Date of Declaration of a Commercial Field. Within ninety (90) Days upon completion of the Appraisal work program Contractor shall submit to the Operations Committee a declaration of a Commercial Field. Failure to submit said declaration and subject to Sub-Article 3.2, results in surrender of the Discovery Area. The date on which Contractor has submitted to the Operations Committee the declaration of a Commercial Field shall be “Date of Declaration of a Commercial Field”.
Date of Declaration of a Commercial Field. Staatsolie has thirty (30) Days after receipt of the Appraisal Report to decide whether it approves or rejects the proposed delineation of the Commercial Field. In the event Staatsolie fails to approve the re-submitted delineation within then thirty (30) Days, the Parties will meet within the following thirty (30) Days to seek a mutually acceptable solution, which may include amendments to Contractor’s proposed delineation of the Commercial Field. If the Parties have not reached a mutually acceptable solution within such thirty (30) Day period, Contractor may either withdraw the proposed delineation of the Commercial Field and submit a new one or submit it for expert determination to the reservoir engineering expert pursuant to Sub-Article 42.5. During the expert determination period, the Contract Area may not be withdrawn by any Party or relinquished without the written consent of the Parties and the Exploration Period shall be extended pursuant to Sub-Article 3.3.