Two of the winning bids had competition from a large US oeprator, the other bid was unopposed. All of the 100 percent bids were on blocks in the Keathley Canyon protraction area and compliment acreage already held by Hydro in that area.
The award of the leases is subject to final review and approval by the MMS, which typically takes place between 60 and 90 days after the date of a sale.
There are no work programs associated with the awarded blocks. The forward plan is to evaluate the new acreage with Hydro's licensed PSDM (prestack depth migration seismic) over the area in the hope of maturing these leases and those adjoining them into a drillable Hydro prospect.
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