Declaration of Commerciality. It is the written communication sent by the CONTRACTOR to the XXX in which it declares that the discovery made in the Contracted Area is a Commercial Field.
Declaration of Commerciality formal and in writing notification of the Concessionaire to ANP declaring one or more Mines as commercial discovery in the Concession Area.
Declaration of Commerciality. 5.6.1 With the submission of the evaluation reports pursuant to Article 5.5.4, the Contractor shall submit a written declaration to the Minister indicating one of the following:
a) that based on the results of its Appraisal Work Programme it has determined that the Discovery is a Commercial Discovery;
b) that based on the results of its Appraisal Work Programme it has determined that the Discovery is not a Commercial Discovery;
c) that based on the results of its Appraisal Work Programme it has determined that the Discovery is a significant Discovery which may become a Commercial Discovery conditional on the outcome of further work that the Contractor commits itself to carry out under a further Exploration or Appraisal Work Programme in specified areas within or outside the Appraisal Area.
Declaration of Commerciality. (a) Within three (3) months of completion of the approved Appraisal Plan referred to in Article 3.6, or such longer period as ROC may agree, Contractor shall submit to ROC a written report setting forth the results and conclusions of the Appraisal Plan. If, in the opinion of Contractor, such conclusions indicate that the Discovery or the multiple Discoveries is a Commercial Discovery, Contractor shall also submit a Declaration of Commerciality and an Outline Development Proposal. To further the objectives of Article 3.10(c), in respect of any Discovery, the Declaration of Commerciality may contemplate that the Discovery would be developed within an existing Development Area and integrated with an existing Development Plan and in such event the Outline Development Proposal shall take the form of a proposed Revision to such existing Development Plan.
(b) The Declaration of Commerciality and the Outline Development Proposal shall, in particular, incorporate the following information:
(i) the proposed Development Area;
(ii) the Reservoir(s) that are the subject of the Outline Development Proposal;
(iii) thickness and the areal extent of the Reservoir(s);
(iv) petrophysical properties of the Reservoir(s) including core analysis;
(v) chemical composition, physical properties and the quality of Petroleum discovered including PVT and other laboratory analysis;
(vi) statement as to whether a Discovery should be approved as an Oil Field or a Gas Field; Hydrocarbons in place and estimate of reserves and resources;
(vii) productivity indices for the Well(s) tested at various flow rates;
(viii) production capacity of the Reservoir(s);
(ix) statement and schedule of Specific Costs and Potentially Recoverable Exploration and Appraisal Costs, incurred prior to this Declaration of Commerciality;
(x) projected Capital Costs and Operating Costs from the Effective Date to the end of the Development Period, on a Quarterly basis, without any assumptions of future inflation or cost escalation;
(xi) production schedule on a Quarterly basis to the end of the Development Period, including the Commercial Production Rate, Plateau Production Target and Plateau Production Period and a statement of Estimated Production;
(xii) economic analysis, in a functional electronic spreadsheet based on the Planning Price, production and cost schedule. This shall include, both from the Effective Date and from the date of the Declaration of Commerciality, to the end of the Development Period: the ...
Declaration of Commerciality. Within three (3) months after the expiration of the term stipulated for execution of the Evaluation Program or the expiration of the term agreed according to Paragraph 2 of Clause 14, if applicable, THE CONTRACTOR shall submit to the XXX a written declaration that clearly and accurately states its unconditional decision to commercially exploit or not the Discovery made. If the decision is affirmative, from the date of such declaration the area of the Discovery shall be considered a Commercial Field.
Declaration of Commerciality formal written notification submitted to ANP declaring one or more deposits to be a Commercial Discovery in the Concession Area.
Declaration of Commerciality. Upon determination that the Wind Energy Resource can generate power of Commercial Quantities, the RE DEVELOPER shall submit the Declaration of Commerciality along with supporting documents which shall be made within the Pre-Development stage. Failure to submit Declaration of Commerciality and corresponding supporting documents to the DEPARTMENT within the Pre-Development Stage shall result in automatic termination of the RE Contract.
Declaration of Commerciality. It has the meaning provided for in 0 hereunder;
Declaration of Commerciality. Upon determination that the Geothermal Resource can generate power of Commercial Quantities, the RE DEVELOPER shall submit the Declaration of Commerciality along with supporting documents which shall be made within the Pre-Development stage. Failure to submit Declaration of Commerciality and corresponding supporting documents to the DEPARTMENT within the Pre-Development Stage shall result in automatic termination of the RE Contract.
Declaration of Commerciality. Declaration of Commerciality
