1Periodic Relinquishment of Exploration Area Sample Clauses

1Periodic Relinquishment of Exploration Area. The Contractor shall relinquish: at the end of the third (3rd) Contract Year, not less than twenty five percent (25%) of the original Contract Area; at the end of the fifth (5th) Contract Year, not less than a further twenty five percent (25%) of the original Contract Area. Except with the consent of the Ministry relinquished areas shall form one discrete area, and the area not relinquished shall form one or more discrete areas, all of sufficient size and convenient shape to enable Petroleum Operations to be conducted thereon. At the end of any Contract Year, and subject to paragraph 3.1(f), the Contractor may relinquish some, or all, of the Contract Area. Any area so relinquished will be credited against the next relinquishment obligation of the Contractor under paragraph 3.1(a). The Contractor shall consult with and give not less than thirty (30) days notice to the Ministry of the area which, at any time, it wishes to relinquish. , If the Contractor does not relinquish a portion of the Contract Area at the time and in the manner required by this Section 3.1, all of the Contract Area shall be deemed relinquished at the end of the Contract Year concerned. Without the consent of the Ministry, and notwithstanding paragraph 3.1 (b), the Contractor may not relinquish all of the Contract Area if it has not then fulfilled its obligations under Sections 4.1 and 4.2, or is then in breach of any provision of this Agreement.
Sample 1
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