Statoil Acquires Blocks next to NSE's Bagpuss and Blofeld Prospects

 

Toronto, Ontario – November 10, 2014 – North Sea Energy Inc. (“NSE” or the “Company”) (TSX-V: NUK) announces that Statoil has acquired, through the 28th UKCS Licencing Round, the acreage neighbouring the Bagpuss and Blofeld prospects (Blocks 13/24c and 13/25) held by its wholly owned subsidiary North Sea Energy (UK NO2) Ltd. (“NSE-2”). Statoil acquired 100% of the acreage (that includes Blocks 13/30b(Part), 14/21, 14/22, 14/26b (Split) & 14/27 (Split)) directly to the east and south of the main Bagpuss and Blofeld prospects by committing to a contingent well in addition to geoscience work. NSE views this strong commitment by Statoil as further validation of the merits of the Bagpuss and Blofeld prospects.

 

NSE-2 holds a 15 percent working interest (“WI”) in the Bagpuss and Blofeld prospects located in Blocks 13/24c and 13/25, and is funded through its farm-in agreement with Maersk Oil UK Ltd. (“Maersk”) covering 100% of NSE’s drilling costs, subject to a cap, for the initial Bagpuss well and the site survey costs. In addition, Maersk is covering 50% of NSE’s costs, subject to a cap, of a subsequent Bagpuss well, if one is drilled.

 

NSE-2’s joint venture partners in Bagpuss and Blofeld include: Premier Oil Plc. (37.5% WI), Maersk (25% WI), EnCounter Oil (15% WI), and Groliffe Limited (7.5% WI), respectively.

 

About North Sea Energy Inc.

North Sea Energy Inc. (TSX VENTURE:NUK) is an oil and gas company that holds a portfolio of high impact interests focused on the Moray Firth in the offshore UK North Sea. These interests include Bagpuss and Blofeld (blocks 13/24c and 13/25), Norfolk (blocks 12/16b and 12/17b), Cloud (block 14/29b), Del Monte (block 19/3) and Golden Phoenix (block 18/10a).

 

For further information, please contact:

 

J. Craig Anderson,

Chairman & CEO

North Sea Energy Inc.

416-366-4700

canderson@northseaenergy.ca

www.northseaenergy.ca

 

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.

 

The 28th round awards are subject to DECC and Statoil final approval.

 

 

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Symbol: TSX-V: NUK

 

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