Common use of Commercial Discovery Clause in Contracts

Commercial Discovery. No later than sixty (60) Days after the end of the Appraisal Period, the Contractor shall inform CNH whether it considers the Discovery to be a Commercial Discovery, in which case the Contractor shall submit a Development Plan for such Commercial Discovery in accordance with Article 6.2, without prejudice to the Contractor’s obligation to continue the Surface Reconnaissance and Exploration, Exploration and Appraisal activities pursuant to the Exploration Plan in the rest of the Contract Area until the end of the Exploration Period or completion of the Minimum Work Program and the Minimum Program Increase. The declaration of a Commercial Discovery shall include a delimitation of the Development Area, which shall require the approval of CNH.

Commercial Discovery. No later than sixty (60) Days after the end of the Appraisal Period, the Contractor shall inform CNH whether it considers the Discovery to be a Commercial Discovery, in which case the Contractor shall submit a Development Plan for such Commercial Discovery in accordance with Article 6.2, without prejudice to the Contractor’s obligation to continue the Surface Reconnaissance and Exploration, Exploration and Appraisal activities pursuant to the Exploration Plan in the rest of the Contract Area until the end of the Exploration Period or completion of the Minimum Work Program and the Increase in the Minimum Program IncreaseProgram. The declaration of a Commercial Discovery shall include a delimitation of the Development Area, which shall require the approval of CNH.

Commercial Discovery. No later than sixty (60) Days after the end of the Appraisal Period, the Contractor shall inform CNH whether it considers the Discovery to be a Commercial Discovery, in which case the Contractor shall submit a Development Plan for such Commercial Discovery in accordance with Article 6.2, without prejudice to the Contractor’s obligation to continue the Surface Reconnaissance and Exploration, Exploration and Appraisal activities pursuant to the Exploration Plan in the rest of the Contract Area until the end of the Exploration Period or completion of the Minimum Work Program and the Minimum Program IncreaseProgram. The declaration of a Commercial Discovery shall include a delimitation delineation of the Development Area, which shall require the approval of CNH.