Common use of Default of the Minimum Exploration Program and Provision of Financial Guarantee Clause in Contracts

Default of the Minimum Exploration Program and Provision of Financial Guarantee. 11.1. In the event of full or partial default of the Minimum Exploration Program, the Contractor may not proceed with the Production Phase and shall be required to pay to the Contracting Party the amount set forth in ANNEX II per activity defaulted, as compensatory penalty.

Default of the Minimum Exploration Program and Provision of Financial Guarantee. 11.1. In the event of full or partial default of the Minimum Exploration Program, the Contractor may not proceed with the Production Phase and shall be required to pay to the Contracting Party the amount set forth in ANNEX Annex II per activity defaulted, as compensatory penalty.