Common use of Declaration of Commercial Feasibility Clause in Contracts

Declaration of Commercial Feasibility. Declaration of Commercial Feasibility 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. The Consortium Members, on behalf of the Operating Committee, shall take the measures required for submitting the Declaration of Commercial Feasibility to ANP. If it has not been submitted to ANP yet, the Final Discovery Assessment Report shall accompany the Declaration of Commercial Feasibility. The Declaration of Commercial Feasibility shall only be effective after ANP’s approval for the Final Discovery Assessment Report. Failure to submit the Declaration of Commercial Feasibility within the term established in this Agreement shall entail the lawful termination of the Agreement regarding the relevant area retained for the Discovery Assessment. Submission of one or more Declarations of Commercial Feasibility, shall not exempt the Consortium Members from performing the Minimum Exploration Program.