NSE Announces Bottom Hole Contribution Agreement
Toronto, Ontario – June 6, 2016 – North Sea Energy Inc. (“NSE” or the “Company”) (TSX-V: NUK) is pleased to announce that through its wholly owned subsidiary, North Sea Energy (UK NO2) Limited (“NSE2”), is a party to a ‘Bottom Hole Contribution Agreement’ between Statoil (U.K.) Limited (“Statoil”) and Premier Oil UK Limited (“Premier”), in its capacity as the P.1943 Operator as agent for the P.1943 Group in respect of the 13/25 A Bagpuss well (“the Well”).
Statoil will pay up to US$260,000 for data recovered from drilling and up to an additional US$175,000 for data from testing of the Bagpuss well under certain conditions. The initial amount is to be paid for the well data while drilling the Well and the subsequent amount for testing data if applicable. NSE2 is to receive payment for this data in proportion to its 15% working interest in the Bagpuss Licence P.1943.
The Company, founded in February 2007, is a UK focused oil and gas exploration and appraisal company quoted on the TSX-V. NSE, along with its wholly owned subsidiary, holds two high impact opportunities in the UK North Sea. These opportunities are the Bagpuss and Blofeld prospects located in blocks 13/24c and 13/25 of the UKCS.
For further information, please contact:
J. Craig Anderson,
Chairman & CEO
North Sea Energy Inc.
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.
Symbol: TSX-V: NUK
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