Examples of Hydrocarbon Properties in a sentence
Development of Hydrocarbon Properties includes the cost incurred on the collection of seismic data, drilling of wells, reservoir modelling costs and other related expenditures.
Neither the Borrower nor any Guarantor shall own or acquire any Subsidiary with Hydrocarbon Properties or Tangible Property that are to be treated as Borrowing Base Properties unless such Subsidiary, within 30 days of becoming a Subsidiary, becomes a Guarantor pursuant to, and provides the Guarantor Security required by, Section 9.2.
Each of the Borrower and the Guarantors has in full force and effect such policies of insurance in such amounts issued by insurers of recognized standing insuring its properties and operations and providing such coverage, in the case of the Borrower and each Guarantor that owns any Hydrocarbon Properties, as would be maintained by a prudent oil and gas operator engaged in the same or similar business in the localities where its properties and operations are located.
Emphasis of Matter Attention is invited to Accounting Policy No.1.07 read with the note no.31 which deals with revised amortisation period adopted in respect of expenditure on Development of Hydrocarbon Properties (DHP) and the consequential impact on the expenditure amortised, increase in profit before tax, managerial remuneration and provision for tax mentioned therein.
There are no agreements or arrangements for the sale of oil, gas, or other minerals attributable to the Hydrocarbon Properties that may not be terminated at will without penalty by the restructured entity after Closing on notice of sixty (60) days or less.