Discovery Area means that part of the Contract Area about which, based upon Discovery and the results obtained from a Well or Xxxxx drilled in such part, the Contractor is of the opinion that Petroleum exists and is likely to be produced in commercial quantities.
Discovery Area means the block or blocks in an exploration area comprising the geological feature as outlined by the relevant geological or geophysical data in which a discovery is located;
Examples of Discovery Area in a sentence
Notwithstanding the provisions of Article 3, the Contractor shall be entitled to retain the Discovery Area subject to the provisions of this Article 21.
In case, the Contractor exercises its option to relinquish a part of the Contract Area at the end of first Exploration Phase, then such area to be relinquished shall not be less than twenty five percent (25%) of the original Contract Area and the Contractor shall be entitled to retain the balance area including any Development Area and Discovery Area in not more than three (3) areas of simple geometrical shapes.
More Definitions of Discovery Area
Discovery Area means the blocks declared by the Joint Authority under Article 16 of this Petroleum Mining Code to contain petroleum;
Discovery Area means an area within the area of a licence or lease which encompasses the accumulation of petroleum in a geological entity limited by lithological boundaries, structural boundaries, the contact zone between petroleum and the limiting water level, or a combination thereof, and so that the petroleum included everywhere is in pressure, fluid or gas communication;
Discovery Area means, that portion of the Contract Area, reasonably determined by the Contractor, on the basis of the available seismic and well data to cover the areal extent of the geological structure in which the Discovery is made and the Minister has been duly informed under the Act;
Discovery Area means that portion of the Contract Area, reasonably determined by Contractor (or by GNPC if a Sole Risk Operation pursuant to Article 9) on the basis of the available seismic and well data to cover the areal extent of the geological structure in which a Discovery is made. A Discovery Area may be modified at any time by Contractor (or by GNPC if applicable), if justified on the basis of new information, but may not be modified after the date of completion of the Appraisal Programme;
Discovery Area means that part of the Contract Area which the Contractor determines and identifies to be the “Discovery Area” about which, based upon Discovery and the results obtained from a Well or Wells drilled or any other geological and geophysical studies, the Contractor is of the opinion that Petroleum exists and is likely to be produced in commercial quantities and which is identified as the “Discovery Area” in the Appraisal Programme pursuant to Article 10 of this Contract.
Discovery Area means, at the relevant time, the aerial extent of a Discovery in the form of a box or rectangle, defined:
Discovery Area means that portion of the Licence Area, reasonably determined by Licensee on the basis of the available seismic and well data to cover the areal extent of the geological structure in which a Discovery is made. A Discovery Area may be modified at any time by Licensee if justified on the basis of new information, but may not be modified after the date of completion of the Appraisal Program;