On April 29, 2013, NSE announced that the data room opened in March, 2013 for Blocks 13/24c and 13/25 generated considerable interest.
In addition, the Company announced 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). The Company is reviewing all options in order to establish a way forward to realise the potential of this block.
On June 27, 2013, the Company announced that it has recently received an independent Prospective Resource Assessment of UK North Sea Blocks 13/24c and 13/25, “Bagpuss and Blofeld Prospects”, issued by Senergy (GB) Limited (“Senergy”) on June 25, 2013 in accordance with NI 51-101 (the “Report”) with an effective date of May 30, 2013. North Sea Energy (UK NO2) Limited is the licence holder of these blocks.
On August 16, 2013, the Company announced that through its wholly owned subsidiary, North Sea Energy (UK NO2) Limited (“NSE UK2”), it has entered into a farm-in agreement with Maersk Oil North Sea UK Limited (“Maersk Oil”) to participate in the initial exploration and appraisal of the Company’s UK North Sea blocks 13/24c and 13/25 (“Bagpuss Prospect”).
On August 22, 2013, the Company noted that Premier Oil plc. on that day announced the following, “In August 2013, Premier successfully farmed in for a 37.5 per cent interest in Blocks 13/24c and 13/25, which contain the Bagpuss and Blofeld prospects. The prospects, which Premier evaluates to be heavy oil targets, are located on the Halibut Horst which is a well-defined basement high within the Moray Firth. Analysis of the 1981 discovery well result suggests that the Bagpuss and Blofeld prospect together could contain up to 2 billion barrels of oil in place. It is envisaged that an initial well on one of these features will spud in late 2014.”
About North Sea Energy Inc.
NSE (TSX‐V: 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.
For further information, please contact:
J. Craig Anderson,
Chairman & CEO
North Sea Energy Inc.
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