North Sea Energy Announces Year End Results for 2012 and Provides Operational Update
29 Abril 2013 - 7:05PM
Marketwired Canada
North Sea Energy Inc. ("NSE" or the "Company") (TSX VENTURE:NUK) is pleased to
announce that today its financial results for the twelve months ended December
31, 2012 have been filed on SEDAR (www.sedar.com) along with the related
management discussion and analysis. For more detailed information relating to
the Company's year end results, please refer to the financial statements along
with the related management discussion and analysis in NSE's SEDAR filing.
Highlights and recent events for the year ended December 31, 2012
-- 27th UKCS Licensing round results: 3 new blocks awarded (Block(s)
14/29b, 13/25 and 13/24c)
-- Closed $3,800,000 non-brokered private placement financing of
convertible debentures (the "Debentures") on November 22, 2012
-- 2D High resolution seismic program completed on Norfolk Prospect
(Block(s) 12/16b, 12/17b)
-- Cash on hand of $6,246,200 at December 31, 2012 (December 31, 2011,
$5,389,699)
-- Working capital of $3,203,390 at December 31, 2012 (December 31, 2011,
$3,833,599)
Selected Annual Information
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As at and for the year ended
----------------------------------------------
December 31, December 31, December 31,
2012 2011 2010
CAD ($) CAD ($) CAD ($)
(except per (except per (except per
share data) share data) share data)
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Assets 20,695,048 23,231,776 28,493,525
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Long-term liabilities 4,772,424 2,831,221 4,658,163
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Shareholders' Equity 12,474,196 17,317,757 19,892,896
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Revenues 4,075,602 7,355,434 22,710,917
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(Loss) income before income
tax expense (6,877,775) (6,365,186) 5,117,323
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Net (loss) income (5,844,755) (5,064,186) 2,952,323
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Total comprehensive (loss)
income for the period (5,938,395) (4,998,860) 2,702,483
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Basic net (loss) income per
share (0.0999) (0.0913) 0.0811
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Diluted net (loss) income per
share (0.0999) (0.0913) 0.0694
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Reserves
NSE published its reserves information taken from an evaluation dated effective
December 31, 2012, prepared by Sproule International Limited ("Sproule") on
April 3, 2013 (defined herein as the "Reserve Report"). The Reserve Report
includes the Jacky producing field reserves only. Net proved and probable ("2P")
reserves as at December 31, 2012 are 48,000 bbls net to NSE (2011: 140,000
bbls).
Update on Data Room for Bagpuss and Blofeld (Blocks 13/24c and 13/25)
On March 20, 2013, NSE announced that the Company had opened a data room with
its joint venture partner, EnCounter Oil (40% working interest), to facilitate
the potential farming out process for some of the Company's blocks, including
Bagpuss and Blofeld (blocks 13/24c and 13/25, NSE - 40% working interest). The
Company is pleased to announce that the data room has generated considerable
interest.
Update on Badger Prospect (Block 12/30) Work Program
NSE announces 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).
UKCS Block 12/30 is a 26th round, two year term promote licence, awarded in
January 2012. A work program performed by the Company in the first year of the
licence established a new Lower Cretaceous, Coracle channel sandstone prospect
which required further seismic data to de-risk the up-dip pinch-out. The
prospect is valid and a decision to establish a drilling program may be
considered.
NSE is the Licence Administrator and is currently reviewing all options in order
to establish a way forward to realise the potential of this block and the Badger
prospect.
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.
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.
Craig Anderson
(416) 366-4700
canderson@northseaenergy.ca
Auburn Partners Inc.
Shanda Kilborn & Wesleigh Carusi
647-430-8760
info@auburnparnters.com
North Sea Energy Inc. (TSXV:NUK)
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