Offshore staff

ST. JOHN'S, Newfoundland and Labrador -- The Canada-Newfoundland and Labrador Offshore Petroleum Board has published the details of the 2007 offshore lease sales. This year, there will be two separate calls for bids, the C-NLOPB says.

Call for bids NL07-1 for the western Newfoundland and Labrador offshore region will consist of a single parcel. Call for bids NL07-2 for the region offshore Labrador will include four parcels.

The deadline for submitting bids for NL07-1 is 4:00 PM on Nov. 30, 2007. The deadline for submitting bids for NL07-2 is 4:00 PM on Aug. 1, 2008.

Notification of any changes made to these 2007 calls for bids will be posted on the C-NLOPB website.

The sole criterion for selecting winning bids will be the total bid amount. The minimum bid for each parcel offered in the 2007 calls for bids is one million dollars.
Subject to Ministerial approval, successful bidders will be issued an exploration license for a term of nine years; however, during Period I, a well must be spudded to validate the license for the full nine-year term. Period I may be extended by one year by posting an additional deposit of one million dollars as security for drilling a well on a parcel.

5/22/2007