Glossary of terms used on this site
There are 83 entries in this glossary.All
| Accelerated Termination:
If at any time after completing the minimum work schedule, the operating (investing) party were to find evidence of no crude oil in the Agreement Area, or that the potential crude oil bearing formations as exist or as are likely to be found are not capable of production because of the possible investment or necessary expenses required to undertake exploitation, the operating party may request the native party to approve the accelerated termination of the Agreement within a short time following the date of such request. |
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