Definitions and Interpretations 1. 1 Definitions In this Agreement ( including the Recitals), unless the context otherwise requires: 1.1.1 "Act" means the Crown Minerals Act (NZ) 1991 and any regulations thereto. 1.1.2 "Affiliate" means a corporation that controls a Party or is controlled by a Party or a corporation that is controlled by a corporation that also controls the Party and control means the right to exercise 100% of the voting right thereof. 157 1.1.3 "Area" means, at any time, the area subject of the Permit. 1.1.4 "Agreement" means this agreement between the Parties. 1.1.5 "Indo-Pacific Assigned Interest" means a 20% Participating Interest owned by Indo-Pacific assigned to Boral Energy. 1.1.6 "Effective Date" means 2 November 1996. 1.1.7 "Joint Venturers" means together Indo-Pacific, Moondance and Croft Exploration Ltd. 1.1.8 "Moondance Assigned Interest" means a 10% Participating Interest owned by Moondance assigned to Boral Energy. 1.1.9 "Operator" means Indo-Pacific. 1.1.10 "Participating Interest" means a percentage interest of a Party in the Permit. 1.1.11 "Permit" means petroleum exploration permit PEP 38328 or any renewal or extension thereof and any mining permit granted pursuant thereto. 1.1.12 "Well Costs" means all costs (including permit management, pre-planning and inventory purchase) incurred by the Operator in drilling the Kereru 1 Well but which expressly excludes the cost of purchase of the 7" casing and spool. 1.1.13 "Kereru 1 Well" means the well referred to as Kereru 1 at a location defined by the coordinates 39' 39' 40.5" south and 176' 26' 12.3" east, being Peg 216 on seismic line C91-04 to be drilled, to either a programmed depth of 1700 metres or 100 metres deeper than the Miocene/Pliocene unconformity, whichever is the lesser, or as otherwise may be agreed. 1.1.14 "Minister" means the Minister of Energy as defined in the Act who administers the approval and registration procedure under the Act. 1.1.15 "Boral Energy Participating Interest" means together the Indo-Pacific Assigned Interest and the Moondance Assigned Interest assigned to Boral Energy.
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Definitions and Interpretations 1. 1 Definitions In this Agreement ( including the Recitals), unless the context otherwise requires: 1.1.1 "Act" means the Crown Minerals Act (NZ) 1991 and any regulations thereto. 1.1.2 "Affiliate" means a corporation that controls a Party or is controlled by a Party or a corporation that is controlled by a corporation that also controls the Party and control means the right to exercise 100% of the voting right thereof. 157 161 1.1.3 "Area" means, at any time, the area subject of the Permit. 1.1.4 "Agreement" means this agreement between the Parties. 1.1.5 "Indo-Pacific Assigned Interest" means a 20% Participating Interest owned by Indo-Pacific assigned to Boral Energy. 1.1.6 "Effective Date" means 2 November 1996. 1.1.7 "Joint Venturers" means together Indo-Pacific, Moondance and Croft Exploration Ltd. 1.1.8 "Moondance Assigned Interest" means a 10% Participating Interest owned by Moondance assigned to Boral Energy. 1.1.9 "Operator" means Indo-Pacific. 1.1.10 "Participating Interest" means a percentage interest of a Party in the Permit. 1.1.11 "Permit" means petroleum exploration permit PEP 38328 or any renewal or extension thereof and any mining permit granted pursuant thereto. 1.1.12 "Well Costs" means all costs (including permit management, pre-planning and inventory purchase) incurred by the Operator in drilling the Kereru 1 Well but which expressly excludes the cost of purchase of the 7" casing and spool. 1.1.13 "Kereru 1 Well" means the well referred to as Kereru 1 at a location defined by the coordinates 39' 39' 40.5" south and 176' 26' 12.3" east, being Peg 216 on seismic line C91-04 to be drilled, to either a programmed depth of 1700 metres or 100 metres deeper than the Miocene/Pliocene unconformity, whichever is the lesser, or as otherwise may be agreed. 1.1.14 "Minister" means the Minister of Energy as defined in the Act who administers the approval and registration procedure under the Act. 1.1.15 "Boral Energy Participating Interest" means together the Indo-Pacific Assigned Interest and the Moondance Assigned Interest assigned to Boral Energy.
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