North Sea Energy Announces First Quarter 2014 Results
May 28 2014 - 3:21PM
Marketwired
North Sea Energy Announces First Quarter 2014 Results
TORONTO, ONTARIO--(Marketwired - May 28, 2014) - North Sea
Energy Inc. ("NSE" or the "Company") (TSX-VENTURE:NUK) announces
its unaudited financial results for the period ended March 31,
2014. The summary of the selected financial information should be
read in conjunction with the Company's Condensed Interim
Consolidated Financial Statements (Unaudited) and the related
Management Discussion and Analysis for the quarter ended March 31,
2014 dated May 28, 2014, which have been filed on SEDAR
(www.sedar.com).
Highlights and recent events for the three months ended
March 31, 2014
- The Company is focused on its exploration and appraisal assets
and is pleased with the upside potential within the targeted
portfolio as highlighted by the recent Deloitte report (see press
release dated May 2, 2014). NSE continues to maintain strong
relationships with its joint venture partners.
- On January 3, 2014, the Company issued 763,636 shares to
EnCounter Oil Limited ("EnCounter") at $0.11 per share pursuant to
its subsidiary's joint-bidding agreement between EnCounter and
North Sea Energy (UK No2) Limited for the purpose of obtaining
North Sea UKCS licences.
- In February, 2014 the Company signed an agreement with Ithaca
and Dyas, whereby under the terms of the Agreement, NSE UK agreed
to withdraw from the Jacky Field (P.1392, Block 12/21c), effective
December 31, 2013. The Agreement settled all outstanding issues and
released the Company of all future costs including decommissioning
liabilities from the effective date. By withdrawing from the field,
the Company significantly reduced its overall liabilities.
- The Company reduced its general and administrative (G&A)
costs by 48% during the three months ended March 31, 2014 compared
to the three months ended March 31, 2013 (Q1 2014; $257,967; Q1
2013: $491,889).
- Net loss during the three months ended March 31, 2014 decreased
by 64% compared to the net loss incurred during the three months
ended March 31, 2013 (Q1 2014: $(345,555); Q1 2013:
$(951,014)).
|
|
Selected Quarterly Information |
|
|
|
|
As at and for the three months ended |
|
March 31, 2014 (Unaudited) CAD ($) (except per share data) |
|
March 31, 2013 (Unaudited) CAD ($) (except per share data) |
|
Assets |
4,026,550 |
|
19,956,011 |
|
Long-term liabilities |
3,590,987 |
|
4,950,794 |
|
Shareholders' Equity |
(2,211,732 |
) |
11,679,388 |
|
Revenues |
1,270 |
|
1,092,335 |
|
Loss before income tax expense |
(345,555 |
) |
(951,014 |
) |
Net loss |
(345,555 |
) |
(951,014 |
) |
Total comprehensive loss for the period |
(442,854 |
) |
(933,657 |
) |
Basic and diluted net loss per share |
(0.0058 |
) |
(0.0162 |
) |
|
|
|
|
|
Subsequent
events
- Subsequent to the period end, the Company signed a Joint
Bidding Agreement for the 28th UKCS Licensing Round. The results
are expected in the second half of 2014.
- On May 2, 2014, the Company announced the results of an
independent "Economic Assessment of Blocks 13/24c and 13/25
(Bagpuss and Blofeld), North Sea, United Kingdom". This report
issued by Deloitte LLP ("Deloitte") on April 30, 2014, utilized the
resource and geologic information developed by Senergy (GB) Limited
("Senergy") on June 25, 2013 with an effective date of May 30,
2013. (Please refer to the Company's press release issued on June
27, 2013 for discussion on the risks and level of uncertainty
associated with recovery of the resources, the significant positive
and negative factors relevant to the estimate of the resources.).
Deloitte's economic assessment of the Bagpuss and Blofeld prospects
indicates that, on a cumulative basis, the Best, Mean, and High
case resource estimates are commercial under the assumed
development, pricing, and cost scenarios, yielding after-tax
internal rates of return of approximately 18, 28, and 51 percent,
respectively.
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.. 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.
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@auburnpartners.com
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