North Sea Energy Announces Agreement With Ithaca Energy and Dyas Regarding Withdrawal from the Jacky Field
February 04 2014 - 3:05PM
Marketwired
North Sea Energy Announces Agreement With Ithaca Energy and Dyas
Regarding Withdrawal from the Jacky Field
TORONTO, ONTARIO--(Marketwired - Feb 4, 2014) - North Sea Energy
Inc. ("NSE" the "Company") (TSX-VENTURE:NUK) is pleased to announce
that, through its wholly owned subsidiary North Sea Energy (UK)
Limited ("NSE UK"), the Company has signed an agreement (the
"Agreement") with Ithaca Energy (UK) Limited ("Ithaca") and Dyas UK
Limited ("Dyas"), whereby under the terms of the Agreement, NSE UK
agrees to withdraw from the Jacky Field (P.1392, Block 12/21c),
effective December 31, 2013. The Agreement settles all outstanding
issues and releases the Company of all future costs including
decommissioning liabilities from the effective date. An estimate of
decommissioning costs for the Jacky Field may be found in NSE's Q3,
2013 financial statements and MD&A.
The Jacky Field is
located 12 miles off the Scottish coast and has been producing
light oil. Prior to completing the Agreement, NSE UK held a 10%
interest in the Jacky Field, while its partners, Ithaca and Dyas,
held 47.5% and 42.5% interests respectively. Ithaca is the Operator
of the Jacky Field.
"This Agreement
removes a substantial amount of future financial uncertainty for
NSE," stated NSE CEO, Craig Anderson.
The Agreement is
subject to the approval of the Department of Energy and Climate
Change (DECC).
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 UKCS. 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 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.
North Sea Energy Inc.J. Craig
AndersonCEO416-366-4700canderson@northseaenergy.cawww.northseaenergy.caInvestor
Relations:Shanda Kilborn416-366-4700shanda@auburnpartners.com
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