BP Canada Energy Group ULC (BP Canada) has notified the CNSOPB that it will forfeit its $2 million drilling deposit paid in 2020 and has paid a further drilling deposit of $3 million to extend Period 1 for an additional year. This additional drilling deposit extends the licence to the full nine years permitted by legislation and changes the expiry date of the licence to January 14, 2022.
What does this mean?
If BP Canada decides to drill another well during this Period 1 extension, it will need to apply to the CNSOPB for authorization. Should we receive an application, we will post it on our website.
If BP Canada does not begin drilling a well by January 14, 2022, it will forfeit its 2021-2022 drilling deposit ($3 million) and its Exploration Licence will expire.
2020 Update on BP Canada’s Consolidated Exploration Licence
2019 Update on BP Canada’s Consolidated Exploration Licence
Notice of Fundamental Decision
Notice of Consolidated Licences
Four Things You Should Know about Authorizations
Canada-Nova Scotia Offshore Petroleum Board
Cell: 902-471-9285 | email@example.com