TORONTO, ONTARIO--(Marketwired - Aug. 19, 2016) - North Sea Energy Inc. ("NSE" or the "Company") (TSX VENTURE:NUK) announces an update to the Bagpuss well results from the Bagpuss Operator, Premier Oil (UK) Limited ("Premier").
Mr. Anthony Durrant, Premier's CEO and Mr. Robin Allan, Premier's head of North Sea and Exploration answered questions concerning the results from our Bagpuss well during Premier's "Half-Yearly Results for the six months to 30 June 2016" webcast. Please refer to Premier's webcast "Half-Yearly Results for the six months to 30 June 2016" posted on August 18, 2016 on http://www.premier- oil.com/premieroil/investors/results-centre for the further details.
Premier's senior management espoused the following concerning the Bagpuss prospect:
- Bagpuss is a heavy oil discovery as anticipated and the well results came in on prognosis in terms of the reservoir;
- The analysis of the geochemistry of the samples collected is still going on, the results of which will tell us more about the flow properties of the oil in due course;
- The Bagpuss well was drilled on the Halibut Horst which is very large granite structure, so the reservoir is hotter when the granite is that close to the surface;
- The Bagpuss well confirmed a significant volume of oil in place;
- The temperature of the well was about the same temperature as the original 1981 Amoco well [44°C, 111°F] due to the raised geothermal gradient over the granite horst.
While NSE management believes the information regarding the Bagpuss Prospect to be accurate, it will wait until the full technical analysis of the collected data is finalized before commenting on the Bagpuss results.
Finally, the Bagpuss Well, a vertical well, was always planned to be an informational well only and in accordance with the original Well Plan it was plugged and abandoned upon completion. Should development of the Bagpuss field take place, it would most likely be done with horizontal wells.
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.
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 "plans", "expect", "forecast", "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.
In particular, there can be no certainty that commerciality of the Bagpuss or Blofled prospects will be established. Factors which may cause commerciality not to be established include risks and uncertainties such as analysis concluding that the hydrocarbons are not of a commercially interesting grade, logistical challenges associated with extracting in the North Sea, oil prices, access to financing (for a full list of risks please refer to our financial statements and management discussion and analysis filed on www.sedar.com).
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.