Common use of Decrease of Percentage of Reduction and Return Clause in Contracts

Decrease of Percentage of Reduction and Return. In exceptional circumstances, including the notice of a Sub-Salt Discovery the Contractor may submit to CNH for approval, up to sixty (60) Days prior to expiration of the Initial Exploration Period, a request for the reduction of the percentage indicated in Article 7.1 (b). Such request shall be accompanied by a Work Program and an additional investment commitment that is duly guaranteed and justifies the retention of such area. CNH may approve the retention proposal of the areas resulting from the reduction of the percentage indicated in Article 7.1 (b) when CNH considers the foregoing requirements are met and it is demonstrated that it is required for the optimal commercial development of the area.

Decrease of Percentage of Reduction and Return. In exceptional circumstances, including the notice of a Sub-Salt Discovery the Contractor may submit to CNH for approval, up to sixty (60) Days prior to expiration of the Initial Exploration Period, a request for the reduction of the percentage indicated in Article 7.1 (b). Such request shall be accompanied by a Work Program and an additional investment commitment that is duly guaranteed and justifies the retention of such area. CNH may approve the retention proposal of the areas resulting from the reduction of the percentage indicated in Article 7.1 (b) when CNH considers the foregoing requirements are met and it is demonstrated that it is required for the optimal commercial development of the area.. Contract No. CNH-R01-L01-A7/2015