Exploration and Appraisal Sample Clauses

POPULAR SAMPLE Copied 1 times
Exploration and Appraisal. (A) Within sixty (60) Days after the Effective Date and thereafter on or before1st Day of October of each Calendar Year, Operator shall deliver to the Parties a proposed Work Program and Budget detailing the Joint Operations to be performed for the remainder of the current Calendar Year and, if appropriate, for the following Calendar Year. Within thirty (30) Days after such delivery, the Operating Committee shall meet to consider and to endeavor to agree on a Work Program and Budget. (B) If a Discovery is made, Operator shall deliver any notice of Discovery required under the Contract and shall as soon as possible submit to the Parties a report containing available details concerning the Discovery and Operator’s recommendation as to whether the Discovery merits appraisal. If the Operating Committee determines that the Discovery merits appraisal, Operator within thirty (30) Days shall deliver to the Parties a proposed Work Program and Budget for the appraisal of the Discovery. Within fifteen (15) Days after such delivery, or earlier if necessary to meet any applicable deadline under the Contract, the Operating Committee shall meet to consider, modify and then either approve or reject the appraisal Work Program and Budget. If the appraisal Work Program and Budget is approved by the Operating Committee, Operator shall take such steps as may be required under the Contract to secure approval of the appraisal Work Program and Budget by the Government. In the event the Government requires changes in the appraisal Work Program and Budget, the matter shall be resubmitted to the Operating Committee for further consideration. (C) The Work Program and Budget agreed pursuant to this Article shall include at least that part of the Minimum Work Obligations required to be carried out during the Calendar Year in question under the terms of the Contract. If within the time periods prescribed in this Article 6.1 the Operating Committee is unable to agree on such a Work Program and Budget, then the proposal capable of satisfying the Minimum Work Obligations for the Calendar Year in question that receives the largest Participating Interest vote (even if less than the applicable percentage under Article 5.9) shall be deemed adopted as part of the annual Work Program and Budget. If competing proposals receive equal votes, then Operator shall choose between those competing proposals. Any portion of a Work Program and Budget adopted pursuant to this Article 6.1(D) instead of Artic...
View SourceView Similar (33)
Exploration and Appraisal. 6.2(A) Subject to Article 6.7, approval of any Work Program and Budget that includes: (1) An Exploration Well, whether by drilling, Deepening or Sidetracking, shall include approval for all expenditures necessary for drilling, Deepening or Sidetracking, as applicable, and Testing and Completing an Exploration Well.
View SourceView Similar (2)
Exploration and Appraisal. 26 6.2 Development............................................................................................27 6.3 Production.............................................................................................28 6.4 Itemization of Expenditures............................................................................28 6.5 Multi-Year Work Program and Budget.....................................................................29 6.6
View SourceView Similar (2)
Exploration and Appraisal. A Subject to Article 6.8, approval of any Work Program and Budget that includes:
View SourceView Similar (2)
Exploration and Appraisal. 9.1.1 On or before the 15th Day of November of each Calendar Year, Operator shall deliver to the Parties a proposed Program and Budget detailing the Joint Operations to be performed for the following Calendar Year, except in the initial year of this Agreement the Program and Budget shall be submitted within thirty (30) days of the execution of this Agreement. Within thirty (30) days of such delivery, the Operating Committee shall meet to consider and to endeavor to agree on a Program and Budget. 9.1.2 If a Discovery is made, Operator shall deliver any notice of Discovery required under the License and shall as soon as possible submit to the Parties a report containing available details concerning the Discovery and Operator's recommendation as to whether the Discovery merits an Appraisal Well. If the Operating Committee determines that the Discovery merits an Appraisal Well, Operator within sixty (60) days, shall deliver to the Parties a proposed Program and Budget for the Appraisal of the Discovery. Within thirty (30) days of such delivery, the Operating Committee shall meet to consider, modify and then either approve or reject the Appraisal Program and Budget. If the Appraisal Program and Budget is approved by the Operating Committee, Operator shall take such steps as may be required under the License or Petroleum Law to secure approval of the Appraisal Program and Budget by the
View Source
Exploration and Appraisal. (a) For each Financial Year in which Exploration Operations and/or Appraisal Operations are planned, Operator shall on or before the date that is three months prior to the end of the preceding Financial Year, deliver to the Parties an Exploration and Appraisal Work Program and Budget for that Financial Year or Financial Years. Within 20 Business Days of such delivery, the Operating Committee must meet to vote on such Exploration and Appraisal Work Program and Budget. (b) If a Discovery is made Operator shall deliver any notice of Discovery required under the Permits or the Laws and shall as soon as possible submit to the Parties a report containing all available details concerning the Discovery and Operator’s recommendation as to whether the Discovery merits Appraisal. Following delivery of Operator’s report, the Operating Committee shall meet to determine whether the Discovery merits Appraisal. (c) Operator must, if the Operating Committee determines that a Discovery under clause 6.2(b) merits further Appraisal, deliver to the Parties a proposed additional Exploration and Appraisal Work Program and Budget for the Appraisal of the Discovery within 90 Days of the date on which the Operating Committee determines that a Discovery merits Appraisal. (d) Within 60 Days of delivery of a proposed Work Program and Budget for additional Appraisal Operations pursuant to clause 6.1(c), or earlier if necessary to meet any applicable deadline under the Permits, the Operating Committee shall meet to consider, modify and then either approve or reject the proposed additional Work Program and Budget. Amending Deed – Joint Operating Agreement (Beetaloo JV) 51
View Source
Exploration and Appraisal. 37 6.2 Development ................................... 39 6.3 Production .................................... 41 6.4 Itemization of Expenditures ................... 41 6.5 Contract Awards ............................... 42 6.6 Authorization for Expenditure ("AFE") Procedure ............................. 44 6.7 Overexpenditures of Work Programs and Budgets ................................... 46
View Source

Related to Exploration and Appraisal

  • Inspections; Appraisals (a) Permit Agent, or its representatives or designees, from time to time, subject (except when a Default or Event of Default exists) to reasonable notice and normal business hours, to visit and inspect the Properties of any Obligor or Subsidiary, inspect, audit and make extracts from any Obligor’s or Subsidiary’s books and records, and discuss with its officers, employees, agents, advisors and independent accountants such Obligor’s or Subsidiary’s business, financial condition, assets, prospects and results of operations. Lenders may participate in any such visit or inspection, at their own expense. Neither Agent nor any Lender shall have any duty to any Obligor to make any inspection, nor to share any results of any inspection, appraisal or report with any Obligor. Obligors acknowledge that all inspections, appraisals and reports are prepared by Agent and Lenders for their purposes, and Obligors shall not be entitled to rely upon them. (b) Reimburse Agent for all charges, costs and expenses of Agent in connection with (i) examinations of any Obligor’s books and records or any other financial or Collateral matters as Agent deems appropriate, up to three times per Loan Year; and (ii) appraisals of Inventory and Equipment up to one time per Loan Year; provided, however, that if an examination or appraisal is initiated during a Default or Event of Default, all charges, costs and expenses therefor shall be reimbursed by Borrowers without regard to such limits. Subject to and without limiting the foregoing, Obligors specifically agree to pay Agent’s then standard charges for each day that an employee of Agent or its Affiliates is engaged in any examination activities, and shall pay the standard charges of Agent’s internal appraisal group. (The current standard per diem charge for an employee of Agent or the third party currently utilized by Agent is $850 per day or part thereof.) This Section shall not be construed to limit Agent’s right to conduct examinations or to obtain appraisals at any time in its discretion, nor to use third parties for such purposes.

  • The Appraisal The Mortgage Loan Documents contain an appraisal of the related Mortgaged Property by an appraiser who is licensed in the state where the Mortgaged Property is located, and who had no interest, direct or indirect, in the Mortgaged Property or in any loan made on the security thereof; and whose compensation is not affected by the approval or disapproval of the Mortgage Loan, and the appraisal and the appraiser both satisfy the applicable requirements of Title XI of the Financial Institution Reform, Recovery, and Enforcement Act of 1989 and the regulations promulgated thereunder, all as in effect on the date the Mortgage Loan was originated;

  • Inspection and Approval ▇▇▇▇▇▇ agrees that OUSD has the right and agrees to provide OUSD with the opportunity to inspect any and all aspects of the SERVICES performed including, but not limited to, any materials (physical or electronic) produced, created, edited, modified, reviewed, or otherwise used in the preparation, performance, or evaluation of the SERVICES. In accordance with Paragraph 3 (Compensation), the SERVICES performed by VENDOR must meet the approval of OUSD, and OUSD reserves the right to direct VENDOR to redo the SERVICES, in whole or in part, if OUSD, in its sole discretion, determines that the SERVICES were not performed in accordance with this AGREEMENT.

  • Self-Assessment (a) Subject to clause 4.4(b), for Services that are Self-Assessable: (i) You must self-assess whether those Services are being delivered in compliance with the Quality Standards, using the self-assessment tool available on Our Website and in accordance with the Quality Framework; and (ii) You must promptly and, in any case, immediately upon request, provide a copy of Your self-assessment to Us. (b) Clause 4.4(a) does not apply if You hold any current Certification.

  • Waiver of Inventory, Accounting and Appraisal Requirement The Trustee shall be relieved of, and each Certificateholder hereby waives, any requirement of any jurisdiction in which the Trust, or any part thereof, may be located that the Trustee file any inventory, accounting or appraisal of the Trust with any court, agency or body at any time or in any manner whatsoever.