TORONTO, ONTARIO--(Marketwire - Dec. 6, 2012) - North Sea Energy Inc. ("NSE" or the "Company") (TSX VENTURE:NUK) announces that it is in the process of high grading its portfolio of North Sea licenses. To best utilize the Company's exploration and development funds, our on-going review prioritizes prospects based on prospective resources, technical and risk analysis of the potential for each block in our portfolio. Based on this, certain new blocks are deemed by our qualitative review to have superior potential compared to some current blocks requiring immediate drilling decisions.
As recently announced, NSE, through its subsidiary North Sea Energy (UK No2) Limited, has been awarded the following blocks in the 27th UKCS licensing round: 13/24c, 13/25 and 14/29b, containing a number of new attractive leads. Furthermore, NSE has received an indication that it may be awarded three additional blocks in a second tranche of the 27th UKCS licensing round, anticipated in Q2 2013 subject to environmental considerations and DECC approval. As a result, NSE will be relinquishing the following blocks: 22/5c, 15/21d and 13/28b.
On other matters, the 12/30 block containing the Badger prospect is currently attracting interest in the data room set up by NSE to obtain farm-in partners.
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 nine blocks in the North Sea.
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