Second Renewal Exploration Period definition

Second Renewal Exploration Period means the period for which the Exploration Licence issued to the Company has been renewed for the second time under section 34 of the Petroleum Act;
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Examples of Second Renewal Exploration Period in a sentence

  • Pancontinental Namibia is currently seeking an extension to the Second Renewal Exploration Period, which expired on March 27, 2021.

  • Minimum exploration expenditure for the Second Renewal Exploration Period: US$20 million, or US$21 million if new seismic is required.

  • The Second Renewal Exploration Period concludes on 22 August 2014 and requires that an exploration well be drilled.

  • Minimum exploration expenditure for the Second Renewal Exploration Period: US$20 million, or US$ 21 million if new seismic is required.

  • During each year of the Namibian Exploration Licence or any renewal thereof, Neptune Namibia must spend at least US$40,000 (in the Initial Exploration Period); US$60,000 (in the First Renewal Exploration Period); and US$100,000 (in the Second Renewal Exploration Period) for the purpose of the training and education of Namibians.

  • According to Grzegorz Tchorek, the factors improving the ability to react and alleviate external shocks include the mobility of production factors and flexibility of prices and wages, although the government fiscal policy nevertheless plays a crucial role.6 In his opinion, by applying an overly expansive fiscal policy over the period of relative stabilization,6 G.

  • Minimum exploration expenditure for the Second Renewal Exploration Period: US$20 million (A$21.93 million), or US$21 million (A$23.03 million) if new seismic is required.

  • Minimum exploration expenditure for the Second Renewal Exploration Period is US$20 million, or US$21 million if new seismic is required.

  • The minimum exploration expenditure during the Second Renewal Exploration Period is either US$10,000,000 or US$11,000,000, comprising data acquisition, processing and interpretation (if necessary) of US$1,000,000 and drilling of US$10,000,000.RelinquishmentSubject to the provisions of the Namibian Petroleum Act, Neptune Namibia shall by written notice relinquish (a) not later than 30 days before the end of the fourth year of the currency of the Namibian Exploration Licence, at least 50 per cent.

  • The minimum exploration expenditure during the First Renewal Exploration Period is US$10,000,000.During the Second Renewal Exploration Period, Neptune Namibia must undertake, as minimum exploration work, the acquisition, processing and interpretation of additional seismic data (if necessary) and the drilling of one exploration well (location and depth to be agreed).

Related to Second Renewal Exploration Period

  • Exploration Period means the period mentioned in Article 3 during which Exploration Operations may be carried out by the Contractor as provided in Article 3 hereof.

  • Second Extension Period means the period commencing on the day following the First Extended Scheduled Maturity Date and ending on the Second Extended Scheduled Maturity Date.

  • Acquisition Period means any period commencing on the date that a Material Acquisition is consummated through and including the last day of the second full fiscal quarter following the date on which such acquisition is consummated; provided that there shall be at least one full fiscal quarter between any two Acquisition Periods.

  • Operation Period means the period commencing from COD and ending on the Transfer Date;

  • Annual Renewal Date means the date in any calendar year, subsequent to the year in which the Policy comes into effect, corresponding numerically with the Policy Commencement date in that subsequent year.

  • asset renewal expenditure means expenditure on an existing asset or on replacing an existing asset that returns the service capability of the asset to its original capability

  • Resolution Extension Period As defined in Section 2.03(b).

  • First Extension Period means a period of twelve (12) consecutive months following the Initial Maturity Date.

  • Operating Period for any Element of the Project shall mean the period from (and including) the COD of such Element of the Project, up to (and including) the Expiry Date and for the Project, shall mean the period from (and including) the COD of the Project, up to (and including) the Expiry Date;

  • Period of Extended Hire means any additional period that the Hirer wishes the Agency Worker to be supplied for beyond the duration of the original Assignment or series of assignments as an alternative to paying a Transfer Fee;

  • Renewal Period “Buyer” and “Default” have the same meanings respectively as they have in the Water Agreement.

  • Post-Acquisition Period means, with respect to any Permitted Acquisition, the period beginning on the date such Permitted Acquisition is consummated and ending on the last day of the sixth full consecutive fiscal quarter immediately following the date on which such Permitted Acquisition is consummated.

  • Services Commencement Date means the date delivery of the Services shall commence as specified in the Key Provisions. If no date is specified in the Key Provisions this date shall be the Commencement Date;

  • Extended Term shall have the meaning given such term in Section 2.4.

  • Completion Period means the period starting from the date of issue of "Order" and required to complete the work in all respect.

  • Project Term the period from the Operation Commencement Date to the Expiry Date or the Termination Date, whichever occurs first, which is further described in Clause 3;

  • Remediation Period has the meaning specified in Section 8.2(a);

  • Production Period is the period that for winter cereal advances commences October 1, 2021 and terminates September 30, 2023; for advances on all other field crops, honey, hogs, goats, sheep and lambs commences April 1, 2022 and terminates September 30, 2023; and for advances on cattle, continuous flow cattle, and bison commences on April 1, 2022 and terminates on March 31, 2024.

  • Grace Period Extension Date means, if:

  • Lease Year means each consecutive twelve-month period beginning with the Commencement Date, except that if the Commencement Date is not the first day of a calendar month, then the first Lease Year shall be the period from the Commencement Date through the final day of the twelve months after the first day of the following month, and each subsequent Lease Year shall be the twelve months following the prior Lease Year.

  • Earn-Out Period has the meaning set forth in Section 2.5(a).

  • Extension Term means the time period defined in §2.C.

  • Three-Year Period means, with respect to a Restatement, the three completed fiscal years immediately preceding the date that the Board, a committee of the Board, or the officer or officers of the Company authorized to take such action if Board action is not required, concludes, or reasonably should have concluded, that the Company is required to prepare such Restatement, or, if earlier, the date on which a court, regulator or other legally authorized body directs the Company to prepare such Restatement. The “Three-Year Period” also includes any transition period (that results from a change in the Company’s fiscal year) within or immediately following the three completed fiscal years identified in the preceding sentence. However, a transition period between the last day of the Company’s previous fiscal year end and the first day of its new fiscal year that comprises a period of nine to 12 months shall be deemed a completed fiscal year.

  • Initial Contract Period means the period from the Commencement Date to the date of expiry set out in clause A2 (Initial Contract Period), or such earlier date of termination or partial termination of the agreement in accordance with the Law or the provisions of the Contract.

  • Lease Period means each of the consecutive periods throughout the Basic Term and any Renewal Term ending on a Lease Period Date, the first such period commencing on and including the Delivery Date.

  • PEA Period means the period commencing at 9:30 a.m., Eastern time, on the fifth (5th) Business Day immediately prior to the filing of any post-effective amendment to the Registration Statement (as defined herein) or New Registration Statement (as such term is defined in the Registration Rights Agreement), and ending at 9:30 a.m., Eastern time, on the Business Day immediately following, the effective date of any post-effective amendment to the Registration Statement (as defined herein) or New Registration Statement (as such term is defined in the Registration Rights Agreement).