The Proposed Notice is attached:
- Two large lease areas (map above)
- 20 year primary term
- Minimum Bonus Bid Amount: $3,000,000 for each lease area
- Oral auction bidding to be livestreamed at https://www.boem.gov.
Royalty rates
- 2% on all mineral production during the first five years of production
- 5% on production in years 6+
Rental and Minimum Royalty rates:
Note the names of the Protraction Diagrams on p. 3 of the Notice! Who could resist operating in Flowery Flounder or Dusky Frillgoby! 😉
Bud's Offshore Energy (BOE) 