CNLOPB Receives Bids on Five of Seven Parcels on Offer

The Canada-Newfoundland and Labrador Offshore Petroleum Board announced the results of the 2005 Call for Bids for exploration rights in the Newfoundland and Labrador Offshore Area, which closed on December 1, 2005. Bids were received on five of the seven parcels offered. Three of the successful bid parcels are located in the Jeanne d'Arc Basin (parcels 1,2,3) and the remaining two are located in the Western Newfoundland and Labrador Offshore Region (parcels 6 and 7).

The Bids represent the expenditures which the bidders commit to make in exploring the parcels during the initial 5-year period of a 9-year term exploration license.

The following bids have been accepted:

  • Parcel 1 (13, 485 ha): Husky Oil Operations Limited – 100%; $ 1,500,000
  • Parcel 2 (28,457 ha): Petro-Canada – 100%; $ 2,296,896
  • Parcel 3 (2,130 ha): Husky Oil Operations Limited – 100%; $ 35,000,000
  • Parcel 6 (96,100 ha): b554568 Alberta Ltd (40%); Strategic Concepts, Inc. (40%); Ptarmigan Resources Ltd. (20%) - $260,000
  • Parcel 7 (159,872 ha): Vulcan Minerals Inc. (50%); 3076101 Nova Scotia Ltd. (50%) -- $512,012
  • Total: $39,568,908

Subject to Ministerial approval and the bidders satisfying the requirements specified in the Call for Bids, the Board will issue an Exploration License for each of the five parcels in January 2006. The Licenses will be for a term of nine years, with an initial period of five years.

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