The Canada-Newfoundland and Labrador Offshore Petroleum Board has declared the results of the 2008 Calls for Bids NL08-1 and NL08-2 for exploration rights in the Newfoundland and Labrador Offshore Area.

Bidding closed on November 14, 2008 and successful bids were received on all five parcels offered totaling $129,892,000. Three of the successful bid parcels are located in the Central Ridge/Flemish Pass and two are located in the Jeanne d'Arc Basin.

The bids represent the expenditures which the bidders commit to make in exploring the parcels during the initial five-year period of a nine-year term Exploration License.

If companies discover significant quantities of petroleum resources as a result of the exploration work, they may then seek a Significant Discovery License from the C-NLOPB. Any Significant Discovery Licenses issued in respect of lands resulting from these Exploration Licenses will be subject to rentals which will escalate over time.

Tags: Canada-Newfoundland and Labrador Offshore Petroleum Board