Common use of Exploration Plan Clause in Contracts

Exploration Plan. Within one hundred and eighty (180) Days following the Effective Date, the Contractor shall submit the Exploration Plan to the CNH for its approval. The Exploration Plan shall contemplate at least the performance of all of the activities provided for the Exploration Period and shall include the Management System. The CNH will grant or deny its approval of the proposed Exploration Plan within a period not to exceed one hundred and twenty (120) Days following the receipt of the necessary information pursuant to the Applicable Laws. In the event that the CNH does not issue a decision during the provided period, it will be deemed to have made a favorable decision. Without prejudice of its ability to approve the Exploration Plan within the period indicated in this Article 4.1, the CNH may issue observations regarding such Exploration Plan, when it: (i) has not been drafted as provided by the Industry Best Practices regarding the evaluation of the Hydrocarbons potential, including environmental, industrial security and health in work standards, or (ii) does not foresee the addition of Reserves nor the delimitation of the corresponding Exploration area within the Contract Area. The Contractor must provide the operative solutions and the corresponding adjustments to the Exploration Plan with respect to the observations made by the CNH. The CNH and the Contractor may hold hearings or attendances in order to resolve in good faith any technical difference that may exist regarding to the observations of the Exploration Plan, in accordance with the Industry Best Practices and the Applicable Laws.

Exploration Plan. Within one hundred and eighty twenty (180120) Days following the Effective Date, the Contractor shall submit the Exploration Plan to the CNH for its approval. The Exploration Plan shall contemplate at least least, the performance of all of the activities provided for in the Exploration Period Minimum Work Program, the Minimum Program Increase and shall include the Risk Management SystemProgram. The CNH will grant or deny its approval of the proposed Exploration Plan within a period not to exceed one hundred and twenty (120) Days following the receipt of the necessary information pursuant to the terms of the Applicable Laws. In the event that the CNH does not issue a decision during the provided periodperiod provided, it will be deemed to have made a favorable decision. Without prejudice of its ability to approve the Exploration Plan within the period indicated in this Article 4.1, the CNH may issue observations regarding such Exploration Plan, when it: (i) has was not been drafted as provided by the Industry Best Practices regarding the evaluation of the Hydrocarbons potential, including environmental, industrial security and health in work standards, or (ii) does not foresee the addition of Reserves nor the delimitation of the corresponding Exploration area within the Contract Area. The Contractor must provide the operative solutions and the corresponding correspondent adjustments to the Exploration Plan with respect in response to the observations made by the CNH. The CNH and the Contractor may hold hearings Hearings or attendances may be held in order to resolve in good faith any technical difference that may exist regarding to the observations of the Exploration Plan, in accordance with the Industry Best Practices and the Applicable Laws.

Exploration Plan. Within one hundred and eighty twenty (180120) Days following the Effective Date, the Contractor shall submit the Exploration Plan to the CNH for its approval. The Exploration Plan shall contemplate at least least, the performance of all of the activities provided for in the Exploration Period Minimum Work Program, the Minimum Program Increase and shall include the Risk Management SystemProgram. The CNH will grant or deny its approval of the proposed Exploration Plan within in a period that will not to exceed one hundred and twenty (120) Days following the receipt of the necessary information pursuant to the terms of the Applicable Laws. In the event that the CNH does not issue a decision during the provided periodperiod provided, it will be deemed to have made a favorable decision. Without prejudice of its ability to approve the Exploration Plan within the period indicated in this Article 4.1, the CNH may issue observations regarding such Exploration Plan, when it: (i) has was not been drafted as provided by the Industry Best Practices regarding the evaluation of the Hydrocarbons potential, including environmental, industrial security and health in work standards, or (ii) does not foresee the addition of Reserves nor the delimitation of the corresponding Exploration area within the Contract Area. The Contractor must provide the operative solutions and the corresponding Contract No. CNH-R01-L01-A7/2015 correspondent adjustments to the Exploration Plan with respect in response to the observations made by the CNH. The CNH and the Contractor may hold hearings Hearings or attendances may be held in order to resolve in good faith any technical difference that may exist regarding to the observations of the Exploration Plan, in accordance with the Industry Best Practices and the Applicable Laws.

Exploration Plan. Within one hundred and eighty (180) Days following the Effective Date, the Contractor shall submit the Exploration Plan to the CNH for its approval. The Exploration Plan shall contemplate at least the performance of all of the activities provided for the Exploration Period and shall include the Management System. The CNH will grant or deny its approval of the proposed Exploration Plan within a period not to exceed one hundred and twenty (120) Days following the receipt of the necessary information pursuant to the Applicable Laws. In the event that the CNH does not issue a decision during the provided period, it will be deemed to have made a favorable decision. Without prejudice of its ability to approve the Exploration Plan within the period indicated in this Article 4.1, the CNH may issue observations regarding such Exploration Plan, when it: (i) has not been drafted as provided by the Industry Best Practices regarding the evaluation of the Hydrocarbons potential, including environmental, industrial security and health in work standards, or (ii) does not foresee the addition of Reserves nor the delimitation of the corresponding Exploration area within the Contract Area. The Contractor must provide the operative solutions and the corresponding correspondent adjustments to the Exploration Plan with respect in response to the observations made by the CNH. The CNH and the Contractor may hold hearings or attendances in order to resolve in good faith any technical difference that may exist regarding to the observations of the Exploration Plan, in accordance with the Industry Best Practices and the Applicable Laws.