ARCHIVED - Winning Bidders Selected for the Central Mackenzie Valley, N.W.T.
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Work bids in the amount of $ 4,365,000 were selected for two of the five parcels posted in the 1994 Central Mackenzie Valley Call for Bids (see Bulletin Vol.1 No.5, December 1994), which closed April 24, 1995. The winning bidders will receive exploration rights over an area totalling 163,889 hectares (630 square miles).
Parcel 5 was picked up jointly by Ranger Oil Limited and Unocal Canada Exploration Limited for $ 3,215,000. The term of their licence will be eight years divided into two periods of four years each. One well must be drilled in the first four years to continue the licence. This parcel is the third in the Northwest Territories to be acquired by Ranger Oil Limited in the past four months. Last December, Ranger picked up two parcels totalling 30,782 hectares in the southern Northwest Territories in exchange for work commitments of $ 5,367,075.
Parcel 2 was picked up by Foxboro Ltd. in exchange for a work commitment of $1,150,000. The term of Foxboro's licence will be nine years. A well must be drilled on the parcel within five years to continue the licence for an additional period of four years.
A ceremony scheduled to be held in Fort Norman on May 29, 1995, will provide the backdrop for the award of the exploration licence in respect of parcel 5. The winning bidder selected for parcel 2 will receive its exploration licence upon posting of the work deposit. No exploration licence will be issued for parcels 1, 3 and 4. Please see map for parcel locations.
Winning bidders were selected based on proposed exploration expenditures in the first part of their term. The call for bids lasted four months, from December 17, 1994 to April 24, 1995. The parcels had been posted by industry during a call for nominations which closed in November 1994.
Exploration of these two parcels will produce exciting new information along a 200 km transect of the Mackenzie River Valley. Winning bidders will have the opportunity to drill plays in rocks as young as Early Cretaceous and as old as Proterozoic with a spectrum of formation depth/source rock maturation history. High potential must be accorded carbonate plays in the Ramparts and Bear Rock formations. Potential is also good in older ilurian- Cambrian carbonates and cherts, and more speculatively in Cambrian sandstones. Porous reef development in the Ramparts Formation (Kee Scarp) and from the older Hume platform, and pervasive porosity development in the Bear Rock offer the most likely exploration targets.
Educational Seminar on the CPRA
Companies operating or interested in operating in the Northwest Territories are invited to attend an educational seminar on the Management of Oil and Gas Resources in Canada's North and on the Canada Petroleum Resources Act (CPRA).
Staff of the Northern Oil and Gas Directorate, assisted by officials from Natural Resources Canada and the National Energy Board will be presenting this one-day seminar at the new Metropolitan Centre in Calgary, on September 18, 1995. The seminar will review the northern resource management regime, will examine the status of land claims settlement agreements and the management of multi-stakeholder issues.
A geological overview will be provided followed by the highlights of the regime. Participants will be introduced to the land tenure system, including a review of the land tenure instruments; the rights issuance process; the royalty regime, including an examination of the royalty regulations; the process leading to declarations of significant discoveries and commercial discoveries; and the registration system.
This seminar is sponsored by the Canadian Association of Petroleum Landmen. For registration, please contact Denise at the CAPL office in Calgary at (403) 237-6635.
Next Requests for Postings
Calls for nominations will be repeated this summer for the Mackenzie Valley and the Southern Northwest Territories.
In the Valley, available Crown acreage will include Crown petroleum rights in lands where First Nations have become surface owners through the land selection process provisions of their respective land claim settlement agreements. This will lead to a significant increase in lands available for posting, including highly prospective areas close to recently awarded parcels. In the Southern Northwest Territories, the acreage available for postings should be similar to last year's offering.
Calls for nominations will be scheduled to close in mid-November. Parcels posted will be considered for inclusion in calls for bids opening in December for the customary four-month period. An April closing of the call for bids will result in the award of exploration licences in May 1996.
A call for nominations in the Mackenzie Delta - Beaufort Sea will be repeated in January 1996. Although no new nominations were received for this area in the call which closed April 10, 1995, the geology will sooner or later "do the talking" and revive interest.
See Us at the CSPG-CWLS Convention
Come and visit with us at Booth 219 from May 29 to 31 at the Convention Centre.