North Sea Energy Announces Year End Results for 2013 including Management Discussion and Analysis
April 23 2014 - 7:51PM
Marketwired
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
$4,611,167.
- In August, 2013, the Company secured a farm-in agreement with
Maersk Oil North Sea UK Limited on the Bagpuss and Blofeld
prospects, Blocks 13/24c and 13/25. Maersk Oil is to carry 100% of
NSE's costs, subject to a cap, to drill the initial Bagpuss
Prospect exploration well including a site survey and agreed past
costs. Maersk Oil is, also, to carry 50% of NSE's costs, subject to
a cap, on a Bagpuss appraisal well, should one be drilled.
- In June, 2013, the Company received an independent Prospective
Resource Assessment of its Bagpuss and Blofeld Prospects (Blocks
13/24c and 13/25) (Total gross low, best and high estimate of
prospective resources respectively 31MMbo, 138MMbo and 594
MMbo).
- Awarded three new blocks in the 2nd tranche of 27th UKCS
Licensing round results (Block(s) 18/10a, 19/2 and 19/3).
- Subsequent to the year end, the Company signed a Joint Bidding
Agreement for the 28th UKCS Licensing Round.
- Subsequent to the year end, the Company withdrew from the Jacky
field with an effective date of December 31, 2013.
SELECTED ANNUAL INFORMATION
|
As at and for the year ended |
|
December 31, 2013 CAD ($) (except per share data) |
|
December 31, 2012 CAD ($) (except per share data) |
|
December 31, 2011 CAD ($) (except per share data) |
|
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.
North Sea Energy Inc.Craig Anderson(416)
366-4700canderson@northseaenergy.caAuburn Partners Inc.Wesleigh
Carusi647-430-8760info@auburnparnters.com
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