Press release from Marketwire
North Sea Energy Provides Update on the Work Program for the Norfolk Prospects
Thursday, April 19, 2012
North Sea Energy Provides Update on the Work Program for the Norfolk Prospects14:09 EDT Thursday, April 19, 2012TORONTO, ONTARIO--(Marketwire - April 19, 2012) - North Sea Energy Inc. ("NSE" or the "Company") (TSX VENTURE:NUK) is pleased to announce that following discussions with partners on the Norfolk prospect, block, 12/16b (20% interest), the Norfolk East prospect, block 12/17b (20% interest), a 2012 budget and work program for exploration has been agreed on. Highlights:Acquire and process 2D hi-resolution seismic Subsequent detailed prospect interpretation of the Cretaceous and Jurassic sections Petroleum system study to understand source rock generation potential and migration Potential to drill a well in 2H 2013 on the Norfolk prospect About Norfolk Prospect and Norfolk East Prospect - 12/16b and 12/17b The blocks are located in the Inner Moray Firth, a short distance from the Sutherland coast. The Norfolk prospect is a large stratigraphic pinchout and dip closure with a Lower Cretaceous Hauterivian Sandstone reservoir with best estimate undiscovered oil initially-in-place of 209.0 MMstb at Norfolk and 55.5 MMstb at Norfolk East1 as estimated for NSE in Sproule's Report dated July 31, 2011.NSE holds a 20% interest in the Norfolk projects. The Company's partners on both Norfolk and Norfolk East are First Oil Expro Limited (project operator), Nautical Petroleum plc, and Premier Oil plc. 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 an interest in nine blocks in the North Sea.1Sproule Report dated July 31, 2011; please see the joint management information circular of NSE and Ranger dated August 26, 2011, as amended by the Company's press release dated September 19, 2011 (together, the "Circular") that can be found on www.sedar.com. There is no certainty that any portion of the resources will be discovered. If discovered, there is no certainty that it will be commercially viable to produce any portion of the resources. Forward-looking statementsExcept 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. FOR FURTHER INFORMATION PLEASE CONTACT: J. Craig AndersonNorth Sea Energy Inc.CEO416firstname.lastname@example.orgORAuburn Partners Inc.Investor Relations:email@example.com@auburnpartners.comNeither 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.