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 Xxxxx 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 Xxxxx 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 Xxxxx related to the Initial Exploration Phase and to drill the Xxxxx 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. 6.1. The Exploration Period shall be for a period not exceeding five (5) Contract Years from the Effective Date, divided into:
(a) an initial period of three (three) Contract Years from the Effective Date (the “First Phase”);
(b) an optional renewal period of two (2) years immediately following the First Phase (the “Second Phase”), subject to approval by the Minister, which shall not be unreasonably withheld or denied, 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 prescribed in Article 6.1., the Contractor may apply for renewal of the Petroleum Exploration Licence.
6.3. The approval by the Minister of the Contractor's application for renewal of the Petroleum Exploration Licence is subject to the Contractor having fulfilled its obligations for the First 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 Exploration Work Programme required for the Exploration Period in question specified in Article 11 of this Agreement, and (ii) agrees to perform the Minimum Exploration Work Programme related to the respective 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. The Contractor’s rights under this contract and the respective Petroleum Exploration Licence shall carry over during the period that the Minister is reviewing an application for renewal of the Petroleum Exploration Licence, should such review period extend beyond the term of the then current Petroleum Exploration Licence
6.5. Exploration Operations shall not be conducted in any portion of the Contract Area designated as Development and Production Area, without the prior written consent of the Minister. The decision is at the sole discretion of the Minister.
6.6. If the Contractor does not elect to apply for the subsequent renewal period, the Petroleum Exploration Licence shall terminate u...
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. 2.5.1 The Exploration Period shall commence on the Effective Date and, unless this Licence is sooner terminated or surrendered pursuant to Article 28 (Surrender and Termination) shall continue:
(a) for an initial period of three (3) years from the Effective Date (the “Initial Exploration Period”); and
(b) provided that the Licensee has fulfilled all its obligations hereunder, including Article 4 (Work Obligations) and Article
19.1.1 upon the Licensee‟s election made by notice in writing to the Commissioner:
(i) not later than thirty (30) days before the Initial Exploration Period would otherwise expire, for a period of two (2) years from the date of expiry of the Initial Exploration Period (the “First Extension Exploration Period”); and
(ii) not later than thirty (30) days before the date on which the First Extension Exploration Period would otherwise expire, for a period of two (2) years from the date of expiry of the First Extension Exploration Period (the “Second Extension Exploration Period”);
(c) for the period of any extension calculated pursuant to Article 29.3.
2.5.2 In order to enable the Licensee to complete the works at the end of the Second Extension Exploration period, the Commissioner shall, on written application by the Licensee made not later than ninety (90) days before the expiry of that Second Extension Exploration Period, grant an extension for such period as may be necessary for the Licensee to complete the works, which in any event shall not be longer than one hundred and eighty (180) days and shall require the Licensee to carry out such works continuously and diligently.
2.5.3 Unless the Commissioner notifies the Licensee of any objection within forty-five (45) days of receiving a notice under Article 2.5.1(b), the Licensee shall be deemed to have fulfilled its obligations under Article 4 (Work Obligations) in respect of the relevant period.
2.5.4 The Exploration Period may run concurrently with one or more Development and Production Periods.
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. 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. 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. 9.1. Exploration Period consists of six successive years according to the License and may be extended twice as mutually agreed by the Parties with each period of extension as long as two years. Hereby the Parties shall determine the part of the Contractual Area for further exploration and make appropriate changes in the Working Program.
9.2. As Exploration works proceed, in case of commercial discovery the Contractor may retain the whole territory for himself.
9.3. The Contract terminates upon expiry of the Exploration Period with regard to specific extensions if no commercial discoveries or no decision on transition to the Production Period were made in the Contractual Area. If the Contractor refuses to continue operations under the Contract then he forfeits all the rights on the Contractual Area and may not claim for any compensation of the expenses under the Contract.
