Discovery and Appraisal Sample Clauses

Discovery and Appraisal. (a) The Contractor shall notify the Designated Authority of a Discovery and shall provide the Designated Authority with such information in respect of it as the Code requires. (b) As soon as reasonably practicable after a Discovery is made, the Contractor shall advise the Designated Authority whether or not, having regard to paragraph 4.9(e), the Discovery merits Appraisal. (c) At such time and in such manner as the Designated Authority requires, the Contractor shall submit, for the approval of the Designated Authority, an Appraisal Work Programme and Budget for each Calendar Year. (d) From time to time, the Contractor may submit, for the approval of the Designated Authority, amendments to the Appraisal Work Programme and Budget. (e) An Appraisal Work Programme and Budget for a Calendar Year will be such as would be undertaken by a person seeking diligently to appraise (in accordance with this Agreement) a Discovery with a view to determining if it is, either alone or in combination with other Discoveries, a Commercial Discovery.
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Discovery and Appraisal. (a) In case of a Discovery, the Contractor shall comply with the rules and procedures for Discovery, Appraisal and, if applicable, declaration of Commercial Discovery as stipulated in the Act.
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Discovery and Appraisal. 7.1 The CONTRACTOR shall notify MOGE not later than thirty (30) days after any significant Discovery of Petroleum within the Contract Area. This notice shall summarize all available details of the Discovery and particulars of any testing programme to be undertaken. 7.2 If the CONTRACTOR considers that a Discovery merits appraisal, the CONTRACTOR shall submit to MOGE as soon as is practicable after completion of the exploration well in question, a detailed Appraisal Work Programme and Budget to evaluate whether the Discovery is a Commercial Discovery. 7.3 If MOGE considers that an appraisal is merited, according to generally accepted international petroleum industry practice, MOGE may demand the CONTRACTOR that such appraisal be undertaken forthwith, provided that the CONTRACTOR may give reasons also according to generally accepted international petroleum industry practice, why the said appraisal should be deferred and the period of such deferment. 7.4 The Work Programme submitted by the CONTRACTOR to MOGE under Section 7.2, shall describe the Discovery Area, and the location, nature and estimated size of the Discovery, and a designation of the area to be included in the evaluation. The Appraisal Work Programme shall also include a plan of all drilling, testing and evaluation to be conducted in the Discovery Area and all technical and economic studies related to recovery, treatment and transportation of Petroleum from the Discovery Area. 7.5 If MOGE requests any changes to the Appraisal Work Programme and Budget for any Discovery Area, then MOGE shall so notify the CONTRACTOR in writing within fifteen (15) days of receipt thereof and the CONTRACTOR and MOGE shall meet within fifteen (15) days after receipt by the CONTRACTOR of MOGE’s written notification as to these requested changes to endeavor to agree on a revised Appraisal Work Programme and Budget. The Work Programme and Budget approved and adopted shall be CONTRACTOR’s proposal as modified by agreed changes adopted thirty (30) days after receipt by the CONTRACTOR of MOGE’s written notification of requested changes. 7.6 After adoption of the Appraisal Work Programme and Budget, the CONTRACTOR shall diligently continue to evaluate the Discovery in accordance with such programme without undue interruptions. 7.7 Within ninety (90) days after the evaluation is completed, pursuant to Section 7.6 the CONTRACTOR shall notify and report to MOGE whether the Discovery Area contains a Commercial Discovery. Such r...
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Discovery and Appraisal. (a) The Contractors shall notify the Ministry of a Discovery and shall provide the Ministry with such information in respect of it as the Act requires. (b) As soon as reasonably practicable after a Discovery is made, the Contractors shall advise the Ministry whether or not, having regard to paragraph 4.9(e), the Discovery merits Appraisal. (c) At such time and in such manner as the Ministry requires, the Contractors shall submit, for the approval of the Ministry, an Appraisal Work Programme and Budget for each Calendar Year. (d) From time to time the Contractors may submit, for the approval of the Ministry, amendments to the Appraisal Work Programme and Budget. (e) An Appraisal Work Programme and Budget for a Calendar Year will be such as would be undertaken by a person seeking diligently to Appraise (in accordance with this Agreement) a Discovery with a view to determining if it is, either alone or in combination with other Discoveries, a Commercial Discovery.
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Discovery and Appraisal. 11.1 If an Exploration Well results in a Discovery, the Operator shall be required to notify OMNIS and the Participants no later than forty-eight (48) hours following such Discovery. Within thirty (30) days of notification of said Discovery, the Operator shall present to the management committee a report including all the technical data and the Operator’s point of view of the commercial potential of this Discovery. 11.2 If, according to the above Article 11.1, the Operator considers that the Discovery has commercial potential, he has ninety (90) days after the notification of the Discovery to present to the management committee a proposal for an appraisal program. The appraisal program shall be considered approved if the management committee has not sent to the Operator an objection within thirty (30) days following the receipt of the said appraisal program. The appraisal program shall cover, but shall not be limited to, the following points: a. Detailed program of works and budgets; b. The schedule and time limit for completion of the works to be performed; 11.3 If, after a Discovery, drilling rig is available, the Operator may proceed with the drilling of any additional Well considered deemed necessary by the Operator, before or while the management committee reviews the technical data in accordance with Article 11.1 or the examine the appraisal program. 11.4 The Operator may submit to the management committee proposal for the revisions of the approved appraisal program. Article
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Discovery and Appraisal. 6.4.1 Upon a Discovery the Contractor shall: 6.4.1.1 notify the SPA of a Discovery of Petroleum within twenty-four (24) hours of the Discovery being made; 6.4.1.2 forthwith, but not later than thirty (30) days after completion and testing of such Exploratory Well, submit an initial Discovery report with all relevant information to the SPA; 6.4.1.3 carry out a technical evaluation of the well data and of all other relevant subsurface data and submit the evaluation to the Minister as soon as it is completed (and in any event within five (5) months of making the Discovery); and 6.4.1.4 within thirty (30)) days after the date on which the technical evaluation is submitted to the SPA, notify the SPA in writing whether or not in the reasonable opinion of the Contractor the Discovery is: (a) a Discovery Warranting Appraisal; (b) a Discovery Not Currently Warranting Appraisal; (c) a Non-Commercial Discovery; or (d) a Discovery of Non-Associated Natural Gas; and 6.4.1.5 for Discoveries Not Currently Warranting Appraisal, propose a Retention Area for the purposes of clause 7.4.
Sample 1
Discovery and Appraisal. (a) In case of a Discovery, Contractor shall comply with the rules and procedures applicable to such Discovery, Appraisal and, if applicable, declaration of Commercial Discovery, as set forth in Article 23 of the Decree-Law. (b) Contractor shall, upon Discovery, give notice in writing to ANPM of such Discovery within twenty-four (24) hours. (c) As soon as reasonably practicable after a Discovery is made, and in any event no later than thirty (30) Days following the submission of the notification pursuant to Article 4.10(b), the Contractor shall: (i) submit to ANPM all information in relation to the Exploration work which lead to the Discovery, as well as any other additional information ANPM may reasonably request; and (ii) advise ANPM of whether or not the Discovery merits Appraisal. (d) If the Contractor is of the opinion that the Discovery merits Appraisal, it shall, within thirty (30) Days following the notification of Article 4.10(b), prepare and submit to ANPM for approval a proposal of Appraisal Work Program and Budget, Appraisal Period included. (e) The Appraisal Work Program and Budget should be updated on an annual basis, if deemed convenient, being such updates subject to ANPM’s approval. (f) The objective of the Appraisal Work Program is to enable Contractor to assess whether or not the Discovery is, either on its own or in combination with other Discoveries, a Commercial Discovery. (g) ANPM may grant an extension of the Appraisal Period where Contractor has evidenced to ANPM’s satisfaction that the Appraisal has been conducted in accordance with the Appraisal Work Program and Budget and that further Appraisal works are required to determine whether or not the Discovery is a Commercial Discovery. In any case, the Appraisal Period cannot, in any circumstances, exceed a maximum of two (2) Contract Years. (h) Unless otherwise agreed with ANPM, Contractor is required so submit a report to ANPM stating its opinion on whether or not the Discovery is a Commercial Discovery by no later than one hundred and eighty (180) Days as of the date of completion of the Appraisal Work Program. (i) The report mentioned in Article 4.10(h) above must include the information, documents and data required in Article 23.10 of the Decree-Law.
Sample 1
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Discovery and Appraisal. (a) The Contractor shall notify the ANP of a Discovery within twenty-four (24) hours and shall provide the ANP with such information in respect of it as the Act requires. (b) As soon as reasonably practicable after a Discovery is made, the Contractor shall advise the ANP whether or not the Discovery merits Appraisal. (c) Within thirty (30) days of notification under paragraph 4.11(a), the Contractor shall submit, for the approval of the ANP, an Appraisal Work Programme and Budget and shall submit the Appraisal Work Programme and Budget within thirty (30) days of the start of each Calendar Year thereafter. (d) From time to time the Contractor may submit, for the approval of the ANP, amendments to the Appraisal Work Programme and Budget, together with a technical explanation for the proposed amendments. (e) The Appraisal Work Programme and Budget will be such as would be undertaken by a person seeking diligently to Appraise (in accordance with this Agreement and Industry Best Practice) a Discovery with a view to determining if it is, either alone or in combination with other Discoveries, a Commercial Discovery.
Sample 1

Related to Discovery and Appraisal

  • Inspections; Appraisals (a) Permit Agent, or its representatives or designees, from time to time, subject (except when a Default or Event of Default exists) to reasonable notice and normal business hours, to visit and inspect the Properties of any Obligor or Subsidiary, inspect, audit and make extracts from any Obligor’s or Subsidiary’s books and records, and discuss with its officers, employees, agents, advisors and independent accountants such Obligor’s or Subsidiary’s business, financial condition, assets, prospects and results of operations. Lenders may participate in any such visit or inspection, at their own expense. Neither Agent nor any Lender shall have any duty to any Obligor to make any inspection, nor to share any results of any inspection, appraisal or report with any Obligor. Obligors acknowledge that all inspections, appraisals and reports are prepared by Agent and Lenders for their purposes, and Obligors shall not be entitled to rely upon them. (b) Reimburse Agent for all charges, costs and expenses of Agent in connection with (i) examinations of any Obligor’s books and records or any other financial or Collateral matters as Agent deems appropriate, up to three times per Loan Year; and (ii) appraisals of Inventory and Equipment up to one time per Loan Year; provided, however, that if an examination or appraisal is initiated during a Default or Event of Default, all charges, costs and expenses therefor shall be reimbursed by Borrowers without regard to such limits. Subject to and without limiting the foregoing, Obligors specifically agree to pay Agent’s then standard charges for each day that an employee of Agent or its Affiliates is engaged in any examination activities, and shall pay the standard charges of Agent’s internal appraisal group. (The current standard per diem charge for an employee of Agent or the third party currently utilized by Agent is $850 per day or part thereof.) This Section shall not be construed to limit Agent’s right to conduct examinations or to obtain appraisals at any time in its discretion, nor to use third parties for such purposes.

  • Appraisals An appraisal of the related Mortgaged Property was conducted in connection with the origination of the Mortgage Loan, which appraisal is signed by an appraiser, who, to the Mortgage Loan Seller's knowledge, had no interest, direct or indirect, in the Mortgaged Property or the Borrower or in any loan made on the security thereof, and whose compensation is not affected by the approval or disapproval of the Mortgage Loan; in connection with the origination of the Mortgage Loan, each appraiser has represented in such appraisal or in a supplemental letter that the appraisal satisfies the requirements of the "Uniform Standards of Professional Appraisal Practice" as adopted by the Appraisal Standards Board of the Appraisal Foundation.

  • Performance Appraisals 3201 The Employer shall complete a written appraisal of a nurse's performance at least bi-annually. Upon request, the nurse shall be given an exact copy of the appraisal. 3202 The nurse shall have an opportunity to read such document. 3203 The nurse's signature on such document merely signifies that the contents of the document have been read. 3204 If the nurse disputes the appraisal, she/he may file a reply to the document in accordance with Article 29, and/or she/he may file a grievance under Article 12 of this Agreement.

  • Office of Inspector General Investigative Findings Expert Review In accordance with Senate Bill 799, Acts 2021, 87th Leg., R.S., if Texas Government Code, Section 531.102(m-1)(2) is applicable to this Contract, Contractor affirms that it possesses the necessary occupational licenses and experience.

  • Review of assessment The assessment of the applicable percentage should be subject to annual review or earlier on the basis of a reasonable request for such a review. The process of review shall be in accordance with the procedures for assessing capacity under the Supported Wage System.

  • Performance Appraisal The employee's performance will be rated by his/her immediate excluded supervisor. The rater shall discuss the performance appraisal with the employee. The employee shall have the opportunity to provide his/her comments to be attached to the performance appraisal. The employee shall sign the performance appraisal and that signature shall only indicate that the employee has read the performance appraisal. A copy shall be provided the employee at this time.

  • Valuation The Subscriber acknowledges that the price of the Securities was set by the Company on the basis of the Company’s internal valuation and no warranties are made as to value. The Subscriber further acknowledges that future offerings of Securities may be made at lower valuations, with the result that the Subscriber’s investment will bear a lower valuation.

  • Appraisal The Mortgage File contains an appraisal of the related Mortgaged Property with an appraisal date within 6 months of the Mortgage Loan origination date, and within 12 months of the Cut-off Date. The appraisal is signed by an appraiser that (i) was engaged directly by the originator of the Mortgage Loan or the Mortgage Loan Seller, or a correspondent or agent of the originator of the Mortgage Loan or the Mortgage Loan Seller, and (ii) to the Mortgage Loan Seller’s knowledge, had no interest, direct or indirect, in the Mortgaged Property or the Mortgagor or in any loan made on the security thereof, and whose compensation is not affected by the approval or disapproval of the Mortgage Loan. Each appraiser has represented in such appraisal or in a supplemental letter that the appraisal satisfies the requirements of the “Uniform Standards of Professional Appraisal Practice” as adopted by the Appraisal Standards Board of the Appraisal Foundation.

  • Engineering Report Lender shall have received a current Engineering Report with respect to the Property, which report shall be in form and substance reasonably satisfactory to Lender.

  • The Appraisal The Mortgage Loan Documents contain an appraisal of the related Mortgaged Property by an appraiser who is licensed in the state where the Mortgaged Property is located, and who had no interest, direct or indirect, in the Mortgaged Property or in any loan made on the security thereof; and whose compensation is not affected by the approval or disapproval of the Mortgage Loan, and the appraisal and the appraiser both satisfy the applicable requirements of Title XI of the Financial Institution Reform, Recovery, and Enforcement Act of 1989 and the regulations promulgated thereunder, all as in effect on the date the Mortgage Loan was originated;

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