North Sea Energy announces 3Q15 results

North Sea Energy Inc. has released its unaudited financial results for the period ended 30 September 2015. 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 30 September 2015 dated 26 November 2015, which have been filed on SEDAR.

Highlights and recent events for the three months ended 30 September 2015:

NSE reduced its general and administrative (G&A) costs by 83% during the three months ended 30 September 2015 compared to the three months ended 30 September 2014 (Q3 2015: $42,572; Q3 2014: $250,626) as part of its ongoing cost reduction programme.

Progress on the Bagpuss well located in block 13/24c of the UK North Sea, continues, with an expected spud date for 1H16 (15% Working Interest). NSE's costs relating to the initial Bagpuss well, including well planning and the site survey continue to be carried by Maersk. The company is funded through its farm-in agreement with Maersk for 100% of NSE's costs, subject to a cap to drill the initial Bagpuss Prospect well including a site survey and 50% of NSE's costs, subject to a cap on a Bagpuss subsequent well, should one be drilled. For more details see Appraisal & Exploration Activities in the accompanying MD&A.

Edited from press release by Angharad Lock

Read the article online at: https://www.oilfieldtechnology.com/drilling-and-production/27112015/north-sea-energy-releases-3q15-results-1825/