The Canada-Newfoundland and Labrador Offshore Petroleum Board
(C-NLOPB) today announced two Calls for Bids in the Flemish Pass/Central Ridge region of the Newfoundland and Labrador Offshore Area. Call for Bids NL10-02 consists of two parcels, which comprise 327,372 hectares, and Call for Bids NL10-03 consists of one parcel, which comprises 3,773 hectares and offers one significant discovery licence.

Call for Bids NL10-02 (Flemish Pass/Central Ridge)

Interested parties will have until 4:00 p.m. on November 30, 2010 to submit sealed bids for the two parcels offered in Call for Bids NL10-02. 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 Period I (the first six years of a nine-year licence). The minimum bid for each parcel offered in Call for Bids NL10-02 is one million dollars.

Call for Bids NL10-02 contains provisions for rentals during the term of an exploration licence and during the term of any resulting significant discovery licence. This Call for Bids contains a sample exploration licence, which incorporates a sample significant discovery licence. This portion of the Newfoundland and Labrador Offshore Area has been previously assessed to identify any mitigative measures that may be required in relation to exploration activity on these parcels. Notification of any changes made to this Call for Bids will be posted on the Board’s website. Subject to Ministerial approval, successful bidders will be issued an exploration licence for a term of nine years; however, during Period I, a well must be spudded to validate the licence for the full nine-year term.

Call for Bids NL10-03 (Flemish Pass/Central Ridge)

Interested parties will have until 4:00 p.m. on November 30, 2010 to submit sealed bids for the one parcel offered in Call for Bids NL10-03. For the purpose of assessing and selecting a bid, the sole criterion to be used for this parcel will be the highest total amount of money bid, in the form of a one time non-refundable payment to the Receiver General. This parcel has also been previously assessed to identify any mitigative measures that may be required in relation to exploration activity. Notification of any changes made to this Call for Bids NL10-03 will be posted on the Board’s website. Subject to Ministerial approval, the successful bidder will be issued a significant discovery licence with terms and conditions similar to those in the sample significant discovery licence described in Call for Bids NL10-02. This is the first time a significant discovery licence has been offered since Call for Bids NF88-01.

Call for Bids NL10-01 (Jeanne d’Arc Basin)

Interested parties are reminded that Call for Bids NL10-01 (Jeanne d’Arc Basin) was announced by the Board on April 20, 2010 and closes at 4:00 p.m. on November 17, 2010.

MEDIA CONTACT:

Sean Kelly M.A., APR, FCPRS
Manager of Public Relations
(709) 778-1418
(709) 689-0713 (cell)
skelly@cnlopb.nl.ca