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
According to Forrester Research, every business will become either a digital predator or digital prey by 2020. To avoid demise, organizations must rapidly create new sources of value in their end-to-end customer experiences. True digital predators also must break down information and process silos and extend digital transformation initiatives to empower employees with the digital resources needed to win, serve, and retain customers.
As ridesharing competitors and enhanced services increase, notable changes are occurring in the transportation model. Despite the cost-effective means and flexibility of ridesharing, both drivers and users will need to be aware of the connected environment and how it will impact the ridesharing experience. In his session at @ThingsExpo, Timothy Evavold, Executive Director Automotive at Covisint, will discuss key challenges and solutions to powering a ride sharing and/or multimodal model in the a...
If you’re responsible for an application that depends on the data or functionality of various IoT endpoints – either sensors or devices – your brand reputation depends on the security, reliability, and compliance of its many integrated parts. If your application fails to deliver the expected business results, your customers and partners won't care if that failure stems from the code you developed or from a component that you integrated. What can you do to ensure that the endpoints work as expect...
In this strange new world where more and more power is drawn from business technology, companies are effectively straddling two paths on the road to innovation and transformation into digital enterprises. The first path is the heritage trail – with “legacy” technology forming the background. Here, extant technologies are transformed by core IT teams to provide more API-driven approaches. Legacy systems can restrict companies that are transitioning into digital enterprises. To truly become a lea...
IoT is fundamentally transforming the auto industry, turning the vehicle into a hub for connected services, including safety, infotainment and usage-based insurance. Auto manufacturers – and businesses across all verticals – have built an entire ecosystem around the Connected Car, creating new customer touch points and revenue streams. In his session at @ThingsExpo, Macario Namie, Head of IoT Strategy at Cisco Jasper, will share real-world examples of how IoT transforms the car from a static p...
Cloud computing is being adopted in one form or another by 94% of enterprises today. Tens of billions of new devices are being connected to The Internet of Things. And Big Data is driving this bus. An exponential increase is expected in the amount of information being processed, managed, analyzed, and acted upon by enterprise IT. This amazing is not part of some distant future - it is happening today. One report shows a 650% increase in enterprise data by 2020. Other estimates are even higher....
From wearable activity trackers to fantasy e-sports, data and technology are transforming the way athletes train for the game and fans engage with their teams. In his session at @ThingsExpo, will present key data findings from leading sports organizations San Francisco 49ers, Orlando Magic NBA team. By utilizing data analytics these sports orgs have recognized new revenue streams, doubled its fan base and streamlined costs at its stadiums. John Paul is the CEO and Founder of VenueNext. Prior ...
One of biggest questions about Big Data is “How do we harness all that information for business use quickly and effectively?” Geographic Information Systems (GIS) or spatial technology is about more than making maps, but adding critical context and meaning to data of all types, coming from all different channels – even sensors. In his session at @ThingsExpo, William (Bill) Meehan, director of utility solutions for Esri, will take a closer look at the current state of spatial technology and ar...
The Internet of Things can drive efficiency for airlines and airports. In their session at @ThingsExpo, Shyam Varan Nath, Principal Architect with GE, and Sudip Majumder, senior director of development at Oracle, will discuss the technical details of the connected airline baggage and related social media solutions. These IoT applications will enhance travelers' journey experience and drive efficiency for the airlines and the airports. The session will include a working demo and a technical d...
Businesses are struggling to manage the information flow and interactions between all of these new devices and things jumping on their network, and the apps and IT systems they control. The data businesses gather is only helpful if they can do something with it. In his session at @ThingsExpo, Chris Witeck, Principal Technology Strategist at Citrix, will discuss how different the impact of IoT will be for large businesses, expanding how IoT will allow large organizations to make their legacy ap...
What happens when the different parts of a vehicle become smarter than the vehicle itself? As we move toward the era of smart everything, hundreds of entities in a vehicle that communicate with each other, the vehicle and external systems create a need for identity orchestration so that all entities work as a conglomerate. Much like an orchestra without a conductor, without the ability to secure, control, and connect the link between a vehicle’s head unit, devices, and systems and to manage the ...
The many IoT deployments around the world are busy integrating smart devices and sensors into their enterprise IT infrastructures. Yet all of this technology – and there are an amazing number of choices – is of no use without the software to gather, communicate, and analyze the new data flows. Without software, there is no IT. In this power panel at @ThingsExpo, moderated by Conference Chair Roger Strukhoff, panelists will look at the protocols that communicate data and the emerging data analy...
SYS-CON Events announced today that Commvault, a global leader in enterprise data protection and information management, has been named “Bronze Sponsor” of SYS-CON's 19th International Cloud Expo, which will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA. Commvault is a leading provider of data protection and information management solutions, helping companies worldwide activate their data to drive more value and business insight and to transform moder...
Creating replica copies to tolerate a certain number of failures is easy, but very expensive at cloud-scale. Conventional RAID has lower overhead, but it is limited in the number of failures it can tolerate. And the management is like herding cats (overseeing capacity, rebuilds, migrations, and degraded performance). Download Slide Deck: ▸ Here In his general session at 18th Cloud Expo, Scott Cleland, Senior Director of Product Marketing for the HGST Cloud Infrastructure Business Unit, discusse...
Whether they’re located in a public, private, or hybrid cloud environment, cloud technologies are constantly evolving. While the innovation is exciting, the end mission of delivering business value and rapidly producing incremental product features is paramount. In his session at @DevOpsSummit at 19th Cloud Expo, Kiran Chitturi, CTO Architect at Sungard AS, will discuss DevOps culture, its evolution of frameworks and technologies, and how it is achieving maturity. He will also cover various st...