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March 10, 1998
(Mines and Energy)


The following is being distributed at the request of the Canada-Newfoundland Offshore Petroleum Board

1998 Call for Bids

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 13 parcels, 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 (Parcel Nos. 1 and 2) and two adjacent to the North Grand Banks Basin (Parcel Nos. 12 and 13). These parcels comprise a total of 801,053 hectares.

Interested parties will have until 4 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 five years. The minimum bid for all parcels is $1 million. Successful bidders will be issued an exploration licence for a term of nine years, during the first five years of which, a well must be drilled to validate the licence for the full nine-year term.

For a complete copy of the text of this Call for Bids visit the C-NOPB website at: www.cnopb.nfnet.com

Contact:

John G. Fitzgerald D. Angus Taylor
Chairman (Acting) Manager, Legal and Land
Tel: (709) 778-1452 Tel: (709) 778-1458
1998 03 10 11:30 a.m.

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