Discovery Area definition
Discovery Area means that part of the Contract Area about which, based upon Discovery and the results obtained from a Well or ▇▇▇▇▇ drilled in such part, the Contractor is of the opinion that Petroleum exists and is likely to be produced in commercial quantities.
Discovery Area means the block or blocks in an exploration area comprising the geological feature as outlined by the relevant geological or geophysical data in which a discovery is located;
Discovery Area means an area within the area of a licence or lease which encompasses the accumulation of petroleum in a geological entity limited by lithological boundaries, structural boundaries, the contact zone between petroleum and the limiting water level, or a combination thereof, and so that the petroleum included everywhere is in pressure, fluid or gas communication;
Examples of Discovery Area in a sentence
If Concessionaire does not make a declaration of a Commercial Discovery with respect to such Significant Gas Discovery prior to the termination of this time frame, then the Significant Discovery Area shall be relinquished.
If Concessionaire declares a Significant Gas Discovery, the Minister shall confirm such discovery within sixty (60) days, and upon such confirmation, Concessionaire may retain the Significant Gas Discovery Area for a retention period until the later of: the end of the Exploration Period, or the last remaining Appraisal Period.
More Definitions of Discovery Area
Discovery Area means the area, as defined in the Rules.
Discovery Area means the blocks declared by the Joint Authority under Article 16 of this Petroleum Mining Code to contain petroleum;
Discovery Area means, that portion of the Contract Area, reasonably determined by the Contractor, on the basis of the available seismic and well data to cover the areal extent of the geological structure in which the Discovery is made and the Minister has been duly informed under the Act;
Discovery Area means that portion of the Contract Area, reasonably determined by Contractor (or by GNPC if a Sole Risk Operation pursuant to Article 9) on the basis of the available seismic and well data to cover the areal extent of the geological structure in which a Discovery is made. A Discovery Area may be modified at any time by Contractor (or by GNPC if applicable), if justified on the basis of new information, but may not be modified after the date of completion of the Appraisal Programme;
Discovery Area means that part of the Contract Area which the Contractor determines and identifies to be the “Discovery Area” about which, based upon Discovery and the results obtained from a Well or Wells drilled or any other geological and geophysical studies, the Contractor is of the opinion that Petroleum exists and is likely to be produced in commercial quantities and which is identified as the “Discovery Area” in the Appraisal Programme pursuant to Article 10 of this Contract.
Discovery Area means, at the relevant time, the aerial extent of a Discovery in the form of a box or rectangle, defined:
Discovery Area means a block or blocks within the Scheduled Lands containing, so far as the boundaries of the Scheduled Lands permit, the geological feature (as mapped by the relevant seismic data) or any part thereof, in which a discovery of petroleum is located;