The Canada-Newfoundland and Labrador Offshore Petroleum Board has announced the results of the 2008 Calls for Bids NL08-1 and NL08-2 (see attached land plats) for exploration rights in the Newfoundland and Labrador Offshore Area. Bidding closed on November 14, 2008 and successful bids were received on all five parcels offered totaling $129,892,000. Three of the successful bid parcels are located in the Central Ridge/Flemish Pass and two are located in the Jeanne d'Arc Basin.
The bids represent the expenditures which the bidders commit to make in exploring the parcels during the initial five-year period of a nine-year term Exploration License. If companies discover significant quantities of petroleum resources as a result of the exploration work, they may then seek a Significant Discovery License from the C-NLOPB. Any Significant Discovery Licenses issued in respect of lands resulting from these Exploration Licenses will be subject to rentals which will escalate over time.
The following bids have been accepted:
Call for Bids NL08-1 (Central Ridge/Flemish Pass)
Parcel 1 (138,200 ha)
Parcel 2 (134, 227 ha)
Parcel 3 (55,954 ha)
Parcel 1 (19,430 ha)
Parcel 2 (121,348 ha)
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