Development and Production. 2.1 TARGACEPT hereby engages SIEGFRIED to undertake DEVELOPMENT and/or PRODUCTION as set forth in sub-appendices to this AGREEMENT from time to time, upon the terms and conditions set forth in this AGREEMENT, and SIEGFRIED hereby accepts such engagement.
2.2 With respect to each SELECTED COMPOUND for which TARGACEPT engages SIEGFRIED to undertake DEVELOPMENT, SIEGFRIED shall use all commercially reasonable efforts to complete such DEVELOPMENT in accordance with the Scope of Work set forth as Phase I – Laboratory in the applicable sub-appendix to Appendix B so as to meet the timeline and budget for the completion of such DEVELOPMENT set forth in such sub-appendix.
2.3 With respect to each PRODUCT for which TARGACEPT engages SIEGFRIED to undertake PRODUCTION, SIEGFRIED shall use all commercially reasonable efforts to undertake PRODUCTION in accordance with the Scope of Work set forth as Phase II – Pilot Production in the applicable sub-appendix to Appendix B so as to meet the timeline and budget for the completion of PRODUCTION and the delivery of the quantities of PRODUCT set forth in such sub-appendix.
2.4 TARGACEPT shall evaluate the samples of each SELECTED COMPOUND delivered as part of its DEVELOPMENT and shall evaluate the SPECIFICATIONS and MASTER PRODUCTION RECORD prepared by SIEGFRIED for the PRODUCTION of each PRODUCT. In the event that TARGACEPT is not satisfied with the samples of a SELECTED COMPOUND or the SPECIFICATIONS or the MASTER PRODUCTION RECORD for PRODUCTION of a PRODUCT, SIEGFRIED shall continue to consult with TARGACEPT on the process for the PRODUCTION of such PRODUCT. SIEGFRIED shall not initiate PRODUCTION of any PRODUCT unless and until it shall have received written approval from TARGACEPT of the PRODUCT’s SPECIFICATIONS (such approved SPECIFICATIONS to be reflected in a duly executed amendment to the sub-appendix to Appendix A applicable to such PRODUCT) and MASTER PRODUCTION RECORD and, once approved by TARGACEPT, shall not change the PRODUCT’s SPECIFICATIONS or MASTER PRODUCTION RECORD without TARGACEPT’s prior written approval.
2.5 Laboratory studies conducted as part of any DEVELOPMENT may, but need not, be performed in compliance with GMP; provided that all DEVELOPMENT and PRODUCTION associated with the manufacture or storage of any PRODUCT shall be performed in compliance with GMP, SIEGFRIED’S standard operating procedures (SOPs) for the manufacture, storage and delivery of material in compliance with GMP and all applicabl...
Development and Production. 1. Within the scope of exploration (prospection and research activities), whenever the Concession Holder establishes the existence of an economically viable oil field, it must develop the respective preliminary demarcation and the general working plan for development and production, which must include the closing plan and the return of the area to its original or equivalent status, and the respective schedule for execution, submitting them to DGEG for discussion, according to the terms of Articles 37 to 39 of DL 109/94.
2. The development and/or production work established for each year will be in the annual plans, duly broken down and budgeted for, to be submitted for discussion by DGEG, according to Articles 31, 32 and 40 of DL 109/94.
3. Within the period of 5 (five) years from the approval date of each general development and production plan, according to the terms of Article 41 of DL 109/94, the Concession Holder must definitively demarcate the boundaries of the oil blocks in which the acknowledged oil fields are located.
4. The period to which the previous number refers may be extended when it is shown to be technically justified, pursuant to Article 41(2) of DL 109/94.
5. The commercial production of an oil field may only be initiated as of the date of approval of the respective general development and production plan.
6. The Concession Holder must perform the work in a regular and continuous manner, employing good oil industry techniques and practices and rigorously observing the technical rules that might be established in the future.
7. Except in the special situations established in Article 72 of DL 109/94, the Concession Holder may freely make use of the oil it produces.
8. The conditions regarding oil development and production activities will be established in the general development and production plan to be agreed to by and between DGEG and the Concession Holder according to the terms of Articles 38 and 39 of DL 109/94.
Development and Production. Contractor shall submit for review and approval a Work Program and Budget for each Commercial Field for each Calendar Year to the Operations Committee at least ninety (90) Days prior to the commencement of such Calendar Year. Notwithstanding the foregoing, for activities related to Exploration Operations conducted during a Development and Production Period shall be submitted in accordance with Sub-article 8.3.1.
Development and Production. The Developer will develop and produce the Work described in Appendix A within the timelines described in Appendix A.
Development and Production. 5.1 If the Contractor in its report under Article 4.6.5 considers that a Discovery is a Commercial Discovery, it shall submit to the Minister, within six (6) months following the date of submission of said report, an application for an Exploitation Licence accompanied by a detailed Development and Production Plan for the Field relating to said Discovery, specifying inter alia:
(i) the planned delimitation of the Exploitation Area applied for by the Contractor, so that it covers the area defined by the seismic closure(s) of the Field concerned, together with all the technical justifications with respect to the extent of said Field;
(ii) an estimate of the Crude Oil and/or Natural Gas reserves, their classification as proved, probable and possible according to international reserve classification practices, together with a study on the methods of recovery;
(iii) the projected maximum economic efficient rate of production (MER) and expected annual production levels for Crude Oil and/or Natural Gas;
(iv) the projected valuation of Crude Oil and Natural Gas to be produced;
(v) the proposed Delivery Point(s) for Crude Oil and/or Natural Gas;
(vi) the procedures for measuring production of Hydrocarbons at the Delivery Point(s);
(vii) item by item description of the facilities, equipment and work necessary for production, such as the number of development Xxxxx, the number of platforms, pipelines, production, processing, storage and loading facilities together with their specifications;
(viii) as applicable, a marketing plan for Natural Gas, which may include the Contractor’s proposal to structure the project as an integrated or segmented gas project (including gathering, treating, and conditioning of Natural Gas for sale), accompanied by letters of intent from potential purchasers or other documents supporting the existence of a commercially viable market, including certainty of offtake;
(ix) an estimated schedule for plan implementation and the projected date of production start-up;
(x) estimates of all capital expenditures and operating costs, including necessary infrastructure;
(xi) an environmental impact assessment study and an environmental impact management plan prepared in accordance with Applicable Environmental Legislation and Good International Petroleum Industry Environmental Practice;
(xii) a provisional Decommissioning Plan, including an estimate of the Decommissioning Costs; and
(xiii) as applicable, a study on the location, design, and costing of ...
Development and Production. Plan has the meaning attributed to it in Article 5.5.1.
Development and Production. It is agreed and acknowledged by the Parties that if a commercially viable deposit is delineated on the Properties, the Joint Venture has the right to proceed expeditiously to develop a mine or mines on the Property or Properties in accordance with the relevant law and regulations of the PRC.
Development and Production. If the Contractor considers a discovery to be a Commercial Discovery, it shall, within six (6) months from the completion of the appraisal work mentioned in Article 6.4 above, notify to the Petroleum Operations Management Committee referred to in Article 9.2 below the development plan concerning such Commercial Discovery.
Development and Production. 7.1 If the Contractor considers a discovery to be a Commercial Discovery, it shall, within six (6) months from the completion of the appraisal works mentioned in Article 6.4 above, notify to the Petroleum Operations Management Committee referred to in Article 9.2 below the development plan concerning such Commercial Discovery.
7.2 The development plan submitted by the Contractor shall, inter alia, contain:
(i) the definition of the Exploitation Area related to the discovery as a contiguous block of 500 square kilometers in a shape defined by the Contractor from the exploration and well data;
(j) an estimate of the recoverable reserves;
(k) a production profile;
(l) the works necessary for the exploitation of the field such as the number of xxxxx;
(m) the facilities required for the production, treatment, storage and transportation of Petroleum;
(n) an estimate of the duration of the above-mentioned works;
(o) an estimate of the development investments and operating costs;
(p) an economic study supporting the commercial nature of the discovery. The commercial nature of a discovery shall be determined by the Contractor. A discovery may be declared as commercial by the Contractor if, after taking into account the contractual provisions and the submitted development plan, the forecasts of incomes and expenses prepared in accordance with the standards used in the international petroleum industry confirm its commerciality.
7.3 Within sixty (60) days from the notification of the development plan to the Petroleum Operations Management Committee; the latter may notify to the Contractor revisions or changes to that development plan. The Contractor will endeavor to include said revisions or changes in accordance with good international petroleum industry practice. No later than thirty (30) days after the expiry of the time period referred to above, the Contractor shall submit the development plan to the Minister, for its adoption within thirty (30) days. The date of adoption of the development plan shall be the date of its notice given by the Minister. If the Minister fails to give such notice within the thirty (30) day period, the development plan submitted by the Contractor shall be deemed adopted at the date of expiry of said period.
7.4 The Contractor shall commence the physical development works on the field within six (6) months after the date of adoption of the development plan and shall continue them with due diligence.
7.5 No later than three (3) months prio...
Development and Production. Expenditures shall consist of all necessary, appropriate and economical expenditures (other than those referred to in paragraph 2.3) incurred in Development Operations in relation to a Development Area including:
a. drilling xxxxx which are completed as producing xxxxx and drilling xxxxx for purposes of producing a Petroleum Reservoir already discovered provided such xxxxx are completed as producing xxxxx;
b. completing those xxxxx described in paragraph 2.1 (c) by way of installation of casing or equipment or otherwise after a well has been drilled for the purpose of bringing the well into use as a producing well;
c. the costs of field facilities including field gathering systems, field production and treatment units, wellhead equipment, subsurface equipment. Natural Gas separation facilities, enhanced recovery systems, offshore platforms. Petroleum storage facilities in the field and related facilities, and field access roads for production activities;
d. the costs of transportation facilities installed up to the Delivery Point, including but not limited to pipelines, compressors, and storage facilities;
e. engineering and design studies for field facilities;
f. a portion of all Service Costs allocated to the Development Operations on an equitable basis and consistently applied; g. a portion of all General and Administrative Expenses allocated to the Development Operations based on projected budget expenditures which will be adjusted to actual expenditures at Calendar Year end; and
