North Sea Energy Inc.
TSX VENTURE : NUK

North Sea Energy Inc.

June 17, 2015 15:12 ET

North Sea Energy Provides an Update on the Bagpuss Prospect

TORONTO, ONTARIO--(Marketwired - June 17, 2015) - North Sea Energy Inc. ("NSE" or the "Company") (TSX VENTURE:NUK) is pleased to provide an update regarding its Bagpuss prospect following the Operational and Technical Committee meeting held in Aberdeen, Scotland, on June 10th, 2015. The Company has been advised by Premier Oil UK Limited ("Premier"), the operator, that the joint venture is working towards a spud date for the Bagpuss well, located in block 13/24c of the UK North Sea, in H1 2016. Both Premier and Maersk Oil UK Limited ("Maersk") are committed to drilling the Bagpuss well, subject to Oil and Gas Authority UK ("OGA") and final internal approvals. A semi- submersible rig will be used and options to contract the rig are under evaluation to optimise costs. The well location, provided by EnCounter Oil plc ("Encounter"), is 67 metres to the west of the original location based on the analysis of the seismic site survey which was acquired in September 2014.

The Bagpuss well targets lower cretaceous sands, jurassic sands and a granite wash formation that is only 1400 ft subsurface. Please refer to the Company's press release dated June 27, 2013 for the Independent Prospective Resource Assessment of UK North Sea Blocks 13/24c and 13/25, "Bagpuss and Blofeld Prospects", issued by Senergy (GB) Limited on June 25, 2013 in accordance with National Instrument 51-101 with an effective date of May 30, 2013 (http://northseaenergy.ca/06272013.html). 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, also subject to a cap.

The joint venture partners in the Bagpuss Prospect are Premier (Operator) (37.5%), Maersk (25%), EnCounter (15%), Groliffe Limited (7.5%), and North Sea Energy (UK NO2) Limited (15%), a wholly-owned subsidiary of NSE.

About NSE:

NSE 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 the Bagpuss and Blofeld prospects (blocks 13/24c and 13/25), Norfolk prospects (blocks 12/16b & 12/17b), Del Monte (blocks 19/2 & 19/3) and Golden Phoenix leads (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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