The Canada-Newfoundland Offshore Petroleum Board has announced that there will be a 1998 Call for Bids in the Newfoundland offshore area. The Call will comprise thirteen parcels (refer to attached plat), six located in the Jeanne d’Arc Basin (Parcel Nos. 6 to 11), three in the Outer Ridge Complex (Parcel Nos. 3 to 5), two in the Flemish Pass Basin (Parcel Nos. 1 and 2) and two adjacent to the North Grand Bank Basin (Parcel Nos. 12 and 13). These parcels comprise a total of 801,053 hectares.
Interested parties will have until 4:00 p.m. on September 16, 1998 to submit sealed bids. The sole criterion for selecting winning bids will be the total amount of money the bidder commits to spend on exploration of the respective parcel during the first 5 years. The minimum bid for all parcels is $1 million. Successful bidders will be issued an exploration licence for a term of 9 years, during the first 5 years of which, a well must be drilled to validate the licence for the full 9-year term.
For a complete copy of the text of this Call for Bids visit the C-NOPB website at:
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For further information, please contact:
John G. Fitzgerald
Chairman(Acting)
Tel: (709) 778-1452
D. Angus Taylor
Manager, Legal and Land
Tel: (709) 778-1458