North Sea Energy Inc. ("NSE" or the "Company") (TSX VENTURE:NUK) announces its
unaudited financial results for the period ended September 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 September
30, 2013 dated November 21, 2013, which have been filed on SEDAR
(www.sedar.com).
Highlights for the period ended September 30, 2013
-- In August, 2013, the Company secured a farm-in agreement with Maersk Oil
North Sea UK Limited on the Bagpuss and Blofeld prospects, Blocks 13/24c
and 13/25, while Premier Oil farmed into the same prospects through
EnCounter Oil and Groliffe. The new working interests are as follow:
North Sea Energy - 15%, Maersk Oil - 25%, Premier Oil - 37.5%, EnCounter
Oil - 15%, Groliffe - 7.5%
-- Revenue doubled quarter over quarter from Q2 2013 to Q3 2013 to $455,209
for the three months ended September 30, 2013 compared to $221,987 for
the three months ended June 30, 2013
-- During the three months ended September 30, 2013, Jacky produced 36,755
bbls (net to NSE 3,676 bbls).
-- General and administrative expenses reduced by 74% ($123,308 in Q3 2013,
compared to $465,663 in Q2 2013
-- Cash on hand of $3,444,647 at September 30, 2013 (December 31, 2012,
$6,246,200)
Selected Quarterly Information
--------------------------------------------------------------
As at
------------------------------------------
September 30, December 31, September 30,
2013 2012 2012
(Unaudited) (Unaudited) (Unaudited)
CAD ($) CAD ($) CAD ($)
--------------------------------------------------------------
Assets 15,603,622 20,695,048 19,289,068
--------------------------------------------------------------
Long-term
liabilities 7,348,127 4,772,424 2,079,840
--------------------------------------------------------------
Shareholders' Equity 5,729,672 12,474,196 14,744,889
--------------------------------------------------------------
----------------------------------------------------------------------------
For the three months ended For the nine months ended
--------------------------------------------------------
September 30, September 30, September 30, September 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 455,209 1,041,876 1,769,531 3,535,922
----------------------------------------------------------------------------
Loss before income
tax (5,372,270) (713,914) (6,889,316) (3,522,794)
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Net loss(i) (5,372,270) (624,914) (6,889,316) (2,487,794)
----------------------------------------------------------------------------
Total comprehensive
loss (5,440,117) (751,175) (6,883,373) (2,619,326)
----------------------------------------------------------------------------
Basic net loss per
share (0.0918) (0.0107) (0.1177) (0.0425)
----------------------------------------------------------------------------
Diluted net loss per
share (0.0918) (0.0107) (0.1177) (0.0425)
----------------------------------------------------------------------------
(i) includes impairment of Terry prospect in the amount of $3,987,598 during
the three months ended September 30, 2013
Jacky Field Operational Update
The Operator of the Jacky field (block 12/21), Ithaca Energy Inc., has notified
the Company that the Beatrice Alpha to Bravo water injection pipeline, used to
provide pressure support to the Jacky reservoir, has failed. A full
investigation into the exact cause of the leak was not possible due to weather
and dive vessel time constraints. Repair options are being considered and a
further update will be issued once a decision has been made. The Jacky field
will continue to be produced, but it is likely that production will decrease as
the pressure falls. The Operator is still evaluating the impact on the
production forecast for 2014.
Cloud Prospect (Block 14/29b)
EnCounter Oil (60% working interest) is hosting a joint data room with NSE (40%
working interest) in order to facilitate the potential farm-out of the Cloud
prospect, which is currently being reviewed by a number of parties.
The Cloud prospect, awarded in the 27th licencing round, is located in the Moray
Firth, north of the Goldeneye field, within Upper Jurassic gravity flow sands at
depths of between 6,900 and 7,675 ft. It is updip of well 14/29-1 which
encountered a 475 ft sequence of good quality middle and early Volgian Claymore
sands.
PROSPEX 2013
The Company will be exhibiting at the upcoming PROSPEX exhibition from December
11-12, 2013 in London, UK. The aim of PROSPEX is to provide a venue for
announced "Promote Licensees" and oil and gas companies to market prospects and
meet with potential investors to facilitate the "deal making" process.
North Sea Energy will be showcasing the Norfolk and Norfolk East (blocks 12/16b
and 12/17b) and Cloud (block 14/29b) prospects at the exhibition.
Venue: Business Design Centre, Islington
NSE Booth Number: 62
For more information about the exhibition, please visit
http://www.pesgb.org.uk/pages/news-and-events/events/prospex.
About North Sea Energy Inc.
North Sea Energy Inc. (TSX VENTURE:NUK) is an oil and gas company that holds a
portfolio of high impact plays focused on the Moray Firth in the offshore UKCS.
These plays include Bagpuss and Blofeld (blocks 13/24c and 13/25), Norfolk and
Norfolk East (blocks 12/16b and 12/17b), and Cloud (block 14/29b).
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
Investor Relations:
Shanda Kilborn
416-366-4700
shanda@auburnpartners.com
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