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North Sea Signs Agreement with Ithaca Regarding withdrawal from the Jacky Field

Source: www.gulfoilandgas.com 2/4/2014, Location: Europe

North Sea Energy Inc is pleased to announce that, through its wholly owned subsidiary North Sea Energy (UK) Limited (“NSE UK”), the Company has signed an agreement (the “Agreement”) with Ithaca Energy (UK) Limited (“Ithaca”) and Dyas UK Limited (“Dyas”), whereby under the terms of the Agreement, NSE UK agrees to withdraw from the Jacky Field (P.1392, Block 12/21c), effective December 31, 2013. The Agreement settles all outstanding issues and releases the Company of all future costs including decommissioning liabilities from the effective date. An estimate of decommissioning costs for the Jacky Field may be found in NSE’s Q3, 2013 financial statements and MD&A.

The Jacky Field is located 12 miles off the Scottish coast and has been producing light oil. Prior to completing the Agreement, NSE UK held a 10% interest in the Jacky Field, while its partners, Ithaca and Dyas, held 47.5% and 42.5% interests respectively. Ithaca is the Operator of the Jacky Field.

“This Agreement removes a substantial amount of future financial uncertainty for NSE,” stated NSE CEO, Craig Anderson.

The Agreement is subject to the approval of the Department of Energy and Climate Change (DECC).

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Related Articles: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Insurance  Investment  Mergers and Acquisitions  Risk Management 


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