Husky Set to Win Licenses Offshore Greenland

At the expiry of the December 15, 2006 deadline for applications for the licensing round covering Disko West, the Bureau of Minerals and Petroleum had received license applications from the oil companies ExxonMobil, Chevron, Husky and DONG.

On May 9, 2007, the Joint Committee on Mineral Resources in Greenland decided to recommend to the Greenland Home Rule Government and the Danish Government that the Canadian oil company Husky Oil Operations Limited (Husky) be awarded oil licenses offshore western Greenland. The licenses cover blocks 5 and 7 of the licensing round. The award of the two license blocks is now pending approval from the Home Rule Government and from the Danish Government.

Negotiations regarding license terms for blocks 4 and 6 are now in their concluding phase and will be addressed at the next meeting of the Joint Committee on Mineral Resources in Greenland.

In accordance with politically adopted terms, the second phase of the licensing round will be initiated on August 1, 2007. Applications for the remaining blocks (nos.1, 2, 3 and 8) can be submitted until February 1, 2008. The second phase of the licensing round will be formally announced at an opening meeting on June 13, 2007 in connection with the EAGE oil conference and exhibition in London.

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