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NLIS 3
December 12, 2000
(Mines and Energy)


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

2000 land sale results

The Canada-Newfoundland Offshore Petroleum Board today announced the results of the 2000 Call for Bids for exploration rights in the Newfoundland offshore area which closed on December 11, 2000. Bids were selected on 10 of the 14 parcels offered (Land Plats are available). 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(39 957 hectares)
Husky Oil Operations Limited
 100% $3,026,000.00
Parcel No. 2 (24 467 hectares)
Husky Oil Operations Limited
100% $12,047,000.00
Parcel No. 5 (215 875 hectares)
PanCanadian Petroleum Limited
100% $1,586,300.00
Parcel No. 7 (188 420 hectares)
Petro-Canada
Norsk Hydro Canada Oil & Gas Inc.
 50%
 50%
$55,124,660.00
Parcel No. 8 (220 140 hectares)
Husky Oil Operations Limited
 100% $4,012,000.00
Parcel No. 9 (220 140 hectares)
Husky Oil Operations Limited
 100% $6,027,000.00
Parcel No. 10 (221 400 hectares)
Polaris Resources Ltd.
 100% $1,800,000.13
Parcel No. 11 (221 400 hectares)
Polaris Resources Ltd.
 100% $1,300,000.13
Parcel No. 13 (222 630 hectares)
Polaris Resources Ltd. 
100% $2,500,000.13
Parcel No. 14 (31 068 hectares)
Corridor Resources Inc.
 100%  $1,204,000.00
TOTAL:$ 88,626,960.39

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 2001. The licences will be for a term of nine years, with an initial period of five years.

Media contact:

D. Angus Taylor
Manager, Legal and Land
(709) 778-1458
Edsel Bonnell
Media Consultant
(709) 778-1440

 

2000 12 12                             1:50 p.m.



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