Declaration of Commercial Feasibility. Declaration of Commercial Feasibility 13.1. Upon compliance with the Discovery Assessment Plan approved by ANP, the Operating Committee may, at its sole discretion, submit the Declaration of Commercial Feasibility for the Discovery. 13.1.1. If it has not been submitted to ANP yet, the Final Discovery Assessment Report shall be submitted along with the Declaration of Commercial Feasibility. 13.1.2. The Declaration of Commercial Feasibility shall only be effective upon approval of the Final Discovery Assessment Report by ANP. 13.2. Failure to submit the Declaration of Commercial Feasibility within the term contractually established shall entail the lawful termination of the Agreement with respect to the relevant area retained for the Discovery Assessment. 13.3. The submission of one or more Declarations of Commercial Feasibility shall not exempt the Consortium Members from complying with the Minimum Exploration Program.
Appears in 4 contracts
Samples: Production Sharing Agreement, Production Sharing Agreement, Production Sharing Agreement
