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Friday, September 20, 2019
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Home News Auction brings in average land sales

Auction brings in average land sales

 

The Province’s monthly natural gas and petroleum sale resulted in $8 million in bonus bids.

Up for sale were 25 parcels, covering 32,225 hectares, with 21 of those covering 21,069 hectares. The average sale price was approximately $375 per hectare.

The sale included two drilling licences located in the Dahl gas field for a total bonus bid of roughly $2 million for 10,844 hectares. There was also a drilling licence located close to the Umbach gas field for sale. The cost of the licence was $1,104 per hectare, which totaled nearly $933,000.

Another lease near the Kobes gas field was sold for $300,000 at a rate of $1,049 per hectare.

Such licences provide exclusive rights to explore for natural gas and petroleum by methods of drilling wells.

However, leases provide exclusive rights to produce natural gas and petroleum.

The next sale is scheduled for Feb. 23 and will offer eight parcels covering 3,924 hectares.

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