BSE has paid a drilling deposit of $250,000 to the Canada-Newfoundland Offshore Petroleum Board which has extended the five-year licence period for another 12 months.
A drilling programme is planned this year targeting the St George’s bay prospect in Newfoundland.
Once the well is completed, the EL1116 licence will enter phase two and will then be valid for another three years.
The well will be drilled by BSE under the agreements of the farm-in.
BSE
