Eastern Canada NL10-02 and NL10-03 Lease Sale announcement  

The Canada Newfoundland and Labrador Offshore Petroleum Board (CNLOPB) has announced two concurrent lease sales about 300 miles east of the coast of Newfoundland. A total of three tracts in the Jeanne d’Arc basin will be made available in the sales. Adjacent to the proposed sale areas are a number of current blocks with Exploration and Significant Discovery Licences. There are, however, no wells in the immediate area that are currently producing. The call for bids on both sales will close at 4:00 p.m., Newfoundland Standard Time, 30 November 2010.

NL10-02 will feature two blocks which total just over 800,000 acres. These exploration leases will carry nine year terms broken into two periods. The interest owner will be required to commence drilling within the first period of the term (six years) and will be subject to minimum spending commitments per acre for the remaining three years of the lease.