Exploration Work Obligations Sample Clauses

Exploration Work Obligations. 4.2.1 The Contractor shall, during each Exploration Phase, carry out the Exploration Work Obligations set out in Annex D. 4.2.2 Each of the Exploration Xxxxx provided in the Exploration Work Obligations shall be drilled to the minimum contractual depth specified in Annex D, or to a lesser depth if the continuation of drilling performed in accordance with Good International Petroleum Industry Practice is prevented for any of the following reasons: (i) basement is encountered at a lesser depth than the minimum contractual depth; (ii) continuation of drilling presents an obvious danger due to the existence of abnormal formation pressure; (iii) rock formations are encountered the hardness of which prevents, in practice, the continuation of drilling by the use of appropriate equipment; or (iv) Hydrocarbons formations are encountered the crossing of which requires, for their protection, the laying of casings preventing the minimum contractual depth from being reached. 4.2.3 In any of the above cases, the Contractor shall obtain prior approval of the Minister, prior to discontinuing drilling, which approval shall not be unreasonably withheld, and by this approval, the well shall be deemed to have been drilled to the above mentioned minimum contractual depth. The preceding sentence shall be without prejudice to the right of the Contractor to suspend drilling, having obtained the prior approval of the Minister, if such suspension is required under Good International Petroleum Industry Practice. 4.2.4 If the number of Exploration Xxxxx drilled by the Contractor during the Initial Licensing Period or the First Renewal Period exceeds the number of xxxxx provided for in the Exploration Work Obligation for the Exploration Phase in question, as specified in Annex D, the number of additional Exploration Xxxxx drilled during such Exploration Phase may be carried forward and treated as a credit towards the Exploration Xxxxx contained in the Exploration Work Obligation for the following Exploration Phase. 4.2.5 For purposes of Article 4.2.4, Appraisal Xxxxx drilled under an Appraisal Work Programme with respect to a Discovery shall not be considered as Exploration Xxxxx, and, in the event of a Hydrocarbons Discovery, only the Discovery Well shall be deemed to be an Exploration Well. 4.2.6 Upon the Effective Date, the Contractor shall provide to the Minister an irrevocable bank guarantee payable to the Permanent Secretary, Ministry of Energy, Commerce, Industry and Tourism, g...
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Exploration Work Obligations. The definitions contained in Article 1 of the Contract shall apply to this Annex D and shall have the same meaning when used in this Annex D unless otherwise specified herein. In the event of any inconsistency or conflict between the provisions of this Annex D and the provisions of the Contract, then the provisions of the Contract shall prevail.
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Exploration Work Obligations. 5.2.1 The Contractor shall, during the Exploration Period and subject to the provisions of Annex D, carry out the Exploration Work Obligations. The licensees will conduct a preliminary Environmental Impact Assessment study prior to the initiation of any exploration work and a full Environmental Impact Assessment study prior to the initiation of any exploitation work, both of which will comply with the provisions of the Strategic Environmental Assessment (SEA) of the hydrocarbon licensing programme within the EEZ of the Republic of Cyprus and with the relevant opinion of the Environmental Authority, as well as with the relevant provisions of the Directive 85/337/EEC. The SEA study is available on the MCIT website (xxx.xxxx.xxx.xx) while the relevant opinion of the Environmental Authority is available at xxxx://xxx.xxx.xxx.xx/moa/environment/environment.nsf/All/0F381D48CB 93F576C22579A30040CCE4/$file/2008-3%20b.pdf 5.2.2 If in an Exploration Phase the Contractor drills a number of xxxxx greater than the minimum drilling obligations specified for said phase in the Exploration Work Obligations, the excess exploration xxxxx may be carried forward to a subsequent Exploration Phase and shall be deducted from the minimum drilling obligations specified for said Exploration Phase, provided that at least one Exploration Well shall be drilled during each Exploration Phase. 5.2.3 Appraisal Xxxxx drilled under an Appraisal Work Program with respect to a Discovery shall not be considered as Exploration Xxxxx and, in the event of a Hydrocarbons Discovery, only the Discovery Well shall be deemed to be an Exploration Well.
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Exploration Work Obligations. 7.1. The duration of the Permit is five years, renewable twice with a three year validity period for each renewal. 7.2. During the initial five year period, the work commitments for period are the following : a) during the first 18 month sub-period, the Consortium should realize 1000 gravity stations or equivalent interpreted air-magnetic survey,geological and geophysical studies as well as general and administrative activities defined by the Operator ; b) during the second 18 month sub-period, the Consortium should acquire and treat 1250 kilometers of 2D seismic ; c) during the third 12 month sub-period, the Consortium should drill an exploration well to a sufficient depth in order to test the prospect, either to reach a depth of 3000 meters or the basement ; d) during the fourth 12 month sub-period, the Consortium should drill two exploration wells to a sufficient depth ix xxder to test two prospects, either to reach a depth of 3000 meters or the basement ; During the third and fourth sub-periods, 1250 kilometers of 2D seismic should be acquired in order to determine prospects to be drilled. 7.3. During the first three year renewal period, the Consortium agrees to do a seismic survey and drill three exploration wells to a sufficient depth in ordxx xx test three distinct prospects, either to reach a depth of 3000 meters or the basement 7.4. During the second renewal period, the Consortium agrees to do a seismic survey and drill three exploration wells to a sufficient depth in ordxx xx test three distinct prospects, either to reach a depth of 3000 meters or the basement 7.5. The tentative plans corresponding to the work commitments and amounts to be spent for the initial five year period are set out in Annex II of this Convention. The Consortium shall notify the State of any change which may become necessary to this plan. The obligation to drill a given well shall be considered satisfied when the well has reached its geological objective or if Hydrocarbons in potentially commercial quantities are encountered before having reached such geological objective. In case of exceptional circumstances encountered in the course of a drilling which prevent, in accordance with international petroleum practice, the countinuation of the said drilling, the parties shall meet to decide by mutual agreement if the drilling obligation has been met by the drilled well. 7.6. If the Consortium during the course of the first renewal period of the permit drills a number of wells ...
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Exploration Work Obligations 
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Related to Exploration Work Obligations

  • Project Work Plan The Statement of Work is the formal document incorporated into the Grant. The Project Work Plan documents how the Grantee will achieve the performance measures outlined in the Grant. Changes to the Statement of Work require an amendment. Project Work Plans may be changed with written approval from PEI and the Grantee.

  • Project Costs Simultaneously with the execution of this Agreement, the Company shall disclose to the Department all of the Project Costs which the Company seeks to include for purposes of determining the limitation of the amount of the Credit pursuant to Section 5-30 of the Act and provide to the Department a Schedule of Project Costs in the form as attached hereto as Exhibit C.

  • Landlord Obligations Landlord acknowledges and agrees that certain of the information contained in the Financial Statements may be non-public financial or operational information with respect to Tenant and/or the Leased Property. Landlord further agrees (i) to maintain the confidentiality of such non-public information; provided, however, that notwithstanding the foregoing and notwithstanding anything to the contrary in Section 23.2(a) hereof or otherwise herein, Landlord shall have the right to share such information with GLP and their respective officers, employees, directors, Facility Mortgagee, agents and lenders party to material debt instruments entered into by GLP or Landlord, actual or prospective arrangers, underwriters, investors or lenders with respect to Indebtedness or Equity Interests that may be issued by GLP or Landlord, rating agencies, accountants, attorneys and other consultants (the “Landlord Representatives”), provided that such Landlord Representative is advised of the confidential nature of such information and agrees, to the extent such information is not publicly available, to maintain the confidentiality thereof pursuant to Section 23.2(a) or pursuant to confidentiality provisions substantially similar thereto and to comply with all federal, state and other securities laws applicable with respect to such information and (ii) that neither it nor any Landlord Representative shall be permitted to engage in any transactions with respect to the stock or other equity or debt securities or syndicated loans of Tenant or Tenant’s Parent based on any such non-public information provided by or on behalf of Landlord or GLP (provided that this provision shall not govern the provision of information by Tenant or Tenant’s Parent). In addition to the foregoing, Landlord agrees that, upon request of Tenant, it shall from time to time provide such information as may be reasonably requested by Tenant with respect to Landlord’s capital structure and/or any financing secured by this Master Lease or the Leased Property in connection with Tenant’s review of the treatment of this Master Lease under GAAP. In connection therewith, Tenant agrees to maintain the confidentiality of any such non-public information; provided, however, Tenant shall have the right to share such information with Tenant’s Parent and their respective officers, employees, directors, Permitted Leasehold Mortgagees, agents and lenders party to material debt instruments entered into by Tenant or Tenant’s Parent, actual or prospective arrangers, underwriters, investors or lenders with respect to Indebtedness or Equity Interests that may be issued by Tenant or Tenant’s Parent, rating agencies, accountants, attorneys and other consultants (the “Tenant Representatives”) so long as such Tenant Representative is advised of the confidential nature of such information and agrees, to the extent such information is not publicly available, (i) to maintain the confidentiality thereof pursuant to Section 23.2(a) or pursuant to confidentiality provisions substantially similar thereto and to comply with all federal, state and other securities laws applicable with respect to such information and (ii) not to engage in any transactions with respect to the stock or other equity or debt securities or syndicated loans of GLP or Landlord based on any such non-public information provided by or on behalf of Tenant or Tenant’s Parent (provided that this provision shall not govern the provision of information by Landlord or GLP).

  • Development Activities The Development activities referred to in item “b” of paragraph 3.1 include: studies and projects of implementation of the Production facilities; drilling and completion of the Producing and injection xxxxx; and installation of equipment and vessels for extraction, collection, Treatment, storage, and transfer of Oil and Gas. The installation referred to in item “c” includes, but is not limited to, offshore platforms, pipelines, Oil and Gas Treatment plants, equipment and facilities for measurement of the inspected Production, wellhead equipment, production pipes, flow lines, tanks, and other facilities exclusively intended for extraction, as well as oil and gas pipelines for Production Outflow and their respective compressor and pumping stations.

  • Project Work PURCHASER shall complete the following projects in accordance with the specifications provided in Exhibits B, C, D, E, and F and written instructions from STATE. Project locations are shown on Exhibit A unless otherwise described. PURCHASER shall furnish all material unless otherwise specified.

  • Research Project The findings of any research project, which would change the provisions of this Agreement will not be implemented until such changes are negotiated and agreed to by the parties.

  • Annual Work Plans and Budgets The Recipient shall furnish to the Association as soon as available, but in any case not later than September 1 of each year, the annual work plan and budget for the Project for each subsequent year of Project implementation, of such scope and detail as the Association shall have reasonably requested, except for the annual work plan and budget for the Project for the first year of Project implementation, which shall be furnished no later than one (1) month after the Effective Date.

  • Development Diligence Pfizer will use its Commercially Reasonable Efforts to Develop and seek Regulatory Approval for [ * ] Product [ * ] in the Field [ * ]. Pfizer will [ * ] with respect to the Development or Regulatory Approval of Products under this Agreement.

  • Production Phase contract period in which the Development and the Production are to be performed.

  • Development Work The Support Standards do not include development work either (i) on software not licensed from CentralSquare or (ii) development work for enhancements or features that are outside the documented functionality of the Solutions, except such work as may be specifically purchased and outlined in Exhibit 1. CentralSquare retains all Intellectual Property Rights in development work performed and Customer may request consulting and development work from CentralSquare as a separate billable service.

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