Welcome!

News Feed Item

North Sea Energy Announces First Quarter 2014 Results

TORONTO, ONTARIO -- (Marketwired) -- 05/28/14 -- 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   March 31, 2013 
                                               (Unaudited)      (Unaudited) 
                                                   CAD ($)          CAD ($) 
                                               (except per      (except per 
                                               share data)      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.

More Stories By Marketwired .

Copyright © 2009 Marketwired. All rights reserved. All the news releases provided by Marketwired are copyrighted. Any forms of copying other than an individual user's personal reference without express written permission is prohibited. Further distribution of these materials is strictly forbidden, including but not limited to, posting, emailing, faxing, archiving in a public database, redistributing via a computer network or in a printed form.

Latest Stories
DevOps is often described as a combination of technology and culture. Without both, DevOps isn't complete. However, applying the culture to outdated technology is a recipe for disaster; as response times grow and connections between teams are delayed by technology, the culture will die. A Nutanix Enterprise Cloud has many benefits that provide the needed base for a true DevOps paradigm. In his Day 3 Keynote at 20th Cloud Expo, Chris Brown, a Solutions Marketing Manager at Nutanix, will explore t...
NHK, Japan Broadcasting, will feature the upcoming @ThingsExpo Silicon Valley in a special 'Internet of Things' and smart technology documentary that will be filmed on the expo floor between November 3 to 5, 2015, in Santa Clara. NHK is the sole public TV network in Japan equivalent to the BBC in the UK and the largest in Asia with many award-winning science and technology programs. Japanese TV is producing a documentary about IoT and Smart technology and will be covering @ThingsExpo Silicon Val...
In his general session at 19th Cloud Expo, Manish Dixit, VP of Product and Engineering at Dice, discussed how Dice leverages data insights and tools to help both tech professionals and recruiters better understand how skills relate to each other and which skills are in high demand using interactive visualizations and salary indicator tools to maximize earning potential. Manish Dixit is VP of Product and Engineering at Dice. As the leader of the Product, Engineering and Data Sciences team at D...
Keeping pace with advancements in software delivery processes and tooling is taxing even for the most proficient organizations. Point tools, platforms, open source and the increasing adoption of private and public cloud services requires strong engineering rigor – all in the face of developer demands to use the tools of choice. As Agile has settled in as a mainstream practice, now DevOps has emerged as the next wave to improve software delivery speed and output. To make DevOps work, organization...
Join IBM November 2 at 19th Cloud Expo at the Santa Clara Convention Center in Santa Clara, CA, and learn how to go beyond multi-speed it to bring agility to traditional enterprise applications. Technology innovation is the driving force behind modern business and enterprises must respond by increasing the speed and efficiency of software delivery. The challenge is that existing enterprise applications are expensive to develop and difficult to modernize. This often results in what Gartner calls ...
The 20th International Cloud Expo has announced that its Call for Papers is open. Cloud Expo, to be held June 6-8, 2017, at the Javits Center in New York City, brings together Cloud Computing, Big Data, Internet of Things, DevOps, Containers, Microservices and WebRTC to one location. With cloud computing driving a higher percentage of enterprise IT budgets every year, it becomes increasingly important to plant your flag in this fast-expanding business opportunity. Submit your speaking proposal ...
The age of Digital Disruption is evolving into the next era – Digital Cohesion, an age in which applications securely self-assemble and deliver predictive services that continuously adapt to user behavior. Information from devices, sensors and applications around us will drive services seamlessly across mobile and fixed devices/infrastructure. This evolution is happening now in software defined services and secure networking. Four key drivers – Performance, Economics, Interoperability and Trust ...
SYS-CON Events announced today that CollabNet, a global leader in enterprise software development, release automation and DevOps solutions, will be a Bronze Sponsor of SYS-CON's 20th International Cloud Expo®, taking place from June 6-8, 2017, at the Javits Center in New York City, NY. CollabNet offers a broad range of solutions with the mission of helping modern organizations deliver quality software at speed. The company’s latest innovation, the DevOps Lifecycle Manager (DLM), supports Value S...
“DevOps is really about the business. The business is under pressure today, competitively in the marketplace to respond to the expectations of the customer. The business is driving IT and the problem is that IT isn't responding fast enough," explained Mark Levy, Senior Product Marketing Manager at Serena Software, in this SYS-CON.tv interview at DevOps Summit, held Nov 4–6, 2014, at the Santa Clara Convention Center in Santa Clara, CA.
All organizations that did not originate this moment have a pre-existing culture as well as legacy technology and processes that can be more or less amenable to DevOps implementation. That organizational culture is influenced by the personalities and management styles of Executive Management, the wider culture in which the organization is situated, and the personalities of key team members at all levels of the organization. This culture and entrenched interests usually throw a wrench in the work...
With billions of sensors deployed worldwide, the amount of machine-generated data will soon exceed what our networks can handle. But consumers and businesses will expect seamless experiences and real-time responsiveness. What does this mean for IoT devices and the infrastructure that supports them? More of the data will need to be handled at - or closer to - the devices themselves.
Building a cross-cloud operational model can be a daunting task. Per-cloud silos are not the answer, but neither is a fully generic abstraction plane that strips out capabilities unique to a particular provider. In his session at 20th Cloud Expo, Chris Wolf, VP & Chief Technology Officer, Global Field & Industry at VMware, will discuss how successful organizations approach cloud operations and management, with insights into where operations should be centralized and when it’s best to decentraliz...
Translating agile methodology into real-world best practices within the modern software factory has driven widespread DevOps adoption, yet much work remains to expand workflows and tooling across the enterprise. As models evolve from pockets of experimentation into wholescale organizational reinvention, practitioners find themselves challenged to incorporate the culture and architecture necessary to support DevOps at scale. In his session at @DevOpsSummit at 20th Cloud Expo, Anand Akela, Senior...
Web Real-Time Communication APIs have quickly revolutionized what browsers are capable of. In addition to video and audio streams, we can now bi-directionally send arbitrary data over WebRTC's PeerConnection Data Channels. With the advent of Progressive Web Apps and new hardware APIs such as WebBluetooh and WebUSB, we can finally enable users to stitch together the Internet of Things directly from their browsers while communicating privately and securely in a decentralized way.
In his keynote at @ThingsExpo, Chris Matthieu, Director of IoT Engineering at Citrix and co-founder and CTO of Octoblu, focused on building an IoT platform and company. He provided a behind-the-scenes look at Octoblu’s platform, business, and pivots along the way (including the Citrix acquisition of Octoblu).