North Sea Energy Inc.
TSX VENTURE : NUK

North Sea Energy Inc.

April 27, 2016 18:04 ET

North Sea Energy Announces Annual Results for 2015

TORONTO, ONTARIO--(Marketwired - April 27, 2016) - North Sea Energy Inc. ("NSE" or the "Company") (TSX VENTURE:NUK) announces that its financial results for the year ended December 31, 2015 along with the related Management Discussion and Analysis ("MD&A") have been filed on SEDAR (www.sedar.com). For more detailed information relating to the Company's yearend results, please refer to the financial statements along with the related MD&A files on SEDAR.

Highlights and Significant developments for the year ended December 31, 2015

  • On June 10th, 2015, the Company has been advised by Premier Oil UK Limited ("Premier"), the operator, that the joint venture were working towards a spud date for the Bagpuss Prospect well, located in block 13/24c of the UK North Sea, in H1 2016 (recently updated forecast to on or about May 15, 2016). The Company's costs pertaining to the drilling of the initial Bagpuss Prospect well are 100% funded through its farm-in agreement with Maersk, subject to a cap, as are 50% of NSE's costs of a Bagpuss subsequent well, should one be drilled.

  • The Company reduced its cash used to $304,107 for operations during the year ended December 31, 2015 compared to $1,856,066 during the year ended December 31, 2014, a reduction of 84% year over year.

  • NSE reduced its general and administrative (G&A) costs by 66% during the year ended December 31, 2015 compared to the year ended December 31, 2014 (2015: $318,386; 2014: $930,931) as part of its ongoing cost reduction program.

  • In February 2015, the Company announced the appointment of Mr. Larry LeBlanc to the Board of Directors of NSE. Mr. LeBlanc has 41 years of diverse international, frontier and domestic energy experience.

  • The $3,800,000 Convertible debenture was reclassified to contributed surplus and removed from the
    Company's liabilities during the year ended December 31, 2015.

Subsequent events

  • NSE announced that we have been informed by the Bagpuss Operator, Premier Oil UK Limited
    ("Premier") that the Ocean Valiant, a semi-submersible rig, is now forecast, subject to completion of Solan operations and DECC approval, to be on site at the Bagpuss Prospect on or about May 15th 2016 with the Bagpuss well ("the Well") being spud shortly thereafter. The reason for the sooner than expected commencement of the Well is due to better that expected progress at Premier's Solan development site from where the rig is coming. The expected duration of the Well is estimated at 26 days with an additional 4 days for logging and sampling in the success case.

  • NSE was reclassified as a Tier 2, TSX Venture Exchange-listed Company on March 21, 2016.

SELECTED ANNUAL INFORMATION
As at and for the year ended
December 31, 2015 December 31, 2014 December 31, 2013
CAD ($) CAD ($) CAD ($)
Assets 1,191,540 2,622,833 4,932,541
Long-term liabilities 31,076 3,730,228 3,497,383
Shareholders' (Deficit) Equity (7,512,533) (8,168,546) (1,852,878)
Revenues 49 4,087 2,131,616
Loss before income tax expense (1,842,549) (6,087,250) (14,456,877)
Net loss (1,842,549) (6,087,250) (14,456,877)
Total comprehensive loss for the period (3,298,268) (6,399,668) (14,465,923)
Basic and diluted net loss per share (0.031) (0.103) (0.247)

Year End Reserves Information

At December 31, 2015, the Company had no oil and gas reserves assigned to its assets. The Company has filed Forms 51-101F1, 51-101F2 and 51-101F3 on SEDAR.

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, 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.

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.

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