well-head value definition
well-head value means the Value established pursuant to the Rules and Article 8.1 of this Agreement. Where any Expenditure allocable to a Surrendered Area or to the drilling of a dry hole is deemed to be lost under rule 2(2) of the Fifth Schedule, such Expenditure shall be allowed as provided in rule 2(3) of the Fifth Schedule in relation to the Expenditure in question when incurred in the Contract Area in the relevant Petroleum Operation; provided, however, that, in accordance with clause (3) of Schedule to the Regulation of Mines and Oilfields and Mineral Development (Government Control) Act, 1948 (hereinafter referred to as the "Schedule to Regulations"), all Expenditure deemed to have been lost in terms of rule 2(2) of the said Schedule to Regulations shall be allowed to be set off against all other income of Contractor (other than dividend income) accruing or arising from or under any separate agreement entered into by the Contractor with the President for Petroleum Exploration and Production or from any other activity, on a fully consolidated basis in accordance with rule 2(3)(•) of the Fifth Schedule as hereby elected by Contractor.