" section of at least 200 ft.
-- Shows are present in the sandstone and in fractures in the core which
could suggest an oil column of over 225 ft.
-- The Captain Field, with documented oil in place of 1 billion barrels,
together with the extensive shows in 13/24a-2A, indicate a viable charge
from an extensive kitchen in the South Halibut Graben onto the Halibut
Horst.
-- The 2D and 3D seismic database is sufficient to define a potential trap
with a significant area.
-- Reservoir potential also may exist in older Jurassic sediments, although
the presence of sandstones is speculative; feeder canyons could exist in
the prospect area, potentially feeding the Claymore sands found in well
14/21a-1.
The significant negative factors that we consider relevant to the resource
estimate are as follows:
-- The basal sandstones in well 13/24a-2A have not been adequately logged
so there is no proof that an effective reservoir exist over the prospect
area.
-- The thickness of the Lower Cretaceous, Jurassic and Granite wash
intervals are likely to be extremely variable and difficult to predict
without significant drilling.
-- The granite wash may be tight and not an effective reservoir.
-- The degree of biodegradation is uncertain; any oil may be too heavy and
viscous for a commercial development.
-- There may be limited or ineffective migration pathways into parts the
prospect area.
-- The Chalk top seal is relatively thin and could be breached; the side
seal may not be effective.
Standards Applied and Evaluation Procedures
In compiling this report, Senergy used current geological and engineering
knowledge, techniques and computer software. It has been prepared within the
Code of Ethics of the Association of Professional Engineers, Geologists and
Geophysicists of Alberta (APEGGA). The report adheres to the "best practices"
recommended in the COGE Handbook, which are in accordance with principles and
definitions established by the Calgary Chapter of the Society of Petroleum
Evaluation Engineers.
All available relevant factors were considered in the assessment of this
unproved property, including, geological structures, prospective zones,
historical drilling and production results, resources have been made, together
with an assessment risk factors associated with the chance of discovery. The
resource classification methodology used herein complies with the Canadian Oil
and Gas Evaluation handbook definitions and guidelines, in accordance with the
requirements of National Instrument 51-101.
The potential volumes of oil and prospective resources in the prospects have
been assessed using probabilistic methods. The primary objective is in the Lower
Cretaceous sandstones that were encountered in the well. Seismic also indicates
an older possible Upper Jurassic section that is locally developed in potential
canyons over the Blofeld area. The underlying granitic wash section may also be
a secondary objective especially where fractured. The granitic basement is also
potentially within structural closure and may be a potential reservoir if
sufficiently fractured.
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.
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.
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 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.
FOR FURTHER INFORMATION PLEASE CONTACT:
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
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