Exploration Block definition
Examples of Exploration Block in a sentence
The Joint Venture Company shall not own any right, title, interest or estate in or under the Agreement or any Development Lease created there under or in any of the Petroleum produced from any Exploration Block or Development Lease there under or in any of the assets, equipment or other property obtained or used in connection therewith, and shall not be obligated as a principal for the financing or performance of any of the duties or obligations of either EGAS or CONTRACTOR under the Agreement.
The Carried Interest Agreement is referred to as the "CIA" and the carried interest is referred to as the "Carried Interest." The Carried Interest carries the Company for 100% of all its share of any costs incurred during the Exploration Phase prior to the date Commercial Production (as such terms are defined in the PSC-KG) commences on the Exploration Block.
The aggregate amount of the Bank Guarantee and Parent Company Guarantee shall be an amount equal to One Hundred percent (100%) of the total Minimum Expenditure Obligation in respect of the Phase I of the Exploration Period to be undertaken by the Investor in the Exploration Block.
Faze Istražnog Obligation in respect of the Phase II of the Exploration Period to be undertaken by the Investor in the Exploration Block, while the amount of the Parent Company Guarantees shall be equal to seventy percent (70%) of the total Minimum Expenditure Obligation in respect of the Phase II of the Exploration Period to be undertaken by the Investor in the Exploration Block.
The Investor shall, at the expiry of the Exploration Period, relinquish all of the Exploration Block other than such part thereof determined as an Exploitation Area.