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TORONTO, ONTARIO--(Marketwired - Mar 21, 2016) - North Sea Energy Inc. ("NSE" or the "Company") (TSX VENTURE:NUK) through its wholly owned subsidiary North Sea Energy (UK NO2) Limited ("NSE2"), is pleased to announce that the spud date for the Bagpuss well ("the Well") is forecast for July, 7 2016. An option has been exercised for the Ocean Valiant, a semi-submersible rig, to drill the Well. The expected duration of the Well is estimated at 26 days with an additional 4 days for logging and sampling in the success case. The Well is to be drilled to approximately 1,550ft subsurface to evaluate the prospectively of the Lower Cretaceous interval beneath the Chalk and above the granite basement.
NSE's costs relating to the initial Bagpuss well, including well planning and the site survey continue to be carried by Maersk Oil North Sea UK Limited ("Maersk Oil"). The Company is funded through its farm-in agreement with Maersk Oil for 100% of NSE's costs, subject to a cap, to drill the initial Bagpuss Prospect well including a site survey and 50% of NSE's costs, subject to a cap, on a Bagpuss subsequent well, should one be drilled.
On June 27, 2013, the Company received an independent Prospective Resource Assessment of UK North Sea Blocks 13/24c and 13/25, "Bagpuss and Blofeld Prospects," issued by Senergy (GB) Limited on June 25, 2013 in accordance with NI 51-101 with an effective date of May 30, 2013 (see table below).
|Gross Undiscovered Oil in Place and Prospective Resources (Unrisked) 2|
|Low Estimate||Best Estimate||High Estimate|
(2 Please refer to the Company's press release dated June 27, 2013 for more information http://northseaenergy.ca/06272013.html).
The joint venture partners in the Bagpuss prospect are Maersk Oil (25% WI), NSE2 (15%WI), Premier Oil (40.1%WI-Operator), EnCounter (13.27%WI) and Groliffe (6.63%WI).
Reclassification to Tier 2 reporting issuer:
In other news, NSE has been reclassified as a Tier 2, TSX-V listed company as of March 21, 2016.
The Company, founded in February 2007, is a UK focused oil and gas exploration and appraisal company quoted on the TSX-V. NSE, along with its wholly owned subsidiary, NSE2 holds two high impact opportunities in the UK North Sea. These opportunities are the Bagpuss and Blofeld prospects located in blocks 13/24c and 13/25 of the UKCS.
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.