The Canada-Nova Scotia Offshore Petroleum Board declares the results of Call for Bids NS08-2 for two new offshore Exploration Licenses.

For Parcels 1 and 2, the successful bidder was BEPCo. Canada Company, which placed a work expenditure bid of $6.3 million for each parcel.

The Work Expenditure Bid represents the amount of money the bidder intends to spend exploring the land parcels during the initial six-year period of a nine-year license. The minimum bid required was $500,000. An Exploration License carries a maximum term of nine years.

Both parcels are located approximately 160km southwest of Sable Island in deepwater, with water depths ranging from 1000-3600m.

Call for Bids NS08-2 was issued on November 21, 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 June 26, 2009. Exploration Licenses will be issued by the Board on August 14, 2009, subject to Ministerial approval and in accordance with the Accord Acts.

Tags: The Canada - Nova Scotia Offshore Petroleum Board