Contact purchased existing data over the permit and shot its own seismic data over the permit area early in 2006.
Following detailed analysis of seismic and other data, Contact has decided not to proceed to the next step of drilling a well.
The permit will therefore be returned to the Crown.
The decision to relinquish the permit will have no financial impact on Contact, as the historical costs associated with the permit were written off as incurred.
Contact Chief Executive, David Baldwin, said the company remained focused on securing a stable, long-term supply of natural gas. He said the return of this permit would not prevent Contact from looking at future upstream opportunities.
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