In April 2017, the Canada-Nova Scotia Offshore Petroleum Board reviewed and approved an application from BP Canada Energy Group ULC (BP Canada), Interest Representative for Exploration Licences (ELs) 2431, 2432, 2433, and 2434, to enter into a consolidation agreement to consolidate these four ELs.
As per the conditions outlined in the June 2017 agreement, the effective date of the consolidated EL will be the spud date for the first validation well on one of the four ELs. A validation well is a term used to describe the first well drilled on an EL.
With BP Canada having spudded their well on April 22, 2018, consolidated EL 2434R is in effect. This means that the interior boundaries of the four ELs are now merged into one, with the outer boundary remaining the same.
The terms and conditions of the consolidated EL are similar to those of the four individual ELs, with work expenditures and the work deposit remaining the same.
To learn more on this Fundamental Decision, click here.
A copy of the consolidation agreement, including terms and conditions, can be found here.
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