Minimum Exploration definition

Minimum Exploration. Program: work schedule provided for in Annex II, to be met by the Consortium Members during the course of the Exploration Phase.
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Examples of Minimum Exploration in a sentence

  • Return of the Financial Guarantees In the absence of outstanding issues, ANP shall issue the certificate of completion of the Minimum Exploration Program or, as the case may be, of the additional exploration activities in consideration for extension of the Exploration Phase, within thirty (30) days after its completion and, then, it shall return the respective financial guarantees.

  • Relinquishments shall not exempt the Contracted Party from the obligation to comply with the Minimum Exploration Program.

  • Operations off the Contract Area limits shall not be considered for purposes of compliance with the Minimum Exploration Program, but may be recognized as Cost Oil.

  • The Contracted Party may provide ANP with the following types of financial guarantee of the compensatory penalty for default of the Minimum Exploration Program: letter of credit; performance bond; and Oil and Gas pledge agreement.

  • Reduction of the Amount Secured As the Consortium Members develop the activities related to the Minimum Exploration Program or, as the case may be, the additional exploration activities in consideration for the extension of the Exploration Phase, the Contracted Parties may request ANP to reduce the amount of the financial guarantee deposited.

  • The sum of the resulting Minimum Exploration Programs shall be equal to or greater than the original Minimum Exploration Program.

  • The Exploration Plan shall contemplate all exploration activities to be developed in the Contract Area during its effectiveness and shall mandatorily consider the Minimum Exploration Program.

  • ANP shall define a Minimum Exploration Program for each area resulting from the division.

  • Adjustment of the Financial Guarantees The amount of the financial guarantee for the Minimum Exploration Program shall be automatically subject to inflation adjustment on January 1 of each calendar year by the General Price Index – Internal Availability (IGP-DI) variation, published by Fundação Xxxxxxx Xxxxxx, of the immediately preceding year, except on the January 1 immediately following the publication of the tender protocol, in which case there shall be no adjustment.

  • The submission of such plan neither implies any kind of acknowledgement or release by ANP nor exempts the Consortium Members from compliance with the Minimum Exploration Program.

Related to Minimum Exploration

  • Exploration means all activities directed toward ascertaining the existence, location, quantity, quality or commercial value of deposits of Products.

  • Exploratory Well means a well that is not a development well, a service well or a stratigraphic test well.

  • Minimum Extension Condition has the meaning specified in Section 2.15(b).

  • Minimum Term means, in respect of this Agreement, the period of 12 months beginning on the Effective Date;

  • Total Development Cost means the total of all costs incurred in the completion of a Development, all of which shall be subject to the review and approval by the Credit Underwriter and the Corporation pursuant to this rule chapter, and as further described in Rule 67-48.0075, F.A.C.

  • Diesel fuel means the same as that term is defined in Section 59-13-102.