ConocoPhilips lets licences lapse
7/28/2010ConocoPhilips let four exploration licences it held in the deepwater
Laurentian Basin off NL's south coast lapse last month, the St. John's Telegram reports. ConocoPhilips could have extended them for three more years, but chose not to commit to the cost of keeping them open. The estimated cost of continuing the licences was not disclosed.
The company did drill their first exploration well in the NL offshore, called the East Wolverine G-37, which took five months, finishing in late April. But ConocoPhilips later announced the well was dry.
ConocoPhilips still holds two licences in the Laurentian Basin, which it bid $9 million to secure in the 2009 NL offshore land sales.
