TORONTO, ONTARIO–(Marketwired – May 30, 2016) – North Sea Energy Inc. (“NSE” or the “Company“) (TSX VENTURE:NUK) announces its unaudited financial results for the period ended March 31, 2016. 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, 2016 dated May 30, 2016, which have been filed on SEDAR (www.sedar.com).
Highlights and recent events for the three months ended March 31, 2016
- NSE has been informed by the Bagpuss Operator, Premier Oil UK Limited, that the Ocean Valiant, a semi-submersible rig is forecast to be on site at the Bagpuss Prospect in July of 2016, subject to completion of Solan operations. The drilling of the initial Bagpuss well is estimated to take 26 days with an additional 4 days for logging and sampling in the success case.
- The Company’s general and administrative expenses for the period Q1 2016 decreased by 55% to $56,057 (Q1 2015: $123,804) as part of its continuing cost reduction program.
1. SELECTED QUARTERLY INFORMATION
| As at and for the three months ended | ||||||
| March 31, 2016 | March 31, 2015 | |||||
| (Unaudited) | (Unaudited) | |||||
| CAD ($) | CAD ($) | |||||
| Assets | 1,041,932 | 2,471,280 | ||||
| Long-term liabilities | 11,657 | 3,826,086 | ||||
| Shareholders’ Equity | (7,238,623 | ) | (9,057,757 | ) | ||
| Revenues | 0 | 22 | ||||
| Loss before income tax expense | (319,681 | ) | (220,054 | ) | ||
| Net loss | (319,681 | ) | (220,054 | ) | ||
| Total comprehensive income / (loss) for the period | 273,910 | (889,211 | ) | |||
| Basic and diluted net loss per share | (0.005 | ) | (0.004 | ) | ||
The above noted financial data should be read in conjunction with the period ended March 31, 2016 condensed interim consolidated financial statements. The condensed interim consolidated financial statements are prepared in accordance with International Accounting Standards (“IAS”) 34 – Interim Financial Reporting.
About NSE:
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, North Sea Energy (UK NO2) Limited, 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.
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”, “forecast”, “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.
J. Craig Anderson
Chairman & CEO
416-366-4700
[email protected]
www.northseaenergy.ca
