TORONTO, ONTARIO — (Marketwire) — 08/28/12 — North Sea Energy Inc. (“NSE” or the “Company”) (TSX VENTURE: NUK) announces its unaudited financial results for the period ended June 30, 2012. 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, 2012 dated August 28, 2012, which have been filed on SEDAR ().
Highlights for the period ended June 30, 2012
Selected Quarterly Information
Significant developments
On April 19, 2012, NSE announced that a 2012 budget and work program for exploration has been agreed on the Norfolk prospect, Block 12/16b (20% working interest) and the Norfolk East prospect, Block 12/17b (20% working interest) following discussions with partners. Both prospects are located in the North Sea. The total budget for 2012 is approximately $1.5 million (GBP 946,100). NSE–s portion of the commitment is $302,500 (GBP 189,220).
On May 2, 2012, NSE announced the Company–s participation in the 27th Seaward Licensing Round on May 1, 2012, through NSE–s wholly owned subsidiary North Sea Energy (UK No2) Limited. NSE has bid with a strategic partner on seven additional applications in the North Sea. Should the Company be successful and be awarded a license, the Company will be committed to pay a success fee.
In addition, the Company announced the appointment of Ian Lisseter as President of the Company–s subsidiary, North Sea Energy (UK No2) Limited. Mr. Lisseter is currently Chief Exploration Officer of NSE and the President of Echo Exploration Limited, a wholly owned UK subsidiary of NSE.
On May 15, 2012, the Company announced it has recently received a Prospective Resource Assessment of UK North Sea Block 12/30, “Badger Prospect”, issued by Senergy (GB) Ltd. (“Senergy”) on May 14, 2012 in accordance with NI 51-101, increasing the Company–s resources by approximately 48% on a mid-case basis.
In addition, the Company opened a data room in the London area, UK, in order to facilitate the farming out of its Echo Exploration Limited–s Blocks: Badger prospect, Bobcat prospect, Bass prospect and Bluebird discovery and Blackbird prospects. Potential bids are expected before the end of November, 2012.
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. 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.
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.
Contacts:
North Sea Energy Inc.
J. Craig Anderson
CEO
416-366-4700
Investor Relations:
Auburn Partners Inc.
647-430-8760