Update on Three West Coast Exploration Licences

Source: www.gulfoilandgas.com 11/1/2016, Location: North America

The Canada-Newfoundland and Labrador Offshore Petroleum Board advises that Exploration Licences (ELs) 1127 and 1128, each of which were held 100% by Black Spruce Exploration Corp., have been cancelled due to non-compliance with the terms and conditions of the licence agreement. Specifically, the Interest Owner did not meet its obligations with respect to the Environmental Studies Research Fund (ESRF), a federal research program that sponsors environmental and social studies. Further, the 30 day period afforded to Black Spruce Exploration Corp. to request a hearing before the Oil and Gas Committee regarding ELs 1127 and 1128 has expired with no such request. Those lands now revert to the Crown.

The Board also advises that, in consideration of delays in the regulatory process, the Board has amended EL 1120 to extend Period I to eight (8) years, 364 days bringing Period I to January 14, 2019 subject to the filing of an amended Drilling Deposit and Security Deposit for this extended period. Interest Holders of EL 1120 are Ptarmigan Energy Inc. and Black Spruce Exploration Corp.

These licences are located off Newfoundland’s west coast. These were Fundamental Decisions of the Board under the Atlantic Accord Acts that have received approvals from the federal and provincial Ministers of Natural Resources.


Poland >>  5/6/2021 - With the closing of the agreement, which was first announced on 10 February 2021, PGE and Ørsted now each own 50% of the shares in the offshore wind p...
United Kingdom >>  5/6/2021 - Jersey Oil & Gas (JOG), an independent upstream oil and gas company ?focused on the UK Continental Shelf ("UKCS") region of the North Sea, is pleased ...

Brazil >>  5/5/2021 - Petro-Victory Energy has updated the market on the acquisition and closure of nine (9) onshore oil concessions in Brazil. This acquisition adds 63,583...
Poland >>  5/5/2021 - Equinor has completed an agreement to buy 100% of the shares in Polish onshore renewables developer Wento from the private equity firm Enterprise Inve...

United States >>  5/5/2021 - ALLETE Clean Energy, a wholly owned subsidiary of ALLETE, Inc., has acquired the Red Barn wind project and signed an asset sales agreement with WEC En...
Egypt >>  5/4/2021 - APA Corporation (APA) announced it has reached an agreement in principle with Egypt’s Ministry of Petroleum and Mineral Resources (MOP) and the Egypti...

Related Categories: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Industrial Development  Insurance  Investment  Mergers and Acquisitions  Risk Management 

Related Articles: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Industrial Development  Insurance  Investment  Mergers and Acquisitions  Risk Management 


Gulf Oil and Gas
Copyright © 2021 Universal Solutions All rights reserved. - Terms of Service - Privacy Policy.