C-NLOPB announced the details of the 2011 Calls for Bids in the Newfoundland and Labrador Offshore Area. Calls for Bids NL11-01 (Area “B” Western Newfoundland and Labrador Offshore Region), NL11-02 (Area “C” Flemish Pass/North Central Ridge) and NL11-03 (Area “C” Labrador Offshore Region) will consist of eight parcels, which comprise 1,599,295 hectares.
Interested parties will have until 4:00 p.m. on November 15, 2011 to submit sealed bids for parcels offered in Calls for Bids NL11-01, NL11-02 and NL11-03. The sole criterion for selecting winning bids will be the total amount of money the bidder commits to spend on exploration of the respective parcel during Period I (the first period of a nine-year licence). The minimum bid for each parcel offered in Area “C” is $1,000,000 and for Area “B”, $100,000.
These Calls for Bids contain provisions for rentals during the term of an exploration licence and during the term of any resulting significant discovery licence. These Calls for Bids contain a sample exploration licence which incorporates a sample significant discovery licence. These areas have been previously assessed to identify any mitigative measures that may be required in relation to exploration activity on these parcels. Notification of any changes made to these Calls for Bids will be posted on the Board’s website.
Subject to Ministerial approval, successful bidders will be issued an exploration licence for a term of nine years; however, during Period I, a well must be spudded to validate the licence for the full nine-year term.
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Source:CNLOPB , May 13, 2011;