Welcome!

News Feed Item

North Sea Energy Announces Second Quarter 2014 Results

TORONTO, ONTARIO -- (Marketwired) -- 08/26/14 -- North Sea Energy Inc. ("NSE" or the "Company") (TSX VENTURE: NUK) announces its unaudited financial results for the period ended June 30, 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 June 30, 2014 dated August 26, 2014, which have been filed on SEDAR (www.sedar.com).

Highlights and recent events for the three months ended June 30, 2014


--  On May 2, 2014, NSE obtained the results of an independent "Economic
    Assessment of Blocks 13/24c and 13/25 (Bagpuss and Blofeld), North Sea,
    United Kingdom"(1). The potential economics of the prospects on a Low,
    Best, Mean and High cases on a before tax basis discounted by 10% are
    US$(65.30) million, US$311.7 million, US$689.51 million and US$1,842.35
    million respectively net to NSE.
--  NSE continued to reduce its general and administrative (G&A) costs by
    47% during the three months ended June 30, 2014 compared to the three
    months ended June 30, 2013 (Q2 2014; $249,506; Q2 2013: $465,663).
--  NSE entered into a Joint Bidding Agreement for the 28th UKCS Licensing
    Round.

SELECTED QUARTERLY INFORMATION


----------------------------------------------------------------------------
                                                   As at
                               ---------------------------------------------
                                      June 30,   December 31,       June 30,
                                          2014           2013           2013
                                   (Unaudited)    (Unaudited)    (Unaudited)
                                       CAD ($)        CAD ($)        CAD ($)
----------------------------------------------------------------------------
Assets                               3,370,672      4,932,541     19,313,066
----------------------------------------------------------------------------
Long-term liabilities                3,537,981      3,497,383      5,010,564
----------------------------------------------------------------------------
Shareholders' Equity               (2,688,871)    (1,852,878)     11,169,789
----------------------------------------------------------------------------

(1) The 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.


----------------------------------------------------------------------------
                  For the three months ended     For the six months ended
                ------------------------------------------------------------
                       June 30,       June 30,       June 30,       June 30,
                           2014           2013           2014           2013
                    (Unaudited)    (Unaudited)    (Unaudited)    (Unaudited)
                        CAD ($)        CAD ($)        CAD ($)        CAD ($)
                    (except per    (except per    (except per    (except per
                    share data)    share data)    share data)    share data)
----------------------------------------------------------------------------
Revenues                    672        221,987          1,942      1,314,322
----------------------------------------------------------------------------
Loss before
 income tax           (564,018)      (566,032)      (909,627)    (1,517,046)
----------------------------------------------------------------------------
Net loss              (566,018)      (566,032)      (909,627)    (1,517,046)
----------------------------------------------------------------------------
Total
 comprehensive
 loss                 (477,133)      (509,599)      (920,041)    (1,443,256)
----------------------------------------------------------------------------
Basic and
 diluted net
 loss per share        (0.0095)       (0.0097)       (0.0153)       (0.0259)
----------------------------------------------------------------------------

The above noted financial data should be read in conjunction with the period ended June 30, 2014 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 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
Why do your mobile transformations need to happen today? Mobile is the strategy that enterprise transformation centers on to drive customer engagement. In his general session at @ThingsExpo, Roger Woods, Director, Mobile Product & Strategy – Adobe Marketing Cloud, covered key IoT and mobile trends that are forcing mobile transformation, key components of a solid mobile strategy and explored how brands are effectively driving mobile change throughout the enterprise.
DevOps at Cloud Expo – being held November 1-3, 2016, at the Santa Clara Convention Center in Santa Clara, CA – announces that its Call for Papers is open. Born out of proven success in agile development, cloud computing, and process automation, DevOps is a macro trend you cannot afford to miss. From showcase success stories from early adopters and web-scale businesses, DevOps is expanding to organizations of all sizes, including the world's largest enterprises – and delivering real results. Am...
Internet of @ThingsExpo, taking place November 1-3, 2016, at the Santa Clara Convention Center in Santa Clara, CA, is co-located with 19th Cloud Expo and will feature technical sessions from a rock star conference faculty and the leading industry players in the world. The Internet of Things (IoT) is the most profound change in personal and enterprise IT since the creation of the Worldwide Web more than 20 years ago. All major researchers estimate there will be tens of billions devices - comp...
As the world moves toward more DevOps and Microservices, application deployment to the cloud ought to become a lot simpler. The Microservices architecture, which is the basis of many new age distributed systems such as OpenStack, NetFlix and so on, is at the heart of Cloud Foundry - a complete developer-oriented Platform as a Service (PaaS) that is IaaS agnostic and supports vCloud, OpenStack and AWS. Serverless computing is revolutionizing computing. In his session at 19th Cloud Expo, Raghav...
DevOps at Cloud Expo, taking place Nov 1-3, 2016, at the Santa Clara Convention Center in Santa Clara, CA, is co-located with 19th Cloud Expo and will feature technical sessions from a rock star conference faculty and the leading industry players in the world. The widespread success of cloud computing is driving the DevOps revolution in enterprise IT. Now as never before, development teams must communicate and collaborate in a dynamic, 24/7/365 environment. There is no time to wait for long dev...
Almost two-thirds of companies either have or soon will have IoT as the backbone of their business in 2016. However, IoT is far more complex than most firms expected. How can you not get trapped in the pitfalls? In his session at @ThingsExpo, Tony Shan, a renowned visionary and thought leader, will introduce a holistic method of IoTification, which is the process of IoTifying the existing technology and business models to adopt and leverage IoT. He will drill down to the components in this fra...
Data is the fuel that drives the machine learning algorithmic engines and ultimately provides the business value. In his session at Cloud Expo, Ed Featherston, a director and senior enterprise architect at Collaborative Consulting, will discuss the key considerations around quality, volume, timeliness, and pedigree that must be dealt with in order to properly fuel that engine.
There is growing need for data-driven applications and the need for digital platforms to build these apps. In his session at 19th Cloud Expo, Muddu Sudhakar, VP and GM of Security & IoT at Splunk, will cover different PaaS solutions and Big Data platforms that are available to build applications. In addition, AI and machine learning are creating new requirements that developers need in the building of next-gen apps. The next-generation digital platforms have some of the past platform needs a...
Fact: storage performance problems have only gotten more complicated, as applications not only have become largely virtualized, but also have moved to cloud-based infrastructures. Storage performance in virtualized environments isn’t just about IOPS anymore. Instead, you need to guarantee performance for individual VMs, helping applications maintain performance as the number of VMs continues to go up in real time. In his session at Cloud Expo, Dhiraj Sehgal, Product and Marketing at Tintri, wil...
19th Cloud Expo, taking place November 1-3, 2016, at the Santa Clara Convention Center in Santa Clara, CA, will feature technical sessions from a rock star conference faculty and the leading industry players in the world. Cloud computing is now being embraced by a majority of enterprises of all sizes. Yesterday's debate about public vs. private has transformed into the reality of hybrid cloud: a recent survey shows that 74% of enterprises have a hybrid cloud strategy. Meanwhile, 94% of enterpri...
Enterprises have forever faced challenges surrounding the sharing of their intellectual property. Emerging cloud adoption has made it more compelling for enterprises to digitize their content, making them available over a wide variety of devices across the Internet. In his session at 19th Cloud Expo, Santosh Ahuja, Director of Architecture at Impiger Technologies, will introduce various mechanisms provided by cloud service providers today to manage and share digital content in a secure manner....
SYS-CON Events announced today that Hitrons Solutions will exhibit at the 19th International Cloud Expo, which will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA. Hitrons Solutions Inc. is distributor in the North American market for unique products and services of small and medium-size businesses, including cloud services and solutions, SEO marketing platforms, and mobile applications.
SYS-CON Events announced today Telecom Reseller has been named “Media 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. Telecom Reseller reports on Unified Communications, UCaaS, BPaaS for enterprise and SMBs. They report extensively on both customer premises based solutions such as IP-PBX as well as cloud based and hosted platforms.
SYS-CON Events announced today that eCube Systems, a leading provider of middleware modernization, integration, and management solutions, will exhibit at @DevOpsSummit at 19th International Cloud Expo, which will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA. eCube Systems offers a family of middleware evolution products and services that maximize return on technology investment by leveraging existing technical equity to meet evolving business needs. ...
Pulzze Systems was happy to participate in such a premier event and thankful to be receiving the winning investment and global network support from G-Startup Worldwide. It is an exciting time for Pulzze to showcase the effectiveness of innovative technologies and enable them to make the world smarter and better. The reputable contest is held to identify promising startups around the globe that are assured to change the world through their innovative products and disruptive technologies. There w...