Commercial Discovery. (a) The Contractor may, at any time and having regard to paragraph 4.10(b), declare that a Commercial Discovery has been made.
Commercial Discovery. (i) A Commercial Discovery - whether of Oil or Gas - may consist of one producing reservoir or a group of producing reservoirs which is worthy of being developed commercially. After discovery of a Commercial Oil or Gas Well CONTRACTOR shall, unless otherwise agreed upon with EGPC, undertake as part of its Exploration program the appraisal of the discovery by drilling one or more appraisal xxxxx, to determine whether such discovery is worthy of being developed commercially, taking into consideration the recoverable reserves, production, pipeline and terminal facilities required, estimated Petroleum prices, and all other relevant technical and economic factors.
Commercial Discovery. No later than sixty (60) Days after the end of the Appraisal Period, the Contractor shall inform CNH whether it considers the Discovery to be a Commercial Discovery, in which case the Contractor shall submit a Development Plan for such Commercial Discovery in accordance with Article 6.2, without prejudice to the Contractor’s obligation to continue the Surface Reconnaissance and Exploration, Exploration and Appraisal activities pursuant to the Exploration Plan in the rest of the Contract Area until the end of the Exploration Period or completion of the Minimum Work Program and the Minimum Program Increase. The declaration of a Commercial Discovery shall include a delimitation of the Development Area, which shall require the approval of CNH.
Commercial Discovery. No later than ninety (90) Days after the end of any Appraisal Period, the Contractor shall inform the CNH whether it considers the Discovery to be a Commercial Discovery, in such case, the Contractor shall submit a Development Plan for such Commercial Discovery in accordance with Article 6.2, without prejudice to the Contractor’s obligation to continue the Surface Reconnaissance and Exploration, Exploration and Appraisal activities pursuant to the Exploration Plan in the rest of the Contract Area until the end of the Exploration Period or completion of the Minimum Work Program, the Increase in the Minimum Program or the work commitments acquired for the First Additional Exploration Period or the Second Additional Exploration Period. The declaration of a Commercial Discovery shall include a delimitation of the Development Area, which shall require the approval of the CNH. The term for the submission of the Development Plan shall initiate upon the declaration of any Commercial Discovery.
Commercial Discovery. 15.1. No later than one hundred and eighty (180) Days prior to the end of the Appraisal Period or the end of the Retention Period, the Contractor shall submit a written declaration to the Minister indicating, that it has determined the Discovery is either:
Commercial Discovery. 1. Contractor shall inform Sonangol within thirty (30) days of the end of the drilling and testing of an Exploration Well, the results of the final tests of the Well and whether such a Well is commercial or not. The date of this advice is the date of the declaration of the Commercial Well, should such well exist.
Commercial Discovery. 10.1. If the Contractor makes a discovery of any commercial field of hydrocarbon raw materials which can be, to his opinion, economically profitable then he will immediately inform the Competent Body thereof and within 30-day period develops Working Program in order to evaluate its reserves and information required for determination of profitability of the Field.
Commercial Discovery. A discovery of Hydrocarbons which, in the opinion of the Contractor, can be exploited commercially.
Commercial Discovery. 10.1 If the Contractor discovers an oil Field, which, in his opinion, is economically sound for Production, he shall immediately inform the Competent Authority of this Field, and within 180 (one hundred eighty) days shall prepare a report with estimation of reserves and their appraisal for submission to the Authorized Agency for expert evaluation of reserves.
Commercial Discovery. Incase if the Contractor shall make a decision that the deposit is of sufficient interest for conduct of estimation works, it shall present to the Competent body an application for conduct of estimation works, including the program on estimation and budget. The [program of works on estimation and budget shall concretize works on estimation, including when necessary, production testing of hydrocarbons accumulation and contain the schedule of such works. After implementation of works on prospecting, the Contractor shall prepare report with estimates of reserves for presenting to the Authorized body on expert estimation of reserves.
