North Sea Energy Announces Second Quarter 2016 Results and Corporate Update
(firmenpresse) - TORONTO, ONTARIO -- (Marketwired) -- 08/29/16 -- North Sea Energy Inc. ("NSE" or the "Company") (TSX VENTURE: NUK) announces its unaudited financial results for the period ended June 30, 2016. The summary of the selected financial information should be read in conjunction with the Company''s Condensed Interim Consolidated Financial Statements (Unaudited) and the related Management Discussion and Analysis for the quarter ended June 30, 2016 dated August 29, 2016, which have been filed on SEDAR ().
Highlights and subsequent events for the three months ended June 30, 2016
Statoil Bottom Hole Agreement
The Drilling and Results of the Bagpuss Well
The above noted financial data should be read in conjunction with the period ended June 30, 2016 condensed interim accordance with International Accounting Standards ("IAS") 34 - Interim Financial Reporting.
Corporate Update:
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.
About NSE:
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.
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", "forecast", "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.
In particular, there can be no certainty that analysis of the hydrocarbons and reservoir will result in commerciality being established. Factors which may cause commerciality not to be established include risks and uncertainties such as analysis concluding that the hydrocarbons are not of a commercially interesting grade, logistical challenges associated with extracting in the North Sea, oil prices, access to financing (for a full list of risks please refer to our financial statements and management discussion and analysis filed on ).
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.
Contacts:North Sea Energy Inc.J. Craig AndersonChairman & CEO416-366-4700
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Datum: 29.08.2016 - 15:00 Uhr
Sprache: Deutsch
News-ID 1455016
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