COHASSET-PANUKE PARTNERS AGREE TO ROYALTY PAYMENTS

Developers of the Cohasset-Panuke oil field off Nova Scotia have reached a royalty agreement with the provincial government. Lasmo Nova Scotia Ltd. and Nova Scotia Resources Ltd. will pay royalties of 2% of gross revenues before payout and 30% of net revenues or 2% of gross revenues, whichever is greater, after payout. The government said its royalty share will be only about $25 million during the anticipated life of the field, but the project is expected to benefit the provincial economy by

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