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North Sea Energy Announces Year End Results for 2013 including Management Discussion and Analysis
TORONTO, ONTARIO--(Marketwired - Apr 23, 2014) - North Sea Energy Inc. ("NSE" or the "Company") (TSX VENTURE:NUK) announces that its financial results for the year ended December 31, 2013 along with the related Management Discussion and Analysis ("MD&A") have been filed on SEDAR (www.sedar.com). For more detailed information relating to the Company's yearend results, please refer to the financial statements along with the related Management Discussion and Analysis ("MD&A") in NSE's SEDAR filing.
Highlights and recent events for the year ended December 31, 2013
Cash on hand of $3,484,565 at December 31, 2013 increased slightly from September 30, 2013, $3,444,647 (December 31, 2012: $6,246,200).
Liabilities for the Company decreased in the amount of $4,611,167.
In August, 2013, the Company secured a farm-in agreement with Maersk Oil North Sea UK Limited on the Bagpuss and Blofeld prospects, Blocks 13/24c and 13/25. Maersk Oil is to carry 100% of NSE's costs, subject to a cap, to drill the initial Bagpuss Prospect exploration well including a site survey and agreed past costs. Maersk Oil is, also, to carry 50% of NSE's costs, subject to a cap, on a Bagpuss appraisal well, should one be drilled.
In June, 2013, the Company received an independent Prospective Resource Assessment of its Bagpuss and Blofeld Prospects (Blocks 13/24c and 13/25) (Total gross low, best and high estimate of prospective resources respectively 31MMbo, 138MMbo and 594 MMbo).
Awarded three new blocks in the 2nd tranche of 27th UKCS Licensing round results (Block(s) 18/10a, 19/2 and 19/3).
Subsequent to the year end, the Company signed a Joint Bidding Agreement for the 28th UKCS Licensing Round.
Subsequent to the year end, the Company withdrew from the Jacky field with an effective date of December 31, 2013.
SELECTED ANNUAL INFORMATION
As at and for the year ended | ||||||
December 31, 2013 | December 31, 2012 | December 31, 2011 | ||||
Assets | 4,932,541 | 20,695,048 | 23,231,776 | |||
Long-term liabilities | 3,497,383 | 4,772,424 | 2,831,221 | |||
Shareholders' (Deficit) Equity | (1,852,878 | ) | 12,474,196 | 17,317,757 | ||
Revenues | 2,131,616 | 4,075,602 | 7,355,434 | |||
Loss before income tax expense | (14,456,877 | ) | (6,877,755 | ) | (6,365,186 | ) |
Net loss | (14,456,877 | ) | (5,844,755 | ) | (5,064,186 | ) |
Total comprehensive loss for the period | (14,465,923 | ) | (5,938,395 | ) | (4,998,860 | ) |
Basic and diluted net loss per share | (0.2470 | ) | (0.0999 | ) | (0.0913 | ) |
SP Angel
North Sea Energy is pleased to announce that it has appointed SP Angel as an international marketing agent. SP Angel is an Investment Bank that, formed in 2006, is a member of the London Stock Exchange, an AIM Nominated Advisor and a leading resources sector advisor.
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. In particular, forward-looking information in this press release includes, but is not limited to, statements with respect to oil reserves and future revenues. 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. Some of the risks and other factors that could cause the results to differ materially from those expressed in the forward-looking information include, but are not limited to: general economic conditions in Canada, the United States, UK and globally; industry conditions, including fluctuations in the prices of oil and natural gas; governmental regulation of the oil and gas industry, including environmental regulation; unanticipated operating events or performance which can reduce production or cause production to be shut in or delayed; failure to obtain industry partner and other third party consents and approvals, if and when required; competition for and/or inability to retain drilling rigs and other services; the availability of capital on acceptable terms; the need to obtain required approvals from regulatory authorities; stock market volatility; volatility in market prices for oil and natural gas; liabilities inherent in oil and natural gas operations; competition for, among other things, capital, acquisitions of reserves, undeveloped lands, skilled personnel and supplies; incorrect assessments of the value of acquisitions; geological, technical, drilling, processing and transportation problems; changes in tax laws and incentive programs relating to the oil and gas industry; failure to realize the anticipated benefits of acquisitions and dispositions; and the other factors. Readers are cautioned that this list of risk factors should not be construed as exhaustive.
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.
