Commercial Gas Well definition
Commercial Gas Well means the first well on any geological feature which after testing for a period of not more than thirty (30) consecutive days where practical, but in any event in accordance with sound and accepted Petroleum industry production practices and verified by EGPC, is found to be capable of producing at the average rate of not less than fifteen million (15,000,000) standard cubic feet of Gas per day (MMSCFD). The date of discovery of a "Commercial Gas Well" is the date on which such well is tested and completed according to the above.
Commercial Gas Well means the first well on any geological feature which after testing for a period of not more than thirty (30) consecutive days where practical, but in any event in accordance with sound and accepted industry production practices and verified by EGPC, is found to be capable of producing at the average rate of not less than fifteen million (15,000,000) standard cubic feet of Gas per day ("MMSCFD"). The date of discovery of a "Commercial Gas Well" is the date on which such well is tested and completed according to the above. (i) "A.R.E." means ARAB REPUBLIC OF EGYPT. (j) "Effective Date" means the date on which the text of this Agreement is signed by the GOVERNMENT, EGPC and CONTRACTOR, after the relevant Law is issued. (k) (1) "Year" means a period of twelve (12) months according to the Gregorian Calendar. (2) "Calendar Year" means a period of twelve (12) months according to the Gregorian Calendar being 1st January to 31st December. (l) "Financial Year" means the GOVERNMENT's financial year according to the laws and regulations of the A.R.E. (m) "Tax Year" means the period of twelve (12) months according to the laws and regulations of the A.R.E. (n) An "Affiliated Company" means a company: (i) of which the share capital, conferring a majority of votes at stockholders' meetings of such company, is owned directly or indirectly by a party hereto; 5 Central Sinai Concession 20-F <PAGE> (ii) which is the owner directly or indirectly of share capital conferring a majority of votes at stockholders' meetings of a party hereto; or (iii) of which the share capital conferring a majority of votes at stockholders' meetings of such company and the share capital conferring a majority of votes at stockholders' meetings of a party hereto are owned directly or indirectly by the same company. (o) "Exploration Block" shall mean an area, the corner points of which have to be coincident with six (6) minutes by six (6) minutes latitude and longitude divisions, according to the International Grid System where possible or with the existing boundaries of the Area covered by this Concession Agreement as set out in Annex "A". (p) "Development Block" shall mean an area, the corner points of which have to be coincident with one (1) minute by one (1) minute latitude and longitude divisions, according to the International Grid System where possible or with the existing boundaries of the Area covered by this Concession Agreement as set out in Annex "A". (q) "Development Lease(s)" shall mean ...
Commercial Gas Well means the first well on any geological feature which after testing for a period of not more than thirty (30) consecutive days where practical, but in any event in accordance with sound and accepted industry production practices and verified by EGPC, is found to be capable of producing at the average rate of not less than fifteen million (15,000,000) standard cubic feet of Gas per day (MMSCFD). The date of discovery of a "Commercial Gas Well" is the date on which such well is tested and completed according to the above.
(i) A.R.E." means ARAB REPUBLIC OF EGYPT.
(j) Effective Date" means the date on which the text of this Agreement is signed by the GOVERNMENT, EGPC and CONTRACTOR, after the relevant Law is issued.
(k) (1) "Year" means a period of twelve (12) months according to the Gregorian Calendar.
Examples of Commercial Gas Well in a sentence
The date of discovery of a "Commercial Gas Well" is the date on which such well is tested and completed according to the above.
In the event, that at the end of any Exploration period, a well is already under drilling or testing, CONTRACTOR shall be allowed up to six (6) months to enable it to discover a Commercial Oil Well or Commercial Gas Well or to establish a Commercial Discovery, as the case may be.