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 Xxxxx 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 the area, as defined in the Rules.

Examples of Discovery Area in a sentence

• Notwithstanding the provisions of Article 3, the Contractor shall be entitled to retain the Discovery Area subject to the provisions of this Article 21.

• On the basis of Appraisal Programme, Discovery Area shall be determined by Contractor and such Discovery Area shall be retained by the Contractor and informed to the Government.

• If the Operator does not declare a Significant Gas Discovery as a Commercial Discovery during the allowed retention period, the Operator shall relinquish the Significant Gas Discovery Area and the Licence shall terminate automatically upon the termination of the allowed retention period.

• If Operator declares a Commercial Discovery during the allowed retention period, Operator will select the Discovery Area out of the Significant Gas Discovery Area, and the provisions of the Agreement and the Rules for grant of approval of Development Plan and the grant of Lease shall apply mutatis mutandis.

• The said Lease shall, on the basis of the available seismic and well data, comprise the Discovery Area to enable each Commercial Discovery to be developed and produced efficiently.

More Definitions of Discovery Area

Discovery Area means the blocks declared by the Joint Authority under Article 16 of this Petroleum Mining Code to contain petroleum;

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;

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 portion of the Contract Area, reasonably determined by Contractor and to be approved by Staatsolie, on the basis of the available seismic and well data to cover the real extent of the geological structure in which the Discovery is made. A Discovery Area may be modified, subject to Staatsolie’s approval, at any time by Contractor, if justified on the basis of new information, but may not be modified after the date of completion of the Appraisal program. In the event Staatsolie disapproves a Discovery Area, either Party has the right to refer the matter to an independent expert in accordance with Sub-Article 41.5.

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: