Common use of Designation of Prospects After Program Term Clause in Contracts

Designation of Prospects After Program Term. To the extent any Leasehold Interests acquired by the Program are not included in Prospects designated by McMoRan on or prior to the end of the Program Term, then after such date any member of the McMoRan Group or their respective successors in interest shall have the right to propose a Prospect at the time that it proposes an Exploratory Well thereon. The geographic limits of such Prospect so designated shall meet the criteria set forth in Paragraph 8.1 and the AMI therefor shall be subject to the provisions of Article XIII hereof.

Designation of Prospects After Program Term. To the extent any Leasehold Interests acquired by the Program are not included in Prospects designated by McMoRan on or prior to the end of the Program Term, then after such date any member of the McMoRan Group or Participant or their respective successors in interest shall have the right to propose a Prospect at the time that it proposes an Exploratory Well thereon. The geographic limits of such Prospect so designated shall meet the criteria set forth in Paragraph 8.1 and the AMI therefor shall be subject to the provisions of Article XIII hereof.