September 18, 1998
(Mines and Energy)
The following is being distributed at the request of the Canada-Newfoundland Offshore Petroleum Board:
1998 land sale results
The Canada-Newfoundland Offshore Petroleum Board today announced the results of the 1998 Call for Bids for exploration rights in the Newfoundland offshore area which closed on September 16, 1998. Bids were received on 10 of the 13 parcels offered. No bids were received on Parcels 8, 10 and 12. The bids represent the expenditures which the bidders commit to make in exploring the parcels during the initial five-year period of a nine-year term exploration licence.
The following bids have been conditionally selected:
| * Parcel No. 1 (69,372 hectares) | $75,120,000.00 | |
|
30% | |
|
30% | |
|
20% | |
|
20% |
| * Parcel No. 2 (104,126 hectares) | $52,100,000.00 | |
|
30% | |
|
30% | |
|
20% | |
|
20% |
| * Parcel No. 3 (92,771 hectares) | $5,500,000.00 | |
|
50% | |
|
50% | |
| * Parcel No. 4 (71,251 hectares) | $1,000,062.00 | |
|
100% |
| * Parcel No. 5 (85,138 hectares) | $10,120,000.00 | |
|
33.34% | |
|
33.33% | |
|
33.33% |
| * Parcel No. 6 (20,180 hectares) | $1,839,600.00 | |
|
100% |
| * Parcel No. 7 (15,221 hectares) | $16,156,700.00 | |
|
70% | |
|
30% |
| * Parcel No. 9 (32,152 hectares) | $4,120,000.00 | |
|
33.34% | |
|
33.33% | |
|
33.33% |
| * Parcel No. 11 (31,691 hectares) | $8,180,000.00 | |
|
33.34% | |
|
33.33% | |
|
33.33% |
| * Parcel No. 13 (108,064 hectares) | $1,216,786.79 | |
|
100% |
Subject to ministerial approval and the bidders satisfying the requirements specified in the Call for Bids, the board will issue an exploration licence for each of the 10 parcels in January 1999. The licences will be for a term of nine years, with an initial period of five years.
For further information, please contact:
| Hal Stanley
D.
Angus Taylor Chairman Manager, Legal and Land Tel: (709) 778-1452 Tel: (709) 778-1458 |
NOTE: An illustration of the Land Plat is available on the CNOPB web site at www.cnopb.nfnet.com
1998 09 18 10:15 a.m.
|
|
|
All material copyright the Government of Newfoundland and Labrador. No unauthorized copying or redeployment permitted. The Government assumes no responsibility for the accuracy of any material deployed on an unauthorized server. Disclaimer/Copyright/Privacy Statement |
