Technical Evaluation Agreement definition
Technical Evaluation Agreement or “TEA” means a short-term contract between an exploration company and the ANH to analyze existing data and acquire new information to evaluate an area of interest, as more particularly described under the heading “Industry Conditions – The ANH Contracts – Technical Evaluation Agreements”;
Examples of Technical Evaluation Agreement in a sentence
In December 2005, the Company notified Perupetro that it has exercised its exclusive option to convert the current Technical Evaluation Agreement (“TEA”) in Area VI, which covers 1,444,175 acres and encompasses the entire Lancones Basin, to a License Contract for the exploration and development of hydrocarbons.