TORONTO, ONTARIO--(Marketwire - Jan. 2, 2013) - North Sea Energy Inc. ("NSE" or the "Company") (TSX VENTURE:NUK) is pleased to announce that following the operating committee meeting ("OCM") regarding the Badger Prospect, block 12/30 (50% interest), the 2013 budget and work program for exploration was agreed upon by the members of the OCM.
Work Program Highlights:
- Acquire and process 2D hi-resolution seismic
- Subsequent detailed prospect interpretation of the Cretaceous section
- Petroleum system study to understand source rock generation potential and migration
- Evaluate potential to drill a well in 1H 2014 on the Badger Prospect
About Badger Prospect - Block 12/30
The Badger Prospect is located in the Inner Moray Firth about 28 km southwest of the Captain Field and 35 km to the west of the Ross field, and is a structural/stratigraphic trap with a Lower Cretaceous Coracle and Punt sandstone reservoir objective. The forward work program will focus on further delineation of the Badger Prospect and mitigation of the critical risk elements, leading to a drilling decision by the end of Q3 2013. The nearest oil and gas discovery to the block is the well 13/26-2 (Dee discovery) about 15 km to the southeast in the Punt sands.
The license administrator is Echo Exploration Limited, a wholly owned subsidiary of NSE, which will be acting as operator for the seismic processing and interpretation of the Badger Prospect to delineate the Punt and Coracle sands. The Company continues to have discussions with interested parties regarding a possible farm-out deal.
The Company also announces that the Board of Directors has approved the grant of 1,050,000 options (the "Options") to directors, officers and consultants of the Company, which are exercisable into common shares of the Company at a price of $0.23 per share. Subject to the rules of the TSX Venture Exchange and the Company's Stock Option Plan, the Options have a term of five years and will expire on January 2, 2018. The Options are subject to a four‐month hold period. 150,000 of the Options are granted to the principals of Auburn Partners Inc. ("Auburn Partners"), a consulting firm that provides investor relations services to the Company, and vest over 12 months on a quarterly basis. Furthermore, NSE has renewed Auburn Partners' contract and has retained its services through the end of 2013, on the same terms as announced on October 21, 2011.
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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