Appraisal Area definition

Appraisal Area shall have the meaning set forth in Article 5.2. “Appraisal Period” shall have the meaning set forth in Article 5.2. “Appraisal Plan” shall have the meaning set forth in Article 5.1.

Appraisal Area means an area within the Contract Area encompassing the geographical extent of a Discovery that is subject to an Appraisal work program and corresponding budget in accordance with Article ‎5.2.

Appraisal Area means that area surrounding a Discovery encompassing the geological structure or feature of the Discovery and a reasonable margin not exceeding 0.5km as approved by the Minister from time to time.

Examples of Appraisal Area in a sentence

• If the STATE submits in writing a request for amendments to be made to the appraisal Work Programme and corresponding Budget for the Appraisal Area, such amendments shall be consistent with the practices in current use in the international petroleum industry.

• Each Annual Work Program and corresponding Annual Budget shall be broken down into the various Exploration Operations and, as applicable, the Appraisal operations for each Appraisal Area and the Development and Production Operations for each Development and Production Area.

• Such appraisal Work Programme shall include an indication of the location of the Discovery, its type and the designation of the Appraisal Area, as well as an estimate of the possible recoverable reserves.

• The Appraisal work program, corresponding budget and designated Appraisal Area are subject to the review and approval of the Ministry in accordance with the procedures set forth in Article 4.

• The appraisal Work Programme shall also include all appraisals, tests and Drilling to be conducted in the Appraisal Area as well as the preparation of all economic and technical studies connected with the recovery, processing and transportation of the Hydrocarbons from the Appraisal Area.

More Definitions of Appraisal Area

Appraisal Area means the area that is to be the subject of an appraisal study following a Discovery, in accordance with the provisions of Article 11.2 of this Contract.

Appraisal Area means that area encompassing the geological structure or feature corresponding to a Discovery plus a 500 meter buffer zone, as identified in an approved Appraisal Programme;

Appraisal Area means that area surrounding a Discovery encompassing the geological structure or feature of the Discovery and a reasonable margin not exceeding 0.5km as approved by Minister from time to time.

Appraisal Area means that area within the Contract Area, which is designated by Contractor as part of its Appraisal Program pursuant to Article 8.2(b).

Appraisal Area means an area of no more than 150 contiguous Sections selected by Contractor, subject to the limitations of the Contract Area, whereby the Sections are connected and have in common at least one side of thirty (30) seconds latitude or longitude and that is sufficient in the reasonable opinion of the Contractor to cover the vertical projection to the surface of any discovered reservoirs of a Discovery; but if Contractor can provide conclusive evidence based on geological and geophysical data that 150 Sections is not sufficient to cover the vertical projection to the surface of the discovered reservoirs then the DGPC has the discretion to approve an Appraisal Area of more than 150 Sections covering the vertical projection to the surface of the discovered reservoirs within the boundaries of the Contract Area.

Appraisal Area shall have the meaning set forth in Article 5.2.

Appraisal Area means one or more geological structure(s) or occurrence(s) that the Contractor determines to be worthy of being appraised by an Appraisal Program.