Eastern Canada NL10-1 Lease Sale announcement

The Canada-Newfoundland and Labrador Offshore Petroleum Board (C-NLOPB) has announced the Lease Sale of two blocks roughly 200 miles off the east coast of Newfoundland. The two tracts, which lie in the Jeanne d’Arc basin, total over 418,000 acres. The two new blocks are surrounded by a number of existing blocks with Significant Discovery Licenses (SDL) and Production Licenses. Each parcel will carry a lease term of five years guaranteed with optional variable rates for extensions up to four years after the initial lease period. The call for bids will close at 4:00 p.m. Newfoundland Standard Time on 17 November 2010.