Discovery Assessment through Extended Well Test Sample Clauses

Discovery Assessment through Extended Well Test. If the Discovery Assessment Plan contemplates the performance of a Extended Well Test, the Consortium Members shall request to ANP a specific authorization to do so. The Cost Oil for the Extended Well Test shall be recovered in the Production Phase. The performance of the Extended Well Test without the use or reinjection of the Natural Gas shall be limited to a term of one hundred and eighty (180) days, unless in exceptional cases, at ANP’s discretion.
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Discovery Assessment through Extended Well Test. 12.8. If the Discovery Assessment Plan contemplates the performance of an Extended Well Test, the Consortium Members shall request to ANP a specific authorization to do so.
Discovery Assessment through Extended Well Test. 12.6. If the Oil or Natural Gas Discovery Assessment Plan contemplates the performance of a Extended Well Test, the Consortium Members shall request ANP specific authorization to perform it.
Discovery Assessment through Extended Well Test. If the Oil or Natural Gas Discovery Assessment Plan contemplates the performance of a Extended Well Test, the Consortium Members shall request ANP specific authorization to perform it. The Oil Cost for the Extended Well Test will be recovered in the Production Phase. The execution of the Extended Well Test without the use or reinjection of Natural Gas shall be limited to a period of 180 (one hundred and eighty) days, except in exceptional cases, at the discretion of ANP. Clause Thirteen - Declaration of Commercial Liability Declaration of Commercial Viability Following the Oil or Natural Gas Discovery Assessment Plan approved by ANP, the Operating Committee may, at its discretion, make the Declaration of Commercial Viability of the Discovery. If the Final Report for the Evaluation of Oil or Natural Gas Discoveries has not yet been submitted to ANP, it must accompany the Declaration of Commercial Viability. The Declaration of Commercial Viability will only be effective after the approval of the Final Report for the Evaluation of Oil or Natural Gas Discoveries by ANP. Failure to submit the Declaration of Commercial Viability by the end of the Exploration Phase will imply the termination of the Agreement in full in relation to the respective area retained for Discovery Evaluation. The presentation of one or more Declarations of Commercial Viability shall not exempt the Consortium Members from compliance with the Minimum Exploration Program. Postponement of the Declaration of Commercial Viability If the main accumulation of hydrocarbon discovered and evaluated in the Contract Area is Natural Gas, the Consortium Members may request authorization from ANP to postpone the Declaration of Commercial Viability within five (5) years, in the following cases:

Related to Discovery Assessment through Extended Well Test

  • PRICE ESCALATION/DE-ESCALATION (CPI) The County may allow a price escalation provision within this award. The original contract prices shall be firm for an initial one (1) year period. A price escalation/de-escalation will be considered at one (1) year intervals thereafter, provided the Contractor notifies the County, in writing, of the pending price escalation/de-escalation a minimum of sixty (60) days prior to the effective date. Price adjustments shall be based on the latest version of the Consumers Price Index (CPI-U) for All Urban Consumers, All Items, U.S. City Average, non-seasonal, as published by the U.S. Department of Labor, Bureau of Labor Statistics. This information is available at xxx.xxx.xxx. Price adjustment shall be calculated by applying the simple percentage model to the CPI data. This method is defined as subtracting the base period index value (at the time of initial award) from the index value at time of calculation (latest version of the CPI published as of the date of request for price adjustment), divided by the base period index value to identify percentage of change, then multiplying the percentage of change by 100 to identify the percentage change. Formula is as follows: Current Index – Base Index / Base Index = % of Change CPI for current period 232.945 Less CPI for base period 229.815 Equals index point change 3.130 Divided by base period CPI 229.815 Equals 0.0136 Result multiplied by 100 0.0136 x 100 Equals percent change 1.4% % of Change x 100 = Percentage Change CPI-U Calculation Example: A price increase may be requested only at each time interval specified above, using the methodology outlined in this section. To request a price increase, Contractor shall submit a letter stating the percentage amount of the requested increase and adjusted price to the Orange County Procurement Division. The letter shall include the complete calculation utilizing the formula above, and a copy of the CPI-U index table used in the calculation. The maximum allowable increase shall not exceed 4%, unless authorized by the Manager, Procurement Division. All price adjustments must be accepted by the Manager, Procurement Division and shall be memorialized by written amendment to this contract. No retroactive contract price adjustments will be allowed. Should the CPI-U for All Urban Consumers, All Items, U.S City Average, as published by the U.S. Department of Labor, Bureau of Labor Statistics decrease during the term of the contract, or any renewals, the Contractor shall notify the Orange County Procurement Division of price decreases in the method outlined above. If approved, the price adjustment shall become effective on the contract renewal date. If the Contractor fails to pass the decrease on to the County, the County reserves the right to place the Contractor in default, cancel the award, and remove the Contractor from the County Vendor List for a period of time deemed suitable by the County. In the event of this occurrence, the County further reserves the right to utilize any options as stated herein.

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