Joint Oil Block definition

Joint Oil Block means the area covering approximately 310,799 hectares (768,000 acres) located approximately 121 kilometres (75 miles) offshore the Mediterranean Gulf of Gabes as described in and subject to the terms of the EPSA.
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Examples of Joint Oil Block in a sentence

  • North AfricaThis segment is comprised of the Company’s interest in the Joint Oil Block offshore North Africa.

  • The uncertainty associated with the development of the Joint Oil Block may adversely affect the Company's ability to secure financing for these commitments through a farm-out, strategic partner, or sale process.

  • Both the base and low case scenarios were determined using delays of one to three years, respectively, in establishing production; •estimates of production rates and reserves of the unitized area included in the Joint Oil Block were based on a recent contingent resource study of the Joint Oil Block dated June 11, 2013.

  • Uncertainty regarding the future development of the Joint Oil BlockThere is a great deal of uncertainty regarding the future development of the Joint Oil Block.

  • During the three months ended June 30, 2014 the Company completed the previously announced seismic acquisition interpretation covering the Hadaf prospect in Libyan waters as well as the reinterpretation of the other Joint Oil Block prospects.

  • As a result of the significant capital investment associated with the Joint Oil Block and the Company's limited cash resources and lack of cash flow following the completion of the Marquee Transaction, the Company engaged a financial advisor, Taylor-DeJongh Limited in March 2014 to assist the Company in securing a partner, strategic investment or other means of financing its obligations for the Joint Oil Block.

  • The Company is pursuing a marketing campaign for the Joint Oil Block seeking either a sale of its interest or securing a partner, external funding or some combination for the Zarat Field development and the Joint Oil Block exploration commitments, as described in Note 5 -"Contingencies and commitments".

  • North Africa On August 27, 2008, the Company entered into an Exploration and Production Sharing Agreement (“EPSA”) with a Tunisian company, Joint Oil, covering the Joint Oil Block.

  • In addition, the extension provides for the acquisition and processing of 200 square kilometers of 3D seismic in the Libyan sector of the Joint Oil Block, beginning in the second quarter of 2013.On December 27, 2012, the Company entered into a farm-out agreement with Viking covering the Joint Oil Block.

  • The result of this work has reaffirmed the prospectively of the Joint Oil Block and further reconfirmed and highlighted the significant potential of the three exploration prospects.

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