UK Court Decision
(firmenpresse) - TORONTO, ONTARIO -- (Marketwire) -- 07/03/12 -- North Sea Energy Inc. ("NSE" or the "Company") (TSX VENTURE: NUK) announces that it was not successful in the defense of its 'right of non-consent' to the drilling of the unsuccessful J03 well announced by Ithaca Energy Inc. as non-commercial on May 18, 2011. The UK High Court's Judge Popplewell has deemed that the J03 well was not an appraisal well but rather a producer according to the Joint Operating Agreement (JOA) regardless of the fact that it has never produced any oil. NSE opposed the drilling of the J03 well on the basis of its technical and economic merits. NSE's CEO, Craig Anderson remarked, "It's a blow for minority joint-venture partner rights in the UK North Sea, and I am very disappointed by the Popplewell judgement."
NSE has paid all costs associated with the drilling of the J03 well. NSE's only remaining cost related with this judgement are Ithaca Energy's legal fees estimated in excess of GBP 500,000. NSE remains committed to its goal of developing and drilling high quality prospects in the North Sea.
About North Sea Energy Inc.
NSE (TSX VENTURE: NUK) 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.
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.
Contacts:
North Sea Energy Inc.
J. Craig Anderson
CEO
416-366-4700
Investor Relations:
Auburn Partners Inc.
647-430-8760
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Unternehmensinformation / Kurzprofil:
Datum: 03.07.2012 - 13:36 Uhr
Sprache: Deutsch
News-ID 162130
Anzahl Zeichen: 0
contact information:
Town:
TORONTO, ONTARIO
Kategorie:
Oil & Gas
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"UK Court Decision"
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