LICENCE AND CONTRACT RENEWAL/ LOW SHARES TORONTO, ONTARIO--(Marketwired - Jan. 17, 2017) - North Sea Energy Inc. ("NSE" or the "Company") (TSX VENTURE:NUK) through its wholly owned subsidiary North Sea Energy (UK N02) Limited ("NSE2") is pleased to announce the following update regarding the Bagpuss and Blofeld Licence P.1943 ("Bagpuss").
The UK Oil and Gas Association ("the OGA") approves licence renewal for Bagpuss:
The OGA has agreed, in principle, subject to the usual regulatory consents and certain conditions, to the continuation of the Bagpuss licence into the second 4 year term.
Maersk Oil North Sea UK Limited ("Maersk") reassigns interests Bagpuss Licence:
Maersk and the Bagpuss JV listed below have agreed to reassign Maersk's 25% working interest in the Bagpuss on a prorate basis subject to final OGA approval. Upon final approval by the OGA, NSE2's working interest in Bagpuss will increase from 15 % to 20%. The working interests in the Bagpuss JV going forward are expected to be as follows:
| Encounter | 17.67% | |
| | |
| Groliffe | 8.83% | |
| | |
| NSE2 | 20.0% | |
| | |
| Reach Halibut Limited | 53.5% | |
| | |
| Total: | 100% | |
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.
Read more at https://www.stockhouse.com/news/press-releases/2017/01/17/north-sea-energy-announces-update-on-bagpuss#Zvt6pBfoT3rR6YOD.99