TORONTO, ONTARIO--(Marketwire - Oct. 5, 2012) - North Sea Energy Inc. ("NSE" or the "Company") (TSX VENTURE:NUK) is pleased to announce that its wholly owned subsidiary, Echo Exploration Limited, was awarded UK Licence P1920, as part of the 26th licensing round. This licence covers UKCS Block 12/30 and contains the Badger Prospect.
In addition, Premier Oil has exercised its option right to require transfer of a 50% interest in UKCS Block 12/30 pursuant to an April 28, 2010 Agreement between Encore Oil and Echo Exploration Limited. This transfer is subject to the consent of the Department of Energy and Climate Change. Premier completed the acquisition of Encore on January 16, 2012.
About the Badger Prospect
The Badger Prospect is located in the Inner Moray Firth about 28 km southwest of the Captain field, and is a structural/stratigraphic trap with a Lower Cretaceous Punt sandstone reservoir objective. The forward work programme will focus on further delineation of the Badger prospect and mitigation of the critical risk elements. The nearest oil and gas discovery to the block is the well 13/26-2 (Dee discovery) about 15 km to the southeast.
About North Sea Energy Inc.
NSE is a UK-focused oil and gas exploration and production ("E&P") 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.
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