Canadian Board Issues Results for 2 New Exploration Licenses

The Canada - Nova Scotia Offshore Petroleum Board today announced the results of its Board initiated Call for Bids NS07-1 for two new Exploration Licenses offshore Nova Scotia.

The Board has accepted the following winning bids:

  • Land Parcel No. 1: Ammonite Corporation – 60%; Catheart Energy, Inc. – 40%; Work Expenditures Bid ($Cdn) $103,100,000.
  • Land Parcel No. 2: Ammonite Corporation – 60%; Catheart Energy, Inc. – 40%; Work Expenditures Bid ($Cdn) $113,700,000.

The Work Expenditure Bid represents the amount of money the bidder intends to spend exploring the land parcels during the initial five-year period of a nine-year Exploration License. The minimum bid required was $500,000.

The Call for Bids NS07-1 was issued on December 11, 2007. At that time, interested parties were invited to bid on the parcels and the public was invited to submit written comments to the Board. The Board also made detailed geoscience and regulatory information available on its website, on CD-Rom and through its new digital Data Management Center. Bidding closed on June 30, 2008.

Exploration Licenses will be issued in September by the Board, subject to Ministerial approval in accordance with the Accord Acts.


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