|June 30, 2016 (Unaudited) CAD ($) (except per share data)||June 30, 2015 (Unaudited) CAD ($) (except per share data)||June 30, 2016 (Unaudited) CAD ($) (except per share data)||June 30, 2015 (Unaudited) CAD ($) (except per share data)|
|Profit/(loss) before income tax||(165,885)||179,837||(485,565)||(40,217)|
|Total comprehensive profit/(loss)||(197,399)||308,059||76,512||(581,152)|
|Basic net profit/(loss) per share||(0.003)||0.003||(0.008)||(0.001)||Diluted net profit/(loss) per share||(0.003)||0.002||(0.008)||(0.001)|
|June 30, 2016 (Unaudited) CAD ($)||December 31, 2015 (Unaudited) CAD ($)||June 30, 2015 (Unaudited) CAD ($)|
The above noted financial data should be read in conjunction with the period ended June 30, 2016 condensed interim consolidated financial statements. The condensed interim consolidated financial statements are prepared in accordance with International Accounting Standards (“IAS”) 34 – Interim Financial Reporting.
NSE's forward plan is to review the analysis of the results of the Bagpuss well with the joint-venture partnership to ascertain the viability of the Bagpuss and Blofeld prospects. If the prospects are determined to be viable, NSE will vote to renew the P.1943 licence for an additional four (4) years commencing on December 31, 2016 as the conditions of the current licence appear to have been met. As the Operator releases additional data concerning the results of the Bagpuss well over the coming weeks and any decisions regarding licence renewal, NSE will announce the finding in accordance to TSX-V policy and in accordance to our Joint Venture Agreement (JOA) with the Bagpuss and Blofeld co-venturers.
NSE plans to open a data room as soon as practically possible should the results of the analysis be positive to either farm-out a portion of its Bagpuss and Blofeld assets or sell a portion or all of its asset. The management and board of NSE will also look at strategic options to meet its liquidity requirements.
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, North Sea Energy (UK NO2) Limited, 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. In particular, forward-looking information in this press release includes, but is not limited to, statements with respect to 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.
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.