BHP Wins Canadian Oil Exploration Licenses

BHP Wins Canadian Oil Exploration Licenses

BHP’s winning bid for the two oil blocks was for US$859 million and marks the company’s first Canadian project.

Anglo Australian energy producer BHP Billiton (ASX:BHP,NYSE:BHP,LSE:BLT), has successfully won a bid to acquire two exploration licenses in the offshore Orphan Basin of Eastern Canada.

The licenses, which were awarded from the Canada-Newfoundland and Labrador Offshore Petroleum Board (C-NLOPB), will give the international oil major full ownership and operatorship of blocks 8 and 12 in the basin.

BHP’s winning bid for the two sectors was US$859 million.

“This frontier opportunity has large oil resource potential which we identified through our Global Petroleum Endowment Study in 2016 and is in a low risk country, with competitive fiscal terms,” Steve Pastor, BHP president operations petroleum, said in the press release.

“This opportunity delivers on our exploration focus in conventional petroleum and will leverage our global deep-water development and operational expertise.”

The C-NLOPB, which oversees the allocation of offshore oil projects, called for bids on 16 parcels of land in the Canada-Newfoundland and Labrador Offshore Area as part of its 2018 call for bids initiative.

Canadian oil producers Husky (TSX:HSE), Suncor Energy (TSX:SU) and private company Equinor Canada were also bid winners. Husky and Equinor will team up for parcel 14 while Equinor and Suncor will partner for a 60 percent/40 percent stake at parcel 15.

The combined grand total raised from all 4 bids was C$1,334,274,381.

Although the acquisition of parcels 8 and 12 is BHP’s first foray into Canadian exploration, the company is confident the project will be lucrative. The company has earmarked US$140 million for exploration work programs as part of the initial planned capital expenditure.

As long as the C-NLOPB signs off on the outlined conditions, BHP expects the finalized license agreements will be issued in December of this year and be effective in January 2019.

Shares of BHP remained flat on Thursday (November 8), trading at AU$33.33.

Don’t forget to follow us @INN_Resource for real-time updates!

Securities Disclosure: I, Georgia Williams, hold no direct investment interest in any company mentioned in this article.

Tempus Closes A $1.9 Million Private Placement

Tempus Resources Ltd (“Tempus” or the “Company”) (ASX:TMR)(TSX.V:TMRR) is pleased to announce that it has closed the non-brokered private placement announced on 23 April 2021 (the “Placement

The Placement has been completed utilising the Company’s available capacity under ASX Listing Rules 7.1 and 7.1A. It includes two tranches: Tranche 1, which consists of 6,037,736 ordinary shares issued on 12 May, 2021, as “Canadian flow-through shares” at a price of C$0.155 (approximately A$0.163) per share for proceeds of approximately C$935,849; and Tranche 2, which consists of 6,065,425 ordinary shares issued on 30 April 2021 at a price of A$0.145 (approximately C$0.138) per share for proceeds of approximately A$879,487. The total proceeds from both Tranche 1 and Tranche 2 of the Placement are approximately A$1,866,149 (C$1,770,042). Following the completion of the Placement, the Company has 98,744,613 shares on issue.

Keep reading... Show less

Galaxy Resources Limited Announcement

Galaxy Resources Limited (ASX: GXY) ( Company ) advises that the following announcement has been made to the Australian Securities Exchange which appears on the Company’s platform (ASX):

  • Appendix 2A

The announcement can be viewed at:

Keep reading... Show less

Massive Sulfide Nickel Drilling Update

Blackstone Minerals Limited (“Blackstone" or the “Company") is pleased provide an exploration update on its flagship Ta Khoa Nickel-Cu-PGE project, for which assay results have been received from drilling at its Massive Sulfide Vein (MSV) prospects (refer Table 3, Table 4 & Appendix 1).

Keep reading... Show less

Novo Completes Malmsbury Option Exercise with GBM Resources Limited

Novo Resources Corp. (“ Novo ” or the “ Company ”) (TSX: NVO & NVO.WT; OTCQX: NSRPF) is pleased to advise that it has completed its option exercise to earn a 50% interest in the Malmsbury gold project (the “ Malmsbury Project ”) held by ASX-listed GBM Resources Limited (ASX: GBZ) (“ GBM ”) following the satisfaction of all conditions precedent, including receipt of Australian Foreign Investment Review Board approval (refer to the Company’s news releases dated March 30, 2020 September 24, 2020 and January 15, 2021 for further details).

“We are thrilled to complete our option exercise at Malmsbury,” commented Dr. Quinton Hennigh, Chairman and President of Novo. “We see Malmsbury as a Fosterville analogue given its similar position along the eastern margin of the prolific Bendigo Zone, epizonal orogenic setting and historic high-grade gold production. Our geologic team will pursue aggressive field work over the next few months with the goal of developing drill targets for testing later this year.”

Keep reading... Show less

Rare Earth Elements Demand is Still Growing

Rare Earth Elements are 17 silvery-white heavy metals with special magnetic capabilities. REEs have diverse applications and are commonly used in lasers, glass, superconductors, hard drives, wind turbine generators, and magnetic materials. Despite the name, REEs are abundant in the world, often found underground alongside uranium in sand structures called monazite. REEs concentrate must first be separated from the sand. Neodymium and praseodymium (NdPr) represent about 80% of the value of REE concentrate. Demand for these elements is growing because of their use in electric vehicles, wind turbines, and appliances. Adams Intelligence expects the demand for NdPr to double in the next five years. Removing REEs from monazite and then separating REEs into individual components is a complicated process. Read More >>

News Provided by Channelchek via QuoteMedia

Keep reading... Show less

Top News

Related News