News Releases 1999

1999 CALL FOR BIDS

For Immediate Release
March 29, 1999

The Canada-Newfoundland Offshore Petroleum Board has announced that there will be a 1999 Call for Bids in the Newfoundland offshore area. The Call will comprise ten parcels (refer to attached plats), two located in the Jeanne d’Arc Basin (Parcels 7 and 8), six in the Flemish Pass (Parcels 1 to 6) and two adjacent to the Newfoundland west coast area (Parcels 9 and 10). These parcels comprise a total of 1,316,438 hectares.

Interested parties will have until 4:00 p.m. on November 17, 1999 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 parcels in the Jeanne d’Arc Basin and Flemish Pass is $1 million. The minimum bid for the west coast parcels is $250 thousand. 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: www.cnopb.nfnet.com

For further information, please contact:

H.H. (Hal) Stanley
Chairman and CEO
Tel: (709) 778-1456

D. Angus Taylor
Manager, Legal and Land
Tel: (709) 778-1458


News Releases 1999

DateUpdate
1999, Nov 191999 Maps / Cartes
1999, Nov 191999 LAND SALE RESULTS
1999, Apr 1HIBERNIA AUTHORIZED TO RESUME OIL PRODUCTION
1999, Mar 291999 CALL FOR BIDS
1999, Mar 17HIBERNIA AUTHORIZED TO RESUME OIL PRODUCTION
1999, Feb 24New Policy