Appraisal Area definition

Appraisal Area shall have the meaning set forth in Article 5.2. “Appraisal Period” shall have the meaning set forth in Article 5.2. “Appraisal Plan” shall have the meaning set forth in Article 5.1.

Appraisal Area means an area within the Contract Area encompassing the geographical extent of a Discovery that is subject to an Appraisal work program and corresponding budget in accordance with Article ‎5.2.

Appraisal Area means the area that is to be the subject of an appraisal study following a Discovery, in accordance with the provisions of Article 11.2 of this Contract.

Examples of Appraisal Area in a sentence

• Appraisal Area Reports The following area report summarizes the property assessment activities and results for a general market area.

• Each Annual Work Program and corresponding Annual Budget shall be broken down into the various Exploration Operations and, as applicable, the Appraisal operations for each Appraisal Area and the Development and Production Operations for each Development and Production Area.

• In respect of the retained Exploration area approved under Article 6 and the Appraisal Area under Article 13, the provisions of 14.1 (b) shall apply.

• Notwithstanding Article 8.1.1 above, the Concessionaire shall not be obliged to relinquish any part of the Contract Area which has been made an Appraisal Area or Exploitation Area or Significant Oil/Gas Discovery Area.

• Considering the nature of the asset given as collateral, an Appraisal must be obtained, which should preferably be prepared by a Valuation Expert authorized by the Institution, or a different Appraisal may be accepted in accordance with the established procedures; Likewise, in the case of guarantees located in places where there are no registered Afirme Grupo Financiero experts, the Appraisal prepared by third parties may be used, which could be validated by the Internal Appraisal Area if deemed necessary.

More Definitions of Appraisal Area

Appraisal Area means that area surrounding a Discovery encompassing the geological structure or feature of the Discovery and a reasonable margin not exceeding 0.5km as approved by the Minister from time to time.

Appraisal Area means that area encompassing the geological structure or feature corresponding to a Discovery plus a 500 meter buffer zone, as identified in an approved Appraisal Programme;

Appraisal Area means that area surrounding a Discovery encompassing the geological structure or feature of the Discovery and a reasonable margin not exceeding 0.5km as approved by Minister from time to time.

Appraisal Area means an area of no more than 150 contiguous Sections selected by Contractor, subject to the limitations of the Contract Area, whereby the Sections are connected and have in common at least one side of thirty (30) seconds latitude or longitude and that is sufficient in the reasonable opinion of the Contractor to cover the vertical projection to the surface of any discovered reservoirs of a Discovery; but if Contractor can provide conclusive evidence based on geological and geophysical data that 150 Sections is not sufficient to cover the vertical projection to the surface of the discovered reservoirs then the DGPC has the discretion to approve an Appraisal Area of more than 150 Sections covering the vertical projection to the surface of the discovered reservoirs within the boundaries of the Contract Area.

Appraisal Area means a part of the Contract Area in which an Appraisal Programme is to be conducted by the Contractor.

Appraisal Area shall have the meaning set forth in Article 5.2.

Appraisal Area means the area defined in Article 12.2. Appraisal Work Program and Budget is defined in Article 12.2. Appraisal Report is defined in Article 12.4.