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LATEST NEWS

November 07, 2008

BOARD ANNOUNCES RESULTS OF CALL FOR BIDS NS08-1

(Halifax, NS) –The Canada - Nova Scotia Offshore Petroleum Board today announced the results of the industry nominated Call for Bids NS08-1 for two new offshore Exploration Licences.

The Board has accepted the following winning bids:

Call for Bids NS08-1

Successful Bidders

Work Expenditure Bid

Parcel 1

1164214 Alberta Ltd.
Mr. Jon Axford, President
Calgary, Alberta, Canada

$7,871,173.60

Parcel 2

Shin Han F&P Inc.
Mr. Yong Kim, President
Dartmouth, Nova Scotia, Canada

 $129,000,000

The Work Expenditure Bid represents the amount of money the bidder intends to spend on exploration pursuant to the EL terms and conditions. An EL carries a maximum term of nine years.
Under the EL, companies are given three years upfront to assess the geology, raise financing, attract a farm-in partner or surrender the licence before they are required to post large financial requirements. During this period, companies are required to provide the Board with an annual work plan which must be approved in order for the licence to remain valid. A detailed copy of the EL terms and conditions can be found by clicking here, or by visiting the Board’s website.


The Call for Bids NS08-1 was issued on June 25, 2008. At that time, interested parties were invited to bid on the parcels and the public was invited to submit written comments to the Board. Bidding closed on October 30, 2008. Exploration Licences will be issued by the Board on January 1, 2009, subject to Ministerial approval and in accordance with the Accord Acts.           

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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