Common use of Contract Area Unsuccessful Exploration and Appraisal Costs Clause in Contracts

Contract Area Unsuccessful Exploration and Appraisal Costs. Contract Area Unsuccessful Exploration and Appraisal Costs mean those Operating Costs incurred anywhere in the Contract Area in connection with the drilling of any Exploration Well or Appraisal Well in the Contract Area which does not result in a Commercial Discovery. Contract Area Unsuccessful Exploration and Appraisal Costs are subject to depreciation over a five (5) year period in equal installments of twenty percent (20%) per annum or the remaining life of the Contract Area whichever is less, commencing with production. Unsuccessful Exploration and Appraisal Costs in any period shall be allocated to the Operating Costs of the Contract Area, subject to the following restrictions: (a) to the extent that the Contract Area has Available Cost Oil after recovering the Operating Costs (other than Unsuccessful Exploration and Appraisal Costs) related to that Contract Area; and (b) if there is insufficient Available Cost Oil in the Contract Area in any period to fully recover Unsuccessful Exploration and Appraisal costs the unrecovered amount may be carried forward and included in the next period’s Unsuccessful Exploration and Appraisal costs account.

Contract Area Unsuccessful Exploration and Appraisal Costs. Contract Area Unsuccessful Exploration and Appraisal Costs mean those Operating Costs incurred anywhere in the Contract Area in connection with the drilling of any Exploration Well or Appraisal Well in the Contract Area which does not result in a Commercial Discovery. Contract Area Unsuccessful Exploration and Appraisal Costs are subject to depreciation over a five (5) year period in equal installments of twenty percent (20%) per annum or the remaining life of the Contract Area Area(s) whichever is less, commencing with production. Unsuccessful Exploration and Appraisal Costs in any period shall be allocated to the Operating Costs of the a Contract Area, subject to the following restrictions: (a) to the extent that the Contract Area has Available Cost Oil after recovering the Operating Costs (other than Unsuccessful Exploration and Appraisal Costs) related to that Contract Area; and (b) if there is insufficient Available Cost Oil in the a Contract Area in any period to fully recover Unsuccessful Exploration and Appraisal costs Costs the unrecovered amount may be carried forward and included in the next period’s Unsuccessful Exploration and Appraisal costs Costs account.

Contract Area Unsuccessful Exploration and Appraisal Costs. Contract Area Unsuccessful Exploration and Appraisal Costs mean those Operating Costs incurred anywhere in the Contract Area in connection with the drilling of any Exploration Well or Appraisal Well in the Contract Area which does not result in a Commercial Discovery. Contract Area Unsuccessful Exploration and Appraisal Costs are subject to depreciation over a five (5) year period in equal installments of twenty percent (20%) per annum or the remaining life of the Contract Area Area(s) whichever is less, commencing with productionProduction. Unsuccessful Exploration and Appraisal Costs in any period shall be allocated to the Operating Costs of the a Contract Area, subject to the following restrictions: (a) to the extent that the Contract Area has Available Cost Oil after recovering the Operating Costs (other than Unsuccessful Exploration and Appraisal Costs) related to that Contract Area; and (b) if there is insufficient Available Cost Oil in the a Contract Area in any period to fully recover Unsuccessful Exploration and Appraisal costs Costs, the unrecovered amount may be carried forward and included in the next period’s 's Unsuccessful Exploration and Appraisal costs Costs account.

Contract Area Unsuccessful Exploration and Appraisal Costs. Contract Area Unsuccessful Exploration and Appraisal Costs mean those Operating Costs incurred anywhere in the Contract Area in connection with the drilling of any Exploration Well or Appraisal Well in the Contract Area which does not result in a Commercial Discovery. Contract Area Unsuccessful Exploration and Appraisal Costs are subject to depreciation over a five (5) year period in equal installments of twenty percent (20%) per annum or the remaining life of the Contract Area Area(s) whichever is less, commencing with production. Unsuccessful Exploration and Appraisal Costs costs in any period shall be allocated to the Operating Costs of the a Contract Area, subject to the following restrictions: (a) to the extent that the Contract Area has Available Cost Oil after recovering the Operating Costs (other than Unsuccessful Exploration and Appraisal Costs) related to that Contract Area; and (b) if there is insufficient Available Cost Oil in the a Contract Area in any period to fully recover Unsuccessful Exploration and Appraisal costs the unrecovered amount may be carried forward and included in the next period’s period 's Unsuccessful Exploration and Appraisal costs account.