|September 30, 2013 (Unaudited) CAD ($) (except per share data)||September 30, 2012 (Unaudited) CAD ($) (except per share data)||September 30, 2013 (Unaudited) CAD ($) (except per share data)||September 30, 2012 (Unaudited) CAD ($) (except per share data)|
|Loss before income tax||(5,372,270)||(713,914)||(6,889,316)||(3,522,794)|
|Total comprehensive loss||(5,440,117)||(751,175)||(6,883,373)||(2,619,326)|
|Basic net loss per share||(0.0918)||(0.0107)||(0.1177)||(0.0425)|
|Diluted net loss per share||(0.0918)||(0.0107)||(0.1177)||(0.0425)|
*includes impairment of Terry prospect in the amount of $3,987,598 during the three months ended September 30, 2013
Jacky Field Operational Update
The Operator of the Jacky field (block 12/21), Ithaca Energy Inc., has notified the Company that the Beatrice Alpha to Bravo water injection pipeline, used to provide pressure support to the Jacky reservoir, has failed. A full investigation into the exact cause of the leak was not possible due to weather and dive vessel time constraints. Repair options are being considered and a further update will be issued once a decision has been made. The Jacky field will continue to be produced, but it is likely that production will decrease as the pressure falls. The Operator is still evaluating the impact on the production forecast for 2014.
Cloud Prospect (Block 14/29b)
EnCounter Oil (60% working interest) is hosting a joint data room with NSE (40% working interest) in order to facilitate the potential farm-out of the Cloud prospect, which is currently being reviewed by a number of parties.
The Cloud prospect, awarded in the 27th licencing round, is located in the Moray Firth, north of the Goldeneye field, within Upper Jurassic gravity flow sands at depths of between 6,900 and 7,675 ft. It is updip of well 14/29-1 which encountered a 475 ft sequence of good quality middle and early Volgian Claymore sands.
The Company will be exhibiting at the upcoming PROSPEX exhibition from December 11-12, 2013 in London, UK. The aim of PROSPEX is to provide a venue for announced “Promote Licensees” and oil and gas companies to market prospects and meet with potential investors to facilitate the “deal making” process.
North Sea Energy will be showcasing the Norfolk and Norfolk East (blocks 12/16b and 12/17b) and Cloud (block 14/29b) prospects at the exhibition.
Venue: Business Design Centre, Islington
NSE Booth Number: 62
For more information about the exhibition, please visit http://www.pesgb.org.uk/pages/news-and-events/events/prospex.
About North Sea Energy Inc.
North Sea Energy Inc. (TSXV:NUK) is an oil and gas company that holds a portfolio of high impact plays focused on the Moray Firth in the offshore UK North Sea. These plays include Bagpuss and Blofeld (blocks 13/24c and 13/25), Norfolk and Norfolk East (blocks 12/16b and 12/17b), and Cloud (block 14/29b).
For further information, please contact:
J. Craig Anderson,
Chairman & CEO
North Sea Energy Inc.
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