Common use of Agreement Extension Clause in Contracts

Agreement Extension. At the termination of this Agreement, should operations for the drilling of an Initial Test Well or a Substitute Well have been commenced on a Prospect, this Agreement shall continue in effect so long as operations are continuously prosecuted on such well and any subsequent earning well with no more than ninety (90) days elapsing from rig release of the preceding well and commencement of operations on the next well. On the expiration of such period this Agreement shall automatically terminate without any further action from any Party hereto. As stated in Section 24.1 above, each Party shall continue to be obligated to fulfill its existing commitments, obligations, liabilities both financial and otherwise, and other undertakings theretofore incurred hereunder or incurred under the terms of those agreements attached as Exhibits hereto.

Agreement Extension. At the termination of this Agreement, should operations for the drilling of an Initial Test Well or a o Substitute Well have been commenced on a Prospect, this Agreement shall will continue in effect so long as operations are continuously prosecuted on such well and any subsequent earning well with no more than ninety (90) days elapsing from rig release of the preceding well and commencement of operations on the next well. On the expiration of such period this Agreement shall v automatically terminate without any further action from any Party heretohereto as to any unearned interest. As stated in Section 24.1 above, each Party shall will continue to be obligated to fulfill its existing commitments, obligations, liabilities both financial and otherwise, and other undertakings theretofore incurred hereunder or incurred under the terms of those agreements attached as Exhibits hereto.