Common use of Appraisal Report Clause in Contracts

Appraisal Report. 9.4.1 Contractor shall submit to the Operations Committee a detailed Appraisal report for such the Discovery Area, no later than ninety (90) Days following the completion of the Appraisal work program. Such report shall include all available technical and economic data relevant to a determination of potential commerciality. To the extent such data is available, this report shall include, but not be limited to: a. geological and geophysical conditions; b. areal extent, thickness and depth of pay zones; pressure, volume and temperature of the reservoir fluid; c. Crude Oil and Natural Gas reserve estimates; d. fluid characteristics, including, gravity, sulfur percentage, sediment and water percentage of the fluid; e. anticipated production performance f. an assessment of the commerciality of the field