Completion of 2D High Resolution Seismic on Norfolk Prospect
Toronto, Ontario – (November 19, 2012) – North Sea Energy Inc. (“NSE” or the “Company”) (TSXV: NUK) is pleased to announce that a 2D hi-resolution seismic program on the Norfolk Prospect (block 12/16b) (20% NSE interest) has been completed after receiving approval from DECC (UK Department of Energy and Climate Change).
The weather during November has been favourable and allowed us to acquire more data than the base plan. This will allow us to test 3D migrating the data and/or creating a Geocube product.
The processing of the additional seismic will enhance our understanding of the prospect in terms of the ‘up dip’ extent of the Norfolk prospect and assist in the determination of the drilling target. The acquiring of the seismic data this year allows us to progress our evaluation of the prospect and to make a drilling decision sooner and without delay to the project.
About Norfolk Prospect and Norfolk East Prospect - 12/16b and 12/17b
The blocks are located in the Inner Moray Firth, a short distance from the Sutherland coast. The Norfolk prospect is a large stratigraphic pinchout and dip closure of the lower cretaceous Coracle sands with additional leads in the Punt and Beatrice sands. The best estimate undiscovered oil initially-in-place of 209.0 MMstb at Norfolk and 55.5 MMstb at Norfolk East as estimated for NSE in Sproule's Report dated July 31, 2011.
The partners in the Norfolk prospect are First Oil Expro Limited (35%, operator), Nautical Petroleum plc (20%), Premier Oil UK Limited (25%) and North Sea Energy (UK No2) Limited (20%). Nautical Petroleum plc was acquired by Cairn Energy plc in August, 2012 and is now part of the Cairn group of companies.
NSE hires IronStone Capital Corp.
NSE is also pleased to announce the engagement of IronStone Capital Corp. for the services of Lee Bowles to assist NSE in marketing the Company. Lee Bowles will focus on developing and expanding NSE's communications with the investment community through communicating with investment dealers, advisers and shareholders to increase awareness of and interest in the Company. Lee Bowles will receive a monthly fee of $3,500 for promotional services for a period of 3 months, which may be extended by both parties. This agreement is subject to acceptance by the TSX Venture Exchange.
About North Sea Energy Inc.
NSE 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 twelve blocks in the North Sea.
For further information please contact:
North Sea Energy Inc.
Craig Anderson, President and Chief Executive Officer
Auburn Partners Inc.
Shanda Kilborn & Wesleigh Carusi
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 timing and completion of the Transaction (including receipt of TSX-V approval), 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. 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. Some of the risks and other factors that could cause the results to differ materially from those expressed in the forward-looking information include, but are not limited to: general economic conditions in Canada, the United States, UK and globally; industry conditions, including fluctuations in the prices of oil and natural gas; governmental regulation of the oil and gas industry, including environmental regulation; unanticipated operating events or performance which can reduce production or cause production to be shut in or delayed; failure to obtain industry partner and other third party consents and approvals, if and when required; competition for and/or inability to retain drilling rigs and other services; the availability of capital on acceptable terms; the need to obtain required approvals from regulatory authorities; stock market volatility; volatility in market prices for oil and natural gas; liabilities inherent in oil and natural gas operations; competition for, among other things, capital, acquisitions of reserves, undeveloped lands, skilled personnel and supplies; incorrect assessments of the value of acquisitions; geological, technical, drilling, processing and transportation problems; changes in tax laws and incentive programs relating to the oil and gas industry; failure to realize the anticipated benefits of acquisitions and dispositions; and the other factors. Readers are cautioned that this list of risk factors should not be construed as exhaustive.
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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