North Sea Energy Inc.
TSX VENTURE : NUK

North Sea Energy Inc.

September 17, 2014 11:34 ET

North Sea Energy Provides an Update on the Bagpuss Prospect

TORONTO, ONTARIO--(Marketwired - Sept. 17, 2014) - North Sea Energy Inc. ("NSE") (TSX VENTURE:NUK) through its wholly owned subsidiary North Sea Energy (UK N02) Ltd. ("NSE-2") is pleased to announce that the Bagpuss Site Survey has commenced and should be completed in the next 7 days. The purpose of the survey is to collect high resolution digital seismic, soils data and a full range of environmental data that is required by DECC prior to drilling of the initial Bagpuss well. The Bagpuss well is currently scheduled to be drilled in Q3 2015, subject to normal approvals.

In addition, the Bagpuss joint-venture partners recently received approval from DECC to move into the second phase of the Bagpuss Promote licence (4 year initial term, drill or drop decision by end 2nd year) by demonstrating financial, technical and environmental capacity to be in place, in addition to a firm commitment to drill the Bagpuss well.

NSE-2 holds a 15 percent working interest in the Bagpuss and Blofeld prospects located in blocks 13/24c and 13/25, and is funded through its farm-in agreement with Maersk covering 100% of NSE's drilling costs, subject to a cap, for the initial Bagpuss well and the site survey costs. In addition, Maersk is covering 50% of NSE's costs, subject to a cap, on a Bagpuss subsequent well, should one be drilled.

Other Joint venture partners include: Premier Oil Plc., Maersk Oil UK Ltd., EnCounter Oil, and Groliffe Limited hold the remaining 37.5, 25, 15, and 7.5 percent working interests in the Blocks, respectively.

About North Sea Energy Inc.

North Sea Energy Inc. (TSX VENTURE:NUK) is an oil and gas company that holds a portfolio of high impact interests focused on the Moray Firth in the offshore UK North Sea. These interests include Bagpuss and Blofeld (blocks 13/24c and 13/25), Norfolk (blocks 12/16b and 12/17b), Cloud (block 14/29b), Del Monte (block 19/3) and Golden Phoenix (block 18/10a).

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", "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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