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June 11, 1996
(Mines and Energy)


Security deposits recieved for parcels bid on, in request for 
bids for pertroleum rights in western Newfoundland

The Minister of Mines and Energy, Dr. Rex Gibbons, today announced that security deposits have been received for 27 of the 28 parcels that were bid upon in the March 22, 1996 Request for Bids for petroleum rights in western Newfoundland.

"In order for exploration permits to be issued, successful bidders are required to submit 20 per cent of their bid amount as a security deposit" the minister said. "The security deposit is forfeited if the permittee does not follow through on the work expenditures stated in the bid."

Parcel 31, in the Isle au Mort area, was dropped by the successful bidder. Exploration permits for the other parcels will be issued in due course. This will bring the total to 36, encompassing an area of approximately 1.1 million hectares, onshore western Newfoundland. Offshore there are three exploration licences which cover about 900,000 hectares. Four parcels in western Newfoundland are included in this year's offshore Call for Bids which closes on September 30, 1996.

Contact: Dave Hawkins, Director, Petroleum Resource Development, (709) 729-2323.

NOTE: A copy of the map showing Western Newfoundland Land Holdings, June 1996 is available by contacting Newfoundland and Labrador Information Services at (709) 729-3610. It is also available under News Releases on the government's homepage at www.gov.nl.ca

1996 06 11   4:00 p.m.

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