North Sea Energy Announces Second Quarter 2013 Results
26 Agosto 2013 - 5:13PM
Marketwired Canada
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,
$6,246,200).
Selected Quarterly Information
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As at
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June 30, December 31, 2012 June 30,
2013 (Unaudited) (Unaudited) 2012 (Unaudited)
CAD ($) CAD ($) CAD ($)
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Assets 19,313,066 20,695,048 21,021,456
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Long-term liabilities 5,010,564 4,772,424 2,529,555
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Shareholders' Equity 11,169,789 12,474,196 15,496,065
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For the three months
ended For the six months ended
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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)
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Revenues 221,987 871,983 1,314,322 2,494,046
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Loss before income tax (566,032) (2,250,458) (1,517,046) (2,808,879)
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Net loss (566,032) (1,644,458) (1,517,046) (1,862,879)
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Total comprehensive loss (566,032) (1,560,704) (1,443,256) (1,868,150)
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Basic net loss per share (0.0097) (0.0281) (0.0259) (0.0318)
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Diluted net loss per share (0.0097) (0.0281) (0.0259) (0.0318)
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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.
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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