News
Thu, 07/10/2008

Board Announces Result of Call for Bids NS07-1

ARCHIVES:

(Halifax, NS) –The Canada - Nova Scotia Offshore Petroleum Board today announced the results of its Board initiated Call for Bids NS07-1 for two new Exploration Licences offshore Nova Scotia.

The Board has accepted the following winning bids:

Call for Bids NS07-1 Work Expenditures
Bid ($Cdn)

Land Parcel No. 1

Ammonite Corporation – 60%
Catheart Energy, Inc. – 40%

 

$103,100,000

Land Parcel No. 2

Ammonite Corporation – 60%
Catheart Energy, Inc. – 40%

 

$113,700,000

 

The Work Expenditure Bid represents the amount of money the bidder intends to spend exploring the land parcels during the initial five-year period of a nine-year Exploration Licence. The minimum bid required was $500,000.

The Call for Bids NS07-1 was issued on December 11, 2007. At that time, interested parties were invited to bid on the parcels and the public was invited to submit written comments to the Board. The Board also made detailed geoscience and regulatory information available on its website, on CD-Rom and through its new digital Data Management Centre. Bidding closed on June 30, 2008.

Exploration Licences will be issued in September by the Board, subject to Ministerial approval in accordance with the Accord Acts.

-30-

Information about the successful bidders can be found here.

About the Board

The Canada-Nova Scotia Offshore Petroleum Board is the independent joint agency of the Governments of Canada and Nova Scotia responsible for the regulation of petroleum activities and resources offshore Nova Scotia.

For further information, please contact:

Tim Church
Sr. Advisor, Communications & Government Affairs
Canada-Nova Scotia Offshore Petroleum Board
902-496-0750, Email: tchurch@cnsopb.ns.ca