CNLOPB: 2007 Call for Bids

The Canada-Newfoundland and Labrador Offshore Petroleum Board have released details of the 2007 land sales in the Newfoundland and Labrador Offshore Area. This year, there will be two separate Calls for Bids. Call for Bids NL07-1 (Western Newfoundland and Labrador Offshore Region will consist of one parcel and Call for Bids NL07-2 (Labrador Offshore Region) will consist of four parcels. These parcels comprise a total of 991,458 hectares.

Interested parties will have until 4:00 p.m. on November 30, 2007 to submit sealed bids for Call for Bids NL07-1 (Western Newfoundland and Labrador Offshore Region). The Board will conduct a Strategic Environmental Assessment (Western Newfoundland and Labrador Offshore Area, amendment) to include the one parcel offered in Call for Bids NL07-1. A draft of the SEA report will be published on the Board's website for public comment when it becomes available. The Board will consider any recommendations made in the SEA Report and, where necessary, may amend the respective Call for Bids to ensure concerns are addressed.

Interested parties will have until 4:00 p.m. on August 1, 2008 to submit sealed bids for Call for Bids NL07-2 (Labrador Offshore Region). The Board will conduct a Strategic Environmental Assessment (Labrador Offshore Area) to include the four parcels offered in Call for Bids NL07-2. A draft of the SEA report will be published on the Board's website for public comment when it becomes available. The Board will consider any recommendations made in the SEA Report and, where necessary, may amend the respective Call for Bids to ensure concerns are addressed.

Notification of any changes made to these 2007 Calls for Bids will be posted on the Board's website, including any extensions to the submission dates to accommodate the completion of SEA Reports.

The sole criterion for selecting winning bids will be the total amount of money the bidder commits to spend on exploration of the respective parcel during Period I. The minimum bid for each parcel offered in the 2007 Calls for Bids is one million dollars.

Both 2007 Calls for Bids contain provisions for rentals during the term of an exploration license and during the term of any resulting significant discovery license. Each Call for Bids contains a sample exploration license and a sample significant discovery license.

Subject to Ministerial approval, successful bidders will be issued an exploration license for a term of 9 years; however, during Period I, a well must be spudded to validate the license for the full 9-year term. Period I may be extended by one year by posting an additional deposit of one million dollars as security for drilling a well on a parcel.

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