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| Abandonment Allowance (AA) |
A 100% allowance for expenditure incurred in respect of abandoning a field. |
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| Appraisal expenditure |
Costs incurred in survey, exploitation and appraisal of license areas not yet under development or in production. |
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| Commercial field |
Field judged to be capable of producing sufficient net income to be worth developing. |
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| Conveying & Treating (C&T) |
Services provided by a field to other fields in vicinity. |
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| Cretaceous |
Period of geological time about 144 - 65 million years ago. |
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| Cross Field Allowance (CFA) |
An element (up to 10%) of immediate relief for qualifying field development costs where a participator on a new taxable development has, or expects to have, PRT profits in another taxable field. |
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| Development expenditure |
All costs including financing costs, E&A expenditures incurred in bringing a field to commercial production and is defined as tangible assets. |
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| Discount rate |
Used to convert future income / expenditure to its present day value. |
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| Exploration expenditure |
All costs, including premium payments, associated with acquisition of new acreage, drilling of exploratory wells and other costs incurred in evaluating commercial viability of geological entities. |
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| Marginal Field |
A field that may not produce enough net income to make it worth developing at a given time; should technical or economic conditions change, such a field may become commercial. |
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