Block LB-13 definition

Block LB-13 means the offshore exploration block in Liberia comprising approximately 2,540 square kilometres;
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Block LB-13 means the offshore exploration block in Liberia comprising approximately 2,540 square kilometres. “Board” means the board of directors of the Corporation.
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Block LB-13 means the area off-shore Liberia of approximately 2,540 square kilometres as more specifically defined in the PSC;
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Examples of Block LB-13 in a sentence

  • Other than guarantees provided to the Government of Liberia in respect of Block LB-13, the Company has not entered into and/or is a party to any off-balance sheet arrangements.

  • As the Company is not the operator of Block LB-13, it will likely have limited control over the timing of a resumption of the drilling program.

  • As part of this transaction, the Company has also entered into a number of contractual arrangements in respect of a 3D seismic survey for Block LB-13.

  • In December 2016, an exploration well Mesurado-1 was drilled on Block LB-13 offshore Liberia but it was not commercially successful.

  • At the height of the outbreak the Liberian Government declared a State of Emergency and amongst other things entered into a letter of agreement with ExxonMobil Liberia in respect of Block LB-13 such that the time limits set out in the Liberian PSC were to be suspended pending a resumption of normal operations.

  • Both Exxon and the Company have elected not to enter into third exploration period and accordingly, surrendered their rights to the LB-13 license, resulting in the expiration of LB-13 production sharing contract and Block LB-13 JOA on 25 September, 2017.

  • In lieu of this, the Company received a license agreement from TGS-Nopac Geological Company for a copy of the 3D seismic survey covering the 2,023 square kilometers of Block LB-13.

  • We set out in the table below a summary of the adjustments made to company payments: CompanyTax paid reported but outside the reconciliation scope (USD)ExxonMobil Exploration and Production Liberia Ltd (a)(70,000,000)National Oil Company of Liberia (NOCAL) (b)(1,075,000)Total adjustments(71,075,000) (a) ExxonMobil made a payment of USD 120 million on 5 April 2013 to NOCAL for the Block LB13 (in compliance with PSC Obligation - Article 40).

  • The closing of the transactions followed the ratification of the Production Sharing Contract (“PSC”), governing Block LB-13 offshore Liberia, by the Liberian Legislature.

  • The nature of the geology and geophysical signature of the drilling prospects identified to date on Block LB-13 is very familiar to the technical staff of the Company.


More Definitions of Block LB-13

Block LB-13 means Block LB-13 in the Liberian Basin offshore Liberia.
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