Common use of Exploration Plan Clause in Contracts

Exploration Plan. The Exploration Plan shall contemplate all exploration activities to be developed in the Contract Area during its effectiveness and shall mandatorily consider the Minimum Exploration Program and compliance with the Local Content. The Exploration Plan and its reviews shall be defined by the Operating Committee and submitted to ANP pursuant to Annex VI of the Applicable Laws and Regulations. The Consortium Members shall have a one hundred and twenty (120)-day period, as of the date of creation of the Operating Committee, to forward the Exploration Plan to ANP. ANP shall have a sixty (60)-day period as of receipt of the Exploration Plan to approve it or to request modifications to the Consortium Members. The Consortium Members shall submit the modified Exploration Plan within a sixty (60)-day period as of such request, repeating the procedure established in paragraph 10.6. During the period of analysis and approval of the Exploration Plan, the development of Exploration activities already initiated may be interrupted, if reasonably required by ANP. After the Exploration Plan is completed and until the end of the term established for ending the Exploration Phase, the Consortium Members may retain areas for Discovery Assessment or Development upon notice in writing to ANP, and, in this event, all other areas shall be immediately relinquished to ANP. In case there are no Discoveries that justify the investments in the Discovery Assessment, the Consortium Members shall relinquish the entire Contract Area.

Exploration Plan. The Exploration Plan shall contemplate all exploration activities to be developed in the Contract Area during its effectiveness and shall mandatorily consider the Minimum Exploration Program and compliance with the Local Content. The Operating Committee shall be responsible for defining the Exploration Plan and its reviews revisions, to be submitted by the Consortium Members to ANP. The Exploration Plan shall be defined by the Operating Committee prepared and submitted sent to ANP pursuant to the procedures and criteria provided for in Annex VI of and in the Applicable Laws and Regulations. The Consortium Members shall have a one hundred and twenty (120)-day period, as of the date of creation of the Operating Committee, to forward the Exploration Plan to ANP. ANP shall have a sixty (60)-day period as of receipt of the Exploration Plan to approve it or to request justified modifications to the Consortium Members. The Consortium Members shall submit the modified Exploration Plan within a sixty (60)-day period as of such request, repeating the procedure established in paragraph 10.610.7. During the period of analysis and approval of the Exploration Plan, the development of Exploration activities already initiated may be interrupted, if reasonably required by ANP. After the Exploration Plan is completed and until the end of the term established for ending the Exploration Phase, the Consortium Members may retain areas for Discovery Assessment or Development upon notice in writing to ANP, and, in this event, all other areas shall be immediately relinquished to ANP. In case there are no Discoveries that justify the investments in the Discovery Assessment, the Consortium Members shall relinquish the entire Contract Area.

Exploration Plan. The Exploration Plan shall contemplate all exploration activities to be developed in the Contract Area during its effectiveness and shall mandatorily consider the Minimum Exploration Program and compliance with the Local ContentProgram. The Exploration Plan and its reviews revisions shall be defined determined by the Operating Committee and submitted to ANP pursuant to Annex VI of and to the Applicable Laws and Regulations. The Consortium Members shall have a one hundred and twenty (120)-day period, as period of the creation date of creation of the Operating Committee, Committee to forward the Exploration Plan to ANP. ANP shall have a sixty (60)-day period as of receipt of the Exploration Plan to approve it or to request modifications to the Consortium Members. The Consortium Members shall submit the modified Exploration Plan within a sixty (60)-day period as of such request, repeating the procedure established in paragraph 10.6. During the period of analysis and approval of the Exploration Plan, the development of the Exploration activities already initiated may be interrupted, if reasonably required by ANP. After Upon completion of the Exploration Plan is completed works and until by the end of the term deadline established for ending the Exploration Phase, the Consortium Members may retain areas for Discovery Assessment or Development upon notice in writing to ANP, and, in this event, all other areas shall be immediately relinquished to ANP. In case there are no Discoveries that justify the investments in the Discovery Assessment, the Consortium Members shall relinquish the entire Contract Area.