Exploration Period Sample Clauses
Exploration Period. 1. Pursuant to the Concession Decree-Law, an Initial Exploration Phase of five (5) Contract Years shall start from the Effective Date. One (1) successive extension of three (3) Contract Years (the Optional Exploration Phase) may follow the Initial Exploration Phase, provided that Contractor notifies Sonangol in writing of such extension, at least thirty (30) days before the end of the Initial Exploration Phase, and if, unless otherwise agreed by Sonangol, Contractor has fulfilled its obligations in respect of such Phase.
2. The Agreement shall be terminated if no Commercial Discovery has been made in the Contract Area by the end of the Initial Exploration Phase or the Optional Exploration Phase, should that be the case. However, the Exploration Period may be extended for six (6) Months for the completion of drilling and testing of any Well actually being drilled or tested at the end of the fourth (4th) and/or seventh (7th) Contract Year, as the case may be.
3. Should any of the said ▇▇▇▇▇ be a Commercial Well, Contractor shall be given sufficient time, as mutually agreed, not exceeding twelve (12) Months, or such longer period as agreed by Sonangol, following the completion of drilling and testing of the Commercial Well to do Appraisal work. Should this work result in a Commercial Discovery then a Development Area shall be granted pursuant to Article 7.
4. In the event Contractor fails to complete all Exploration ▇▇▇▇▇ foreseen in Article 14 during the Initial Exploration Phase, Contractor shall elect one of the following options:
(a) Complete the remaining Exploration Well(s) in a six (6) Month extension of the Initial Exploration Phase and forego the option to enter into the Optional Exploration Phase;
(b) Decide to enter into the Optional Exploration Phase being, however, required to complete the ▇▇▇▇▇ related to the Initial Exploration Phase and to drill the ▇▇▇▇▇ related to the Optional Exploration Phase.
5. Operations for the sole account of Sonangol conducted under Article 29 hereof shall not extend the Exploration Period nor affect the term of the Agreement, it being understood that:
(a) to the extent that such operations do not conflict with Contractor’s obligations or obstruct, interfere with or delay any Petroleum Operations or any existing work plans (including any Approved Work Plan and Budget), Contractor shall complete any work undertaken at Sonangol’s sole risk and expense even though the Exploration Period may have expired;
(b) Contractor’...
Exploration Period. 3.1 The Exploration Period shall begin on the Effective Date and shall not cover a period of more than seven (7) years unless it is extended in accordance with the terms of this License or the License is sooner terminated.
a) The Exploration Period shall be divided into an Initial Exploration Period of three years (“Initial Exploration Period”) and two (2) extension periods of two years each (respectively “First Extension Period” and “Second Extension Period”) and where applicable the further periods for which provision is made hereafter.
b) Where Licensee has fulfilled its work and expenditure obligations before the end of the Initial Exploration Period or, as the case may be, the First Extension Period, and has exercised its option by applying to the Director General in writing for an extension, the Director General will be deemed to have granted an extension into the First or, as the case may be, into the Second Extension Period.
c) For each well drilled by Licensee during the Initial Exploration Period, the Initial Exploration Period shall be extended by three (3) months and the commencement of subsequent periods shall be postponed in their entirety accordingly.
3.2 Following the end of the Second Extension Period, Licensee will be entitled to an extension or extensions, of the Exploration Period as follows:
a) Where at the end of the Second Extension Period, Licensee is drilling or testing any well, Licensee shall be entitled to an extension for such further period as may be reasonably required to enable Licensee to complete such work and assess the results and, in the event that Licensee notifies the Director General that the results from any such well show a Discovery which merits appraisal, Licensee shall be entitled to a further extension for such period as may be reasonably required to carry out an Appraisal Program and determine whether the Discovery constitutes a Commercial Discovery;
b) Where at the end of the Second Extension Period Licensee is engaged in the conduct of an Appraisal Program in respect of a Discovery which has not been completed, Licensee shall be entitled to a further extension following the end of the Second Extension for such period as may be reasonably required to complete that Appraisal Program and determine whether the Discovery constitutes a Commercial Discovery:
c) Where at the end of the Second Extension Period Licensee has undertaken work not falling under paragraphs (a) or (b) which is not completed, Licensee will b...
Exploration Period. 6.1. The Exploration Period shall be for a period not exceeding ten (10) Contract Years from the Effective Date, divided into:
(a) an initial period of three (3) Contract Years from the Effective Date (the “First Phase”); and
(b) an optional first renewal period of three (3) years immediately following the First Phase (the “Second Phase”), subject to approval by the Minister pursuant to the terms of the Act and conditions established in this Agreement;
(c) an optional second renewal period of two (2) years immediately following the Second Phase (the “Third Phase”), subject to approval by the Minister pursuant to the terms of the Act and conditions established in this Agreement’
(d) an optional third renewal period of two (2) years immediately following the Third Phase (the “Fourth Phase”), subject to approval by the Minister pursuant to the terms of the Act and conditions established in this Agreement.
6.2. Prior to the end of the First Phase of the Exploration Period and the Second and Third Phases prescribed in Article 6.1. the Contractor may apply for renewal of the Petroleum Prospecting Licence.
6.3. The approval by the Minister of the Contractor's application for renewal of the Petroleum Prospecting Licence is subject to the Contractor having fulfilled its obligations for the then current phase to the satisfaction of the Minister.
6.4. The Contractor shall submit to the Minister an application for renewal of the Exploration Period under Article 6.2 at least sixty (60) days prior to expiration of the then current phase. The Contractor may request such renewal only if it: (i) has fully complied with the minimum work commitments required for the Exploration Period in question specified in Article 11 of this Agreement, and (ii) agrees to perform additional work commitments during the renewal period in accordance with Article 11. The Minister will approve such renewal if the two (2) foregoing conditions are satisfied; as long as the Contractor has complied with all of its other obligations under this Agreement and subject to the receipt of the Renewal Period Guarantee by the Minister within sixty (60) Business Days after the Minister approves the renewal of the exploration period.
6.5. No Exploration Operations may be conducted in any portion of the Contract Area designated as Development Area.
6.6. If the Contractor does not elect to apply for the subsequent renewal periods, this Agreement shall terminate as provided herein under terms and conditions to b...
Exploration Period. The Exploration Period shall have a duration of six (6) Years and three (3) Months as of the Effective Date and shall be divided into the phases described below. The first phase of the Exploration Period shall begin on the Effective Date and the following phases on the Calendar Day immediately following termination of the previous phase: Phase 1 for a period of fifteen (15) months Phase 2 for a period of twelve (12) months Phase 3 for a period of twelve (12) months Phase 4 for a period of twelve (12) months Phase 5 for a period of twelve (12) months Phase 6 for a period of twelve (12) months
Exploration Period. This is the term that THE ASSOCIATE has to fulfill the obligations set forth in Clause 5 hereunder, which shall not exceed five and a half (5.5) years as of the Effective Date, except for the events considered in Clauses 5 (Item 5.4), 9 (number 9.3), and 34.
Exploration Period. The Exploration Period will last six (6) Years, as of the Effective Date and will be divided into the phases described in Annex C. The first phase begins on the Effective Date and the following phases on the Calendar Day immediately following the end of the preceding phase:
Exploration Period. 3.2.1 The Exploration Period shall be seven (7) years divided into three (3) phases as follows:
(i) Phase 1 of the Exploration Period shall have a duration of three (3) years commencing on the Effective Date of this Contract
(ii) Phase 2 of the Exploration Period shall have a duration of two (2) years immediately following phase 1.
(iii) Phase 3 of the Exploration Period shall have a duration of two (2) years immediately following phase 2.
3.2.2 Contractor shall have the right to withdraw from this Contract at the end of each phase of the Exploration Period, provided that, subject to Sub-article 5.6, the Minimum Work Obligations for such phase have been fulfilled, by notifying Staatsolie of its election, given pursuant to Sub-articles 5.2.1, 5.2.2 or 5.2.3, as applicable. For the avoidance of doubt, there will be no mandatory relinquishment during the Exploration Period, provided however during any extension of the Exploration Period, relinquishments will be required in accordance with Article 9.
Exploration Period. 9.1 According to the Contract, the Exploration period shall consist of 6 consecutive years (2003-2009 years) and may be prolonged under mutual consent twice with a duration of each period of no more then 2 (two) years in accordance with the Legislation on Subsoil Use. In this case, the Parties shall determine in advance the part of the Contract Territory to be left for the Exploration and introduce changes into the Work Program.
9.2 The Contractor shall start Exploration not later than 60 (ninety) days after the Date the Contract comes into force. The Contractor shall inform the Competent Authority on the specific date of the commencement of the Exploration 30 (thirty) days in advance.
9.3 In the course of Exploration, the Contractor is obliged to return the Contract Territory, except for the territory where the Commercial Discovery was made, under the terms of the Contract and the Work Program.
9.4 The allotments to be return shall meet all the requirements of the legislation of the State concerning environmental protection. The Contractor shall restore at his own expense the territories to be returned and other natural objects, which were disturbed during Exploration and Production of hydrocarbons, to the condition suitable for its purpose use.
9.5 Contract shall cease its effect upon expiration of the Exploration period with regard to its possible prolongation provided that the Commercial Discovery was not made within the Contract Territory, or a decision to proceed to the Production period was not made. If the Contractor refuses to continue the works under the Contract, he shall forfeit all his rights to the Contract Territory and shall not claim for any compensation of expenses incurred under this Contract.
Exploration Period. The duration of the Exploration Period shall be five (5) Years.
Exploration Period. The period of 5 Years and 8 months counting from the Effective Date, together with any extension granted, during which THE CONTRACTOR shall execute the Minimum Exploration Program.