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Eastern Canada NL12-01 and NL12-02 Lease Sale announcement
The Canada-Newfoundland Offshore Petroleum Board (CNLOPB) has announced the sale of seven parcels, covering roughly 4.45 million acres, to be offered on 1 November 2012.
The parcels are split into two separate sale areas; NL12-01 and NL12-02.
The minimum acceptable bid for each available tract within any of the sale areas is CAD 1 million. Each exploration licence awarded will carry a term of nine years, divided into two periods. Period I will last for six years from the effective date and requires the drilling of at least one well in order for the licence to be extended into Period II.
Sale area NL12-01, located in the Laurentian Subbasin, is comprised of six parcels totalling 3.93 million acres. All six parcels are offshore and located in between two current Exploration Licenses held by ConocoPhillips Canada Resources Corp.
Eastern Canada NL12-01 Lease Sale area (orange shading). Source: PetroView®
Sale area NL12-02, consists of one parcel in the Flemish Pass region, totalling 516,200 acres. The parcel is located offshore and is adjacent to several current Exploration Licenses, as well as in near proximity to numerous producing fields.
Eastern Canada NL12-02 Lease Sale area (orange shading). Source: PetroView®
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