North Sea Energy Inc.
TSX VENTURE : NUK

North Sea Energy Inc.

July 18, 2016 12:14 ET

North Sea Energy Inc.: Drilling Commences at Bagpuss Prospect

TORONTO, ONTARIO--(Marketwired - July 18, 2016) - North Sea Energy Inc. ("NSE" or the "Company") (TSX VENTURE:NUK) is pleased to announce it has been advised by Premier Oil UK Limited, the Operator, that the spudding of the Bagpuss Well - 13/25-A ("Well") occurred on July 18th, 2016. Bagpuss operations commenced on July 14th, 2016 when Ocean Valiant offshore drilling rig left the Solan development and arrived on site July 16th, 2016. The results of the Well are forecast to be released in early August, 2016.

Highlights:

  • Ocean Valiant offshore drilling rig commences drilling of the 13/25-A Bagpuss Well
  • Drilling results forecast by the Operator to be in early August
  • The Well is to be drilled to approximately 1,550 ft subsurface to evaluate the prospectivity of the reservoir interval beneath the Chalk and above the granite basement

The joint venture partners in the Bagpuss prospect are Maersk Oil UK (25% Working Interest (WI)), NSE through its wholly owned subsidiary North Sea Energy (UK NO2) Limited ("NSE2") (15%WI), Premier Oil UK Limited (40.1%WI, Operator), EnCounter Oil (13.27%WI) and Groliffe (6.63%WI).

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, through its wholly owned subsidiary NSE2, 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", "forecast", "expect", "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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