Minimum Work Program definition
Minimum Work Program means the Work Units indicated in Annex 5, which the Contractor shall carry out during the Initial Exploration Period, it being understood that the Minimum Work Program is only a minimum work program and that the Contractor may carry out additional Surface Reconnaissance and Exploration, Exploration and Appraisal activities during the Exploration Period.
Minimum Work Program has the meaning ascribed to it in Article 3.1.
Minimum Work Program means the Work Units set forth in Annex 6, which the Contractor shall carry out during the Appraisal Period, it being understood that the Minimum Work Program is only a minimum work program and that the Contractor may carry out additional Appraisal activities during the Appraisal Period.
Examples of Minimum Work Program in a sentence
The Initial Performance Guarantee shall cover the Minimum Work Program and the Minimum Program Increase.
The Contractor shall be required to complete, at least, the Minimum Work Program and the Minimum Program Increase during the Initial Exploration Period.
CNH shall be entitled to draw on the Initial Performance Guarantee to collect any unliquidated damages for failure to perform the Minimum Work Program and Minimum Program Increase during the Initial Exploration Period.
CNH may deny approval of plans if they: (i) do not comply with the Minimum Work Program or the Minimum Program Increase, or the work commitments for the First Additional Exploration Period or Second Additional Exploration Period, or (ii) do not conform to Industry Best Practices and the Applicable Laws.
Without prejudice of the provisions of this Contract, once the Contractor pays the amounts described in subparagraphs (a), (b) and (c), or in case the Exploration Performance Guarantee is drawn as pursuant to subparagraph (e) of this Article 4.7, the breach of the Minimum Work Program, the Minimum Program Increase or the additional commitments acquired for the Additional Exploration Period will be considered as amended.
More Definitions of Minimum Work Program
Minimum Work Program means the work described in Article 3.2 of this Agreement for each Renewal Period undertaken with respect to the Badin-II Revised Area.
Minimum Work Program. Means the statement detailing the minimum commitment of Operating Services to be performed at the Agreement Area during the first three (3) Agreement Years, including the corresponding Budget, as established in Appendix "C".
Minimum Work Program. The minimum work program provides for drilling of 13 ▇▇▇▇▇ (8 vertical and 5 horizontal side rill holes) and 1,500 km2 2D seismic surveys over 5 years. Production sharing principles Produced Hydrocarbons – all produced hydrocarbons Profit hydrocarbons = Produced hydrocarbons – (minus) Cost recovery hydrocarbons General Advantages Financial and Fiscal Advantages VAT shall not be charged or it is calculated at zero rate Legal Guarantees of Stability Licensing Advantages
Minimum Work Program. The minimum work program provides for drilling of 13 ▇▇▇▇▇ (8 vertical and 5 horizontal side rill holes) and 1,500 km2 2D seismic surveys over 5 years. Compensation Hydrocarbons and Revenue Hydrocarbons Produced Hydrocarbons – all produced hydrocarbons Cost Hydrocarbons – up to 60% of Produced hydrocarbons The share of the State in the Profit production stage depends on the production volume and the real rate of return – distribution principles are determined by provisions of the PSA. • a long-term contract (50 years with the right of зprolongation), the terms of which are stable and guaranteed by the State (of Ukraine) • guarantees of free oil and gas export at market price • a guaranteed access to the gas transportation system of Ukraine • State support, including at the administrative level (the state provides issuance of all necessary approvals, quotas, special permits and licenses, mining lease acts, documents for land and other permission documents for investors) • stabilization clause – protection of PSA projects from negative amendments in the legislation • possibility of consideration ofdisputes in international arbitration, not in Ukrainian courts; waiver of the State from sovereign immunity. • all taxes are replaced by production sharing (except for profit tax, VAT and subsoil use fee) • subsoil use fee – 1,25% for gas, 2% for oil and condensate • products are sold at market prices (regulated tariff shall not be applied) • export-import transactions are exempt from export/import charges and fees (excluding excise). • no taxes on income repatriation • automatic VAT refund • amortization of capital expenditures shall not be applied. All costs are recoverable from the date of incurring • non-refunded compensation expenses are subject to indexation Art. 27 of the Law "On Production Sharing Agreements", art. 340 of the Tax Code of Ukraine, art. 8 of the Law "On Regime of Foreign Investment" contain the so-called "stabilization clause", in compliance to which: - new legislation that worsens business conduction conditions shall not be applied to Investors as per PSA • (Rate = LIBOR + 5% per annum). - Improved legislation shall apply from the date of its entry into force
Minimum Work Program the Company's work program, substantially in the form of Schedule 10 attached hereto or otherwise as reasonably satisfactory to IFC, which will include: (a) drilling, completion and testing of at least five development well▇ ▇▇ the Ninotsminda field, (b) workovers on the Ninotsminda and West Rustavi fields, (c) equipment and facilities required for the increase of oil and gas production on the Ninotsminda and West Rustavi fields, and (d) seismic acquisition and interpretation required specifically for the Ninotsminda field and for the planning of workovers on the West Rustavi field. The Minimum Work Program shall exclude any activities relating to: (x) the assessment and exploration of the Mana▇▇ ▇▇▇spect, (y) drilling and exploration work in the West Rustavi area other than the workovers and related activities described (b) above, and (z) any activities funded by the Company which are carried out for any other parties on a reimbursable basis. The Minimum Work Program shall also exclude any activities carried out prior to January 1, 1998, and any activities subsequent to the successful completion and testing of five development well▇ ▇▇ the Ninotsminda field (all of which will have been drilled after January 1, 1998). For the purposes of assessing the cost of the Minimum Work Program, expenditures which were committed to by the Company prior to January 1, 1998 shall be excluded. "NOC Administration Overhead Charges" all payments made by the Company for services related to the regular operating expenses of the Project that are not specifically allowable and recoverable under Section II of Annex C of the PSC, except for payments to GBOC for regular operating expenses of the Project, payments directly required (i.e. excluding payments permitted) by the other Transaction Documents, and payments directly required under the Makoil License Transfer Agreement; "NOC Direct Overhead Charges" all payments made by the Company for services related to the regular operating expenses of the Project that are specifically allowable and recoverable under Section II of Annex C of the Production Sharing Contract between the Company and Georgian Oil ("PSC"), except for payments to GBOC for regular operating expenses of the Project, payments directly required (i.e. excluding payments permitted) by the other Transaction Documents, and payments directly required under the Makoil License Transfer Agreement;