1243 escrow bank means a scheduled bank mutually

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1.2.43 “Escrow Bank” means a scheduled bank mutually acceptable to Government and the Contractor, and appointed as escrow agent and trustee of the Escrow Account in accordance with the Escrow Agreement pursuant to Article 16. 1.2.44 “Escrow Agreement” shall have the meaning set forth in Article 16. 1.2.45 “Excess ANG” shall have the meaning set forth in Article 10.5. 1.2.46 “Exploration Operations” means operations conducted in the Contract Area pursuant to this Contract in searching for Petroleum and in the course of an Appraisal Programme and shall include but not be limited to aerial, geological, geophysical, geochemical, palaeontological, palynological, topographical and seismic surveys, analysis, studies and their interpretation, investigations relating to the subsurface geology including drilling of Exploration Wells and Appraisal Wells and other related activities such as surveying, drill site preparation and all work necessarily connected therewith that is conducted in connection with Petroleum exploration. 1.2.47 “Exploration Period (Phase-I)” or “Phase-I” shall mean the Exploration Period determined under Article 3.2of this Contract. 1.2.48 “Exploration Period (Phase-II)" or “Phase-II” shall mean the Exploration Period determined under Article 3.2of this Contract. 1.2.49 “Exploration Period” means the period mentioned in Article 3 during which Exploration
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12 Operations may be carried out by the Contractor as provided in Article 3 hereof and includes the period covered by Exploration Period (Phase I) and Exploration Period (Phase II). 1.2.50 “Exploration Well” means a Well drilled for the purpose of searching for undiscovered Petroleum accumulations on any geological entity (be it of structural, stratigraphic, facies or pressure nature) to at least a depth or stratigraphic level specified in the Work Programme. 1.2.51 “Field” means an Oil Field or a Gas Field or combination of both as the case may be. 1.2.52 “Field Development Plan” or “FDP” means the comprehensive plan formulated by the Contractor in relation to the development of a Discovery(ies) in accordance with Article10.8. 1.2.53 “Financial Year” means the period from the first (1st) day of April to the thirty-first (31st) day of March of the following Calendar Year. 1.2.54 “Foreign Company” means a Company within the meaning of Section 2(42) of the Companies Act, 2013. 1.2.55 “Frontier Area” means any area in remote locations identified, demarcated and so notified by the Government or its authorised agency(ies) for the purpose of exploration and exploitation of Oil and Gas, which is logistically and technically difficult and lacks infrastructural and/or marketing facilities, etc. 1.2.56 “Gas” means Natural Gas. 1.2.57 “Gas Field” means, within the Contract Area, a Reservoir of Natural Gas or a group of Reservoirs of Natural Gas within a common geological structure or feature.
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  • Winter '14
  • Bijay K Behra
  • Government, Petroleum Operations, Contract Area

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