Completion of 2D High Resolution Seismic on Norfolk Prospect
TORONTO, ONTARIO -- (Marketwire) -- 11/19/12 -- North Sea Energy Inc.
("NSE" or the "Company") (TSX VENTURE:NUK) is pleased to announce
that a 2D hi-resolution seismic program on the Norfolk Prospect
(block 12/16b) (20% NSE interest) has been completed after receiving
approval from DECC (UK Department of Energy and Climate Change).
The weather during November has been favourable and allowed us to
acquire more data than the base plan. This will allow us to test 3D
migrating the data and/or creating a Geocube product.
The processing of the additional seismic will enhance our
understanding of the prospect in terms of the 'up dip' extent of the
Norfolk prospect and assist in the determination of the drilling
target. The acquiring of the seismic data this year allows us to
progress our evaluation of the prospect and to make a drilling
decision sooner and without delay to the project.
About Norfolk Prospect and Norfolk East Prospect - 12/16b and 12/17b
The blocks are located in the Inner Moray Firth, a short distance
from the Sutherland coast. The Norfolk prospect is a large
stratigraphic pinchout and dip closure of the lower cretaceous
Coracle sands with additional leads in the Punt and Beatrice sands.
The best estimate undiscovered oil initially-in-place of 209.0 MMstb
at Norfolk and 55.5 MMstb at Norfolk East as estimated for NSE in
Sproule's Report dated July 31, 2011.
The partners in the Norfolk prospect are First Oil Expro Limited
(35%, operator), Nautical Petroleum plc (20%), Premier Oil UK Limited
(25%) and North Sea Energy (UK No2) Limited (20%). Nautical Petroleum
plc was acquired by Cairn Energy plc in August, 2012 and is now part
of the Cairn group of companies.
NSE hires IronStone Capital Corp.
NSE is also pleased to announce the engagement of IronStone Capital
Corp. for the services of Lee Bowles to assist NSE in marketing the
Company. Lee Bowles will focus on developing and expanding NSE's
communications with the investment community through communicating
with investment dealers, advisers and shareholders to increase
awareness of and interest in the Company. Lee Bowles will receive a
monthly fee of $3,500 for promotional services for a period of 3
months, which may be extend
ed by both parties. This agreement is
subject to acceptance by the TSX Venture Exchange.
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 twelve blocks in the
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.
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.
North Sea Energy Inc.
President and Chief Executive Officer
Auburn Partners Inc.
Shanda Kilborn & Wesleigh Harkness
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