THE WALL STREET JOURNAL: Shell Canada Acquires Expl Rights In Orphan Basin Offshore Newfoundland: “Shell Canada Ltd. (SHC.T) has acquired a 20% stake in eight exploration licenses in the Orphan Basin in the deepwater region offshore Newfoundland and Labrador.” (ShellNews.net) 2 March 05
DOW JONES NEWSWIRES
March 2, 2005
CALGARY -- Shell Canada Ltd. (SHC.T) has acquired a 20% stake in eight exploration licenses in the Orphan Basin in the deepwater region offshore Newfoundland and Labrador.
The interest in the lands was acquired under a farm-in agreement with ExxonMobil Canada and Imperial Oil Resources, Shell Canada said in a news release.
The eight land parcels in the Orphan Basin, about 325 kilometers offshore Newfoundland, were initially acquired by Chevron Canada Resources (50%), ExxonMobil Canada (25%) and Imperial Oil Resources (25% ) in a December 2003 land sale. ExxonMobil and Imperial Oil will each reduce its share by 10% to provide Shell Canada with its 20% stake, the company said.
Exploration plans call for 3-D seismic acquisition in the summer of 2005.
Company Web Site: http://www.shell.ca
-Carolyn King, Dow Jones Newswires; 416-306-2100