North Sea Energy Inc. announces that it has been notified by the UK Department of Energy and Climate Change (DECC) that it, together with its partners, has been awarded three new blocks in the UK North Sea in the 26th Seaward Licensing Round, namely the Norfolk prospect – block 12/16b (20% interest), the Norfolk East lead – block 12/17b (20% interest) and the Badger lead – block 12/30 (50% interest).
NSE holds its interest in the Norfolk prospect and the Norfolk East lead through its wholly owned subsidiary, North Sea Energy (UK NO2) Limited. The Company’s interest in the Badger lead is held through an additional wholly owned subsidiary, Echo Exploration Limited.
Norfolk Prospect and Norfolk East Lead – 12/16b and 12/17b
The blocks are located in the Inner Moray Firth, a short distance from the Sutherland coast. The Norfolk prospect is a large stratigraphic pinchout and dip closure with a Lower Cretaceous Hauterivian Sandstone reservoir with upside oil initially-in-place of 538.4 MMstb at Norfolk and 193.6 MMstb at Norfolk East.
NSE holds a 20% interest in the Norfolk projects. The Company’s partners on both Norfolk and Norfolk East are First Oil Expro Limited (project operator), Nautical Petroleum plc, and EnCore Oil plc. On October 5, 2011, Premier Oil plc announced a deal to purchase EnCore Oil plc.
Badger Lead – 12/30
The Badger lead is a gas exploration prospect that contains upside prospective recoverable resources of 162.9 Bcf. NSE holds a 50% interest in the Badger lead and is the operator/administrator through its wholly owned subsidiary, Echo Exploration Limited. The Company’s partner on the Badger lead is EnCore Oil plc. As noted above, Premier Oil plc announced a deal to purchase EnCore Oil plc on October 5, 2011.
“Norfolk, Norfolk East and Badger are world class exploration plays and we are very pleased to add them to the Company’s exploration portfolio,” stated J. Craig Anderson, President and CEO of North Sea Energy.
About North Sea Energy Inc.
NSE is a UK-focused oil and gas exploration and production company listed on the TSX Venture Exchange. NSE is producing light oil from the Jacky field, located in the Inner Moray Firth off the Scottish coast and has acquired an interest in nine blocks in the North Sea.
[mappress] Subsea World News Staff , January 05, 2012; Image: NSE