Apex Resources Inc (SLMLF)

[Ruellit]

Beaufort Sea News

Alaska: Lease sale is attracting big players

Alaska's Division of Oil and Gas has just concluded two lease sales for exploration concessions in the Beaufort Sea and on the North Slope that drew high bids from Shell, BP, Anadarko, Philips Petroleum, Unocal, and numerous smaller independent operators and investors. Mark Myers, director of the Division, said the state received a total of US$12.88 million in high bids - $5.44 million for 21 Beaufort Sea tracts and $7.44 million for 110 North Slope tracts.

The Beaufort Sea sale offered 2 million acres located both offshore and in the tideland region, and the North Slope sale offered 5.1 million acres from the Brooks Range to the northern coast.

According to Myers, there was considerable competition for leases, some of which have greater potential for gas than for oil, including winning bids by such companies as Shell, which he said was returning to Alaska after 13 years absence.

Alaska holds lease sales twice a year in May and October. This year sale exceeded last years $10.4 million by more than $2.4 million.

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Reposted from RB
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