Common use of Exploration Phase Clause in Contracts

Exploration Phase. 4.1.1 The initial period of the Exploration Phase shall be ----------- years starting from the Effective Date. In accordance with the second paragraph of Section 28 (1) of the Petroleum Code, signature of this Contract constitutes the grant of an Exploration Authorisation. 4.1.2 The initial period of the Exploration Phase shall be renewed, at the request of the CONTRACTOR, for ------- additional period (s) of two (2) years (each). In such case, the renewal is granted to the CONTRACTOR in accordance with the terms provided in Section 28 of the Petroleum Code and Articles 21 and 22 of the Petroleum Regulation, and cannot be refused if the conditions required of the CONTRACTOR by these provisions have been fully satisfied. 4.1.3 Pursuant to Section 28, paragraph 5 of the Petroleum Code, the term of the Exploration Phase, over and above the renewals provided for in Article 4.1.2 above and subject to any extension in the event of Force Majeure pursuant to Article 24.5 hereafter, shall be extended: (i) for an additional period of time that the Minister in charge of Hydrocarbons deems necessary for the CONTRACTOR to complete the current Exploration Drilling, or the appraisal and delineation of a Discovery, with the granted extension not being less than six (6) months and not exceeding one (1) year. The one (1) year limitation herein may be extended if the Minister in charge of Hydrocarbons deems such extension necessary to complete an on-going firm and approved appraisal program. (ii) in the event of a Discovery of Non-Associated Natural Gas, for a term equal to two (2) years, renewable for an equivalent period by the Minister in charge of Hydrocarbons if the CONTRACTOR establishes that an additional extension is necessary for it to find commercial outlets sufficient for a profitable exploitation of the reservoir and to complete on-going negotiations with the STATE on the special terms for development and Exploitation of Natural Gas according to the provisions set forth in Article 22.3.1 of this Contract.

Exploration Phase. 4.1.1 The initial period of the Exploration Phase shall be ----------- years starting from the Effective Date. In accordance with the second 2nd paragraph of Section 28 (1) of the Petroleum Code, signature of this Contract constitutes the grant of an Exploration Authorisation. 4.1.2 The initial period of the Exploration Phase shall be renewed, at the request of the CONTRACTOR, for ------- additional period (s) of two (2) years (each). In such case, the renewal is granted to the CONTRACTOR in accordance with the terms provided in Section 28 of the Petroleum Code and Articles 21 and 22 of the Petroleum Regulation, and cannot be refused if the conditions required of the CONTRACTOR by these provisions have been fully satisfied. 4.1.3 Pursuant to Section 28, paragraph 5 of the Petroleum Code, the term of the Exploration Phase, over and above the renewals provided for in Article 4.1.2 above and subject to any extension in the event of Force Majeure pursuant to Article 24.5 hereafter, shall be extended: (i) for an additional period of time that the Minister in charge of Hydrocarbons hydrocarbons deems necessary for the CONTRACTOR to complete the current Exploration Drilling, or the appraisal and delineation of a Discovery, with the granted extension not being less than six (6) months and not exceeding one (1) year. The one (1) year limitation herein may be extended if the Minister in charge of Hydrocarbons hydrocarbons deems such extension necessary to complete an on-going ongoing firm and approved appraisal program. (ii) in the event of a Discovery of Non-Associated Natural Gas, for a term equal to two (2) years, renewable for an equivalent period by the Minister in charge of Hydrocarbons if the CONTRACTOR establishes that an additional extension is necessary for it to find commercial outlets sufficient for a profitable exploitation of the reservoir and to complete on-going ongoing negotiations with the STATE on the special terms for development and Exploitation of Natural Gas according to the provisions set forth in Article 22.3.1 of this Contract.