Eastern Canada NL11-01, NL11-02, NL11-03 Lease Sale announcement 2011
The Canada-Newfoundland Offshore Petroleum Board (CNLOPB) has announced the sale of eight parcels, covering roughly 3.9 million acres to be offered in November 2011.
The parcels are split up into three separate sale areas, NL11-01, NL11-02 and NL11-03.
The minimum acceptable bid for each available tract within any of the sale areas is $1 million. Each exploration licence awarded will carry a term of nine years divided into two periods. Period one will last for five years from the effective date and requires the drilling of at least one well in order for the licence to be extended into period two.
Sale area NL11-01, located in the Anticosti basin, is comprised of two parcels totalling 874,000 acres. The tracts lie 15 miles off the western coast of Newfoundland and about 65 miles south-east off the southern coast of Quebec, in the Gulf of St. Lawrence. The sale area lies adjacent to several blocks (both onshore and offshore) that are currently leased under exploration licences. There are currently no major discoveries in the immediate area.
Eastern Canada NL11-01 Sale announcement (orange shading). Source: PetroView®
Sale area NL11-02 also consists of two parcels totalling just over one million acres. The tracts lie roughly 270 miles from the east coast of Newfoundland in the Labrador-Newfoundland Shelf Basin. Parcel two sits over the edge of the Outer-Continental Shelf (OCS) at a water depth of 700-800 metres. The majority of parcel one extends beyond the OCS and sits over at a water depth of 1,000-2,000 metres. The sale area is adjacent to a number of exploration and significant discovery licences and is 70 miles north-east of a large cluster of substantial production activity.
Eastern Canada NL11-02 Sale announcement (orange shading). Source: PetroView®
Sale area NL11-03 consists of four parcels totalling slightly over 2 million acres. The four blocks lie 30 miles off the extreme north east coast of Labrador in the Labrador-Newfoundland Shelf Basin. The sale area sits at a water depth of 150-200 metres and is almost 100 miles north-west of the nearest E&P activity. Any tracts purchased in this sale will likely be negatively impacted by arctic sea ice for at least a portion of each year due to the extreme north location.
Eastern Canada NL11-03 Sale announcement (orange shading). Source: PetroView®
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