Production Target definition

Production Target means, with respect to a Performance Period Year, the budgeted amount of the Partnership’s and its subsidiaries’ production (expressed as BOE) for such Performance Period Year set forth in the Budget for such Performance Period Year.

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Production Target means an aggregate average net daily production volume of oil, natural gas and natural gas liquids of 3,200 Barrels, calculated using Barrel of Oil Equivalent during any consecutive four-Quarter period.

Production Target means the budgeted amount of the Company’s production (expressed as BOE) for the applicable Performance Period Year set forth in the Budget for such Performance Period Year, adjusted for changes in the number of Units outstanding during the Performance Period Year by dividing such budgeted amount of the Company’s production by the number of Units outstanding effective as of the first day of such Performance Period Year (including all Units that were issued to a member of the Board or an employee of the Company as compensation effective as of the first day of such Performance Period Year) and then multiplying such amount by the arithmetic mean of the number of Units outstanding on January 1, April 1, July 1 and October 1 of such Performance Period Year (provided, however, that for purposes of calculating the “Production Target” for a Performance Period Year, any Units that are repurchased by the Company at any time during such Performance Period Year will reduce the number of Units outstanding during such Performance Period Year as of the date on which such Units are repurchased and not as of the date the repurchase is effective if the repurchase is effective retroactive to a date prior to the date of purchase).

Examples of Production Target in a sentence

• The information in relation to the Production Target that Salt Lake Potash Limited is required to include in a public report in accordance with ASX Listing Rule 5.16 and 5.17 was included in its ASX Announcement released on 29 August 2016.

• The Directors (including the independent non-executive Directors) are of the view that as far as the shareholders of the Company are concerned, the Production Target Sale and Purchase Agreement was entered into in the ordinary course of the Company’s business, on normal commercial terms, fair and reasonable and in the interests of the Company and its shareholders as a whole.

• Each Production Target Level set out in the appendices will be measured independently with Arabidopsis deliverables counted toward the Production Target Levels set forth in Appendix C first up to 100% of the Production Target Levels set forth in Appendix C and the remainder applied to the expansion in Articles 4.1.5.2 or 4.1.5.3, whichever applies.

• There is a lower level of geological confidence associated with Inferred Resources and there is no certainty that further exploration work will result in the determination of further Measured or Indicated Mineral Resources or that the Production Target or preliminary economic assessment will be realised.

• It is additionally expected that control experiments will be included in the Project Plan which will not be counted towards the Production Target Levels.

• As certain applicable percentage ratios (as defined under Rule 14.07 of the Listing Rules) in respect of the Production Target Sale and Purchase Agreement exceed 0.1% but fall below 5%, therefore the transaction is subject to announcement and reporting requirements but is exempt from independent shareholders’ approval requirement under Chapter 14A of the Listing Rules.

• Salt Lake Potash Limited’s Lake ▇▇▇▇▇ Production Target stated in this Announcement is based on it’s Scoping Study as released to the ASX on 29 August 2016.

• Paradigm shall use diligent efforts to conduct the Project Plan and meet the Production Target Levels set out in the appendices.

• For the avoidance of doubt, if Contractor fails substantially to achieve the Plateau Production Target or Plateau Production Period for reasons including inadequate investment and/or failure to observe and apply Best International Petroleum Industry Practices, ROC may consider this to be a failure within the context of this Article and exercise its rights under this Contract.

• In the event of early termination, Production Target Level payments and quarterly payments remaining the same as set forth in Appendix C and D until such termination.

More Definitions of Production Target

Production Target means, at the end of any day, the sum of the daily oil allowables for each day from the beginning of the production period plus any underproduction or less any overproduction carried

Production Target means the BOEPD amounts set forth in Schedule B which represents the required average BOEPD production for 30 days prior to the Qualifying Sale to trigger the Incentive Award.