North Sea Energy Provides Corporate Update
(firmenpresse) - TORONTO, ONTARIO -- (Marketwire) -- 12/07/11 -- North Sea Energy Inc. ("NSE" or the "Company") (TSX VENTURE: NUK) is pleased to announce that it will be participating in the Petroleum Exploration Society of Great Britain, PROSPEX 2011 Conference, December 13 & 14, 2011 in London, England. PROSPEX is the highly successful series of prospect fairs and the UK's leading networking event for exploration and development in the North Sea. The Company is seeking partners to potentially farm down its 50% interest in the 13-28b block (the "Bobcat Prospect"), 22-5c block (the "Bass Prospect") and 15-21d block (the "Bluebird Discovery and Blackbird Prospect").
About the prospects:
Bobcat Prospect - 13/28b
The block is located in the Inner Moray Firth and is situated immediately south of the Ross Field and southwest of the Captain Field. The water depth at the block location is approximately 230 feet. A prospect, referred to as the "Bobcat", has been identified at the Punt Sands level.
The Bobcat Prospect has been identified using 3D seismic on Block 13/28b in a three way dip closed structural and stratigraphic trap within the Lower Cretaceous Punt Sands. The Bobcat Prospect has been assessed volumetrically using probabilistic methods. The table below summarizes the undiscovered oil initially-in-place and prospective oil resources.
(i)From Sproule International Limited, July 31, 2011 report prepared in accordance with COGE Handbook reserves and resource definitions which are compliant with the requirements of National Instrument 51-101.
Bass Prospect - 22/5c
The block is located in the central North Sea, approximately 250 kilometres northeast of Aberdeen, Scotland, which has established oil and gas infrastructure and is close to major markets. The block sits between the Fleming gas condensate field to the north and the Everest gas condensate field to the south, which is the starting point for the 36 inch diameter, 408 km long central area transmission system ("CATS") export pipeline to Teesside. The CATS riser platform receives gas from a number of fields including Everest.
One prospect has been identified on Block 22/5c in the Tertiary Section based on the seismic interpretation. This prospect has been assessed volumetrically using probabilistic methods. The table below summarizes the undiscovered initially-in-place and prospective resource volumes in barrels of oil equivalent.
(i) From Sproule International Limited, July 31, 2011 report prepared in accordance with COGE Handbook reserves and resource definitions which are compliant with the requirements of National Instrument 51-101.
Bluebird Discovery and Blackbird Prospect - 15/21d
The Prospect Area lies less than 220 kilometres east of the Scottish mainland. Two potential targets within Block 15/21d have been identified in the Jurassic Section. The first is referred to as the "Bluebird Discovery", and was identified by a well test from well 15/21b-50, and the second is referred to as the "Blackbird Lead", and was identified by interpretation of the seismic data. These targets have been assessed volumetrically using probabilistic methods. The table below summarizes the discovered initially-in-place and contingent resource oil volumes associated with the Bluebird Discovery, and the undiscovered oil initially-in-place and prospective resources associated with the Blackbird Lead.
(i)From Sproule International Limited, July 31, 2011 report prepared in accordance with COGE Handbook reserves and resource definitions which are compliant with the requirements of National Instrument 51-101.
(i) From Sproule International Limited, July 31, 2011 report prepared in accordance with COGE Handbook reserves and resource definitions which are compliant with the requirements of National Instrument 51-101.
Additionally, NSE would like to announce that the Bluebird Discovery, on block 15-21d, has positively restated its 'on-block' numbers and category of its resource to a Discovered In-Place Contingent Resource. The on block numbers have increased as per the table above.
Capitalized terms used in this press release but not otherwise defined herein shall be given the meanings ascribed thereto in the joint management information circular of NSE and Ranger Energy Ltd. dated August 26, 2011, as amended by the Company's press release dated September 19, 2011 (together, the "Circular"), which is available and filed on SEDAR under the Company's profile at . Additional information in the Circular with respect to each of the aforementioned prospects, except as restated herein, is hereby incorporated by reference herein, including without limitation, the risks and level of uncertainty associated with recovery of the resources, the significant positive and negative factors relevant to each estimate, in respect of contingent resources the specific contingencies which prevent the classification of the resources as reserves and the cautionary statements made in the Circular with respect to each prospect.
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 six blocks in the North Sea, with a further three blocks pending DECC approval.
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 resources 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.
Contacts:
North Sea Energy Inc.
J. Craig Anderson
CEO
416-366-4700
Auburn Partners Inc.
Investor Relations
647-430-8760
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Unternehmensinformation / Kurzprofil:
Datum: 07.12.2011 - 15:50 Uhr
Sprache: Deutsch
News-ID 94769
Anzahl Zeichen: 4596
contact information:
Town:
TORONTO, ONTARIO
Kategorie:
Oil & Gas
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