Canadian Imperial Venture Corp. has been advised by the Canada-Newfoundland and Labrador Offshore Petroleum Board ("CNLOPB") that its fundamental decision to extend Period 1 of Exploration License 1070 ("EL1070") by 60 days has been approved by both the Provincial and Federal Ministers. Period 1 will now expire on March 17, 2008 unless drilling is commenced by that date.
Interest holders in EL1070 are PDI Production Inc. ("PDIP") 60% and CIVC 40%. Shoal Point Energy Ltd. ("SPE") has farmed in to earn an interest in EL1070 by drilling the planned onshore to offshore 2K39 well. After-earning interests in the EL1070 block will be SPE 56%, PDIP 32% and CIVC 12%. The well will also validate the Licence until January 15, 2011. Drilling plans by SPE are well developed and further information on the program will be released to the public as it becomes available.
"This extension was absolutely critical to maintaining the momentum of the West Coast play. The CNLOPB and the relevant Ministers are to be commended for their foresight," said Steve Millan, Chief Executive Officer of CIVC. "Also to be commended are the interest holders and SPE who have worked tirelessly to bring this exploration program together."
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