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February 24, 1999
(Mines and Energy)

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

Hal Stanley, Chairman of the Canada-Newfoundland Offshore Petroleum Board, announced today the board has adopted a new policy position extending the confidentiality period for non-exclusive geological and geophysical work (mainly seismic surveys) in the Newfoundland offshore area from five to 10 years.

This doubling of the confidentiality period, extends the time period during which independent seismic operators have the exclusive right to sell the results of their work, thereby allowing them a longer period to earn a return on their investment. This policy change will increase the attractiveness of the Newfoundland and Labrador offshore area for independent seismic operators.

Mr. Stanley noted this policy change brings the confidentiality period for such information in line with the policy followed by the Canada-Nova Scotia Offshore Petroleum Board. The confidentiality period allowed by the National Energy Board in similar circumstances is 15 years. The province of Newfoundland and Labrador also provides for a 15 year confidentiality period for onshore non-exclusive seismic information.

For more information contact:

Dr. Neil DeSilva
Chief Geoscientist
Canada-Newfoundland Offshore Petroleum Board
5 floor, TD Place
140 Water Street
St. John's, Newfoundland
A1C 6H6
Telephone: (709) 778-1421

1999 02 24 10:00 a.m.

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