NLIS 10
November 21, 2001
(Mines and Energy)

 

2001 land sale results

The Canada-Newfoundland Offshore Petroleum Board today announced the results of the 2001 Call for Bids for exploration rights in the Newfoundland offshore area which closed on November 20. Bids were selected on nine of the 14 parcels offered. 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.2 (237,645 hectares) $ 4,663,009.00
Petro-Canada  33.34%
Norsk Hydro Canada Oil & Gas Inc.  33.33%
PanCanadian Petroleum Limited  33.33%

Parcel No.5 (139,060 hectares) $ 2,390,650.00
Husky Oil Operations Limited  100%

�   Parcel No.6 (164,379 hectares) $ 1,617,303.00
PanCanadian Petroleum Limited 

Parcel No.7 (118,224 hectares) $ 2,809,350.00
Husky Oil Operations Limited  100%

Parcel No.9 (145,920 hectares) $ 1,828,516.11
PanCanadian Petroleum Limited 100%

Parcel No.11 (140,210 hectares) $ 285,000.00
Ptarmigan Resources Ltd. 100%

Parcel No.12 (103,040 hectares)  $ 278,620.97
Canadian Imperial Venture Corp.  100%

Parcel No.13 (83,060 hectares) $ 519,557.26
Canadian Imperial Venture Corp.  100%

Parcel No.14 (65,060 hectares) $ 281,200.00
Cabot Capital Ltd. 100%
_____________
TOTAL:  $ 14,673,206.34

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 nine parcels in January, 2002. The licences will be for a term of nine years, with an initial period of five years.

Media contact: Susan E. Churchill, Legal Counsel, (709) 778-1408.
                      Edsel Bonnell, Media Consultant, (709) 778-1440.

Land Plats are available on the Canada-Newfoundland Offshore Petroleum Board web site at: //www.cnopb.nfnet.com.

2001 11 21                             4:00 p.m.


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