The Canada-Newfoundland and Labrador Offshore Petroleum Board
(C-NLOPB) announced today the details of a Call for Bids in the Newfoundland and Labrador Offshore Area. Call for Bids NL12-02 (Area “C” – Flemish Pass) will consist of one parcel consisting of 208,899 hectares.

Interested parties will have until 4:00 p.m. on November 1, 2012 to submit sealed bids for this parcel offered in Call for Bids NL12-02. The sole criterion for selecting a winning bid will be the total amount of money the bidder commits to spend on exploration of the parcel during Period I (the first period of a nine-year licence). The minimum bid for the parcel offered is $1,000,000 in work commitments.

This Call for Bids 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 area has been previously assessed to identify any mitigative measures that may be required in relation to exploration activity on the parcel.

Subject to Ministerial approval, a successful bidder will be issued an exploration licence for a term of nine years; however, during Period I a well must be spud to validate the licence for the full nine-year term.

Notification of any changes made to this Call for Bids will be posted to the C-NLOPB’s website.

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