November 19, 1999
(Mines and Energy)
The following is being distributed at the request of the Canada-Newfoundland Offshore Petroleum Board:
1999 LAND SALE RESULTS
The Canada-Newfoundland Offshore Petroleum Board today announced the results of the 1999 Call for Bids for exploration rights in the Newfoundland offshore area which closed on November 17, 1999. Bids were received on five of the 10 parcels offered. No bids were received on Parcels 3, 6, 7, 8 and 9 (see attached Land Plat). 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 (180,670 hectares) |
$60,185,000 | ||
| Petro-Canada | 50% | ||
| Norsk Hydro Canada Oil & Gas Inc. | 50% | ||
Parcel No. 2 (194,000 hectares) |
$110,226,000 | ||
| Petro-Canada | 60% | ||
| Norsk Hydro Canada Oil & Gas Inc. | 40% | ||
Parcel No. 4 (115,082 hectares) |
$20,265,000 | ||
| Petro-Canada | 50% | ||
| Norsk Hydro Canada Oil & Gas Inc. | 50% | ||
Parcel No. 5 (190,980 hectares) |
$1,517,323 | ||
| PanCanadian Petroleum Limited | 100% | ||
Parcel No. 10 (137,740 hectares) |
$275,880 | ||
| Corridor Resources Inc. | 100% | ||
| ______________ | |||
| TOTAL: $192,469,203 |
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 five parcels in January 2000. The licences will be for a term of nine years, with an initial period of five years.
For further information, please contact:
Hal Stanley
Chairman
(709) 778-1452
D. Angus Taylor
Manager, Legal and Land
(709) 778-1458
1999 11 19 12:05 p.m.
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