Canadian Imperial Venture's Garden Hill Lease Extended for 5 Years
Canadian Imperial Venture
Canadian Imperial Venture reports that the Minister of Natural Resources, the Hon. Kathy Dunderdale, has agreed to extend the term of the Petroleum Lease 2002-01 ("PL 2002-01") under certain terms and conditions. Petroleum Lease 2002-01 comprises approximately 33,000 acres on the Port au Port Peninsula ("Lease Area"), which includes Newfoundland's first onshore oil and gas discovery at Garden Hill South and the exploration prospect at Garden Hill North.
The Newfoundland and Labrador Government has agreed to extend PL 2002-01 for an additional 5-year term under the following terms and conditions:
- That the parties to the agreement commence a drilling program in the Lease Area no later than August 12, 2008 and commence and maintain production in the Lease Area without cessation, except for a period totaling two years between August 12, 2008 to August 12, 2012;
- The parties commit to spend a minimum of $10,000,000 on a work program that includes a well in the Lease Area;
- The parties agree to pay a refundable security deposit of $500,000 against the $10,000,000 work program.
By prior commitment, the parties will commence a geophysical program at Garden Hill North in August 2007 for a minimum expenditure of $2,500,000.
"I am delighted with this extension which will trigger an aggressive work program in excess of $12.5 million in western Newfoundland," said Steve Millan, Chairman and CEO of CIVC.
RELATED COMPANIES
Company: Canadian Imperial Venture Corp. (CIVC) more info
Most Popular Articles
- Falcon Oil Declares Commercial Flow Test Results for Shenandoah Well
- Macquarie Strategists Expect Brent Oil Price to Grind Higher
- Japan Failing to Meet Corporate Demand for Clean Power: Amazon
- Pennsylvania County Joins List of Local Govts Suing Big Oil over Climate
- UK Oil Regulator Publishes New Emissions Reduction Plan
- PetroChina Posts Higher Annual Profit on Higher Production
- US, SKorea Launch Task Force to Stop Illicit Refined Oil Flows into NKorea
- McDermott Settles Reficar Dispute
- Russian Navy Enters Warship-Crowded Red Sea Amid Houthi Attacks
- USA Commercial Crude Oil Inventories Increase
- New China Climate Chief Says Fossil Fuels Must Keep a Role
- Oil Demand Outpaces Expectations, Testing Calculus on Peak Crude
- House Passes Protecting American Energy Production Act
- TotalEnergies Restarts Production in Denmark's Biggest Gas Field
- Republican Lawmakers Say IEA Has Abandoned Energy Security Mission
- USA Oil and Gas Job Figures Jump
- Blockchain Demands Attention in Oil and Gas
- Houthis Warn Saudi Arabia of Retaliation If It Backs USA Attacks
- Macquarie Sees USA Oil Production Exiting 2024 at 14MM Barrels Per Day
- Summer Pump Prices Set to Hit $4 a Gallon Just as Americans Hit the Road
- New China Climate Chief Says Fossil Fuels Must Keep a Role
- Chinese Mega Company Makes Major Oilfield Discovery
- VIDEO: Missile Attack Kills Crew Transiting Gulf of Aden
- Norway Regulator Blasts Proposal to Halt New Oil and Gas Permits
- Chinese Mega Company Makes Another Major Oilfield Discovery
- What Is the Biggest Risk to Offshore Oil and Gas Personnel in 2024?
- Vessel Sinks in Red Sea After Missile Strike
- Exxon Rights in Stabroek Do Not Apply to Hess Merger with Chevron: Hess
- Equinor Makes Discovery in North Sea
- Analysts Reveal Latest Oil Price Outlook Following OPEC+ Cut Extension