HALIFAX, Nova Scotia -- The Canada-Nova Scotia Offshore Petroleum Board has approved one year extensions to Exploration License (EL) 2406 held by Canadian Superior Energy Inc. and EL 2407 held by BEPCo Canada. In addition, Canadian Superior Energy Inc. has surrendered 142,222 hectares of land associated with EL 2406, which now has an area of 145,778 hectares.
The ELs were scheduled to expire on Dec. 31, 2008.
The extensions were granted based on the Board's Exploration License Fee Extension Policy (Sept. 18, 2007). The policy allows companies holding ELs to apply to the Board to extend period 1 of the EL annually from six years up to the legislated maximum of nine years. In order to receive an extension, companies must demonstrate to the board that they have been diligent in taking the necessary steps to drill a well.