Imperial acquires stake in three blocks off Nova Scotia

Imperial Oil Ltd., a Canadian affiliate of ExxonMobil Corp., has acquired from ExxonMobil Canada an interest in three deepwater exploration blocks off Nova Scotia.

May 22nd, 2001


By the OGJ Online Staff

HOUSTON, May 22 -- Imperial Oil Ltd., a Canadian affiliate of ExxonMobil Corp., has acquired from ExxonMobil Canada an interest in three deepwater exploration blocks off Nova Scotia.

Licenses 2381, 2382, and 2385 cover 474,400 hectares about 200 km from shore.

ExxonMobil Canada, Royal Dutch/Shell Group unit Shell Canada, and Chevron Corp. unit Chevron Canada Resources acquired the leases in a 1999 sale. Each held one-third of the leases. Imperial has acquired one-half of the ExxonMobil interest in these blocks.

Terms were not disclosed.

Imperial is assuming a one-sixth proportional work commitment worth about $15.5 million.

Imperial owns various interests off the East Coast of Canada, including holdings in the Sable Offshore Energy Project.

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