Exploration Period and Relinquishments Sample Clauses

Exploration Period and Relinquishments. 2.1. The Contractor is authorized under this Contract to conduct Hydrocarbons Exploration Operations within the Contract Area during an initial exploration period of ( ) Contract Years. 2.2. In the event the Contractor has fulfilled its exploration work obligations set forth in Article 3 with respect to the current term of the exploration period, the Contractor shall have the right to be granted two renewals of the exploration period for successive terms of ( ) Contract Years and ( ) Contract Years respectively. For each such renewal, the Contractor shall file through the Minister an application with the Council of Ministers, no later than two (2) months prior to the expiry of the current term of the exploration period. The renewal shall be granted in writing by the Council of Ministers. 2.3. If, upon expiry of the second renewal of the exploration period provided in Article 2.2, an appraisal work programme with respect to a Discovery, as set forth in Article 5, is actually under progress, the Contractor shall obtain, upon application with respect to the Appraisal Area related to said Discovery, the extension of the exploration period for the duration necessary to complete the appraisal work, which shall not, however, exceed six (6) months. In such a case, the Contractor shall file an application for the above-mentioned extension of the exploration period through the Minister with the Council of Ministers at least two (2) months prior to the expiry of the second renewal of the exploration period, and the Contractor shall have fulfilled all its exploration work obligations set forth in Article 3 with respect to that period. The extension shall be granted by the Council of Ministers. 2.4. The Contractor undertakes to relinquish to the Republic at least twenty-five percent (25%) of the initial area of the Contract Area upon each renewal of the exploration period so that it shall keep no more than seventy-five percent (75%) of the initial area of the Contract Area during the first renewal of the exploration period, and no more than fifty percent (50%) of the initial area of the Contract Area during the second renewal of the exploration period. 2.5. For purposes of Article 2.4. : (a) The area already relinquished under Article 2.6, the areas subject to Article 2.3 and the areas of natural gas discovery (Appraisal Areas) subject to Article 13.1(b), if any, and the Exploitation Areas shall be deducted from the areas to be relinquished; (b) The Contractor shall ha...
Sample 1
Exploration Period and Relinquishments 
Sample 1

Related to Exploration Period and Relinquishments

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