EXPLORATION WORK COMMITMENTS. 4.1. The Contractor shall begin the geological and geophysical work provided for in article 4.2 below, within three (3) months from the Effective Date.
4.2. During the first exploration period defined in article 3.1, the Contractor shall perform at least the following work in the Delimited Region: • Acquisition, processing and interpretation of new 3D seismic covering a minimum of three thousand one hundred km² (3,100 km²).
4.3. During the second exploration period defined in article 3.2, the Contractor shall perform at least the following work in the Delimited Region: • Geological, geophysical (G&G) and engineering studies; • One (1) exploration well, firm.
4.4. During the third exploration period defined in article 3.3., the Contractor shall perform at least the following work in the Delimited Region: • Geological, geophysical (G&G) and engineering studies;
(1) exploration well, firm.
4.5. Each of the exploration xxxxx provided for in articles 4.3 and 4.4 shall reach the lesser of either: - at least one hundred (100) meters into the Albian; or - at least two-thousand five hundred metres (2,500), minimum depth, below the mud-line In all cases, the exploration well can be stopped at a lesser depth if:
a) the base is at a depth that is less than the minimum contractual depth;
b) drilling the well presents an obvious danger;
c) rocky formations are found, the hardness of which does not allow, in practice, the well to be drilled, or
d) petroleum formations are found that, in order to be crossed, require casings to be installed for their protection, that do not allow for the minimum contractual depth to be reached. If any of the reasons listed above exists, the exploration well shall be considered to have been drilled to the minimum contractual depth. Notwithstanding any provision to the contrary in this Agreement, for the purposes of this article 4, exploratory drilling shall be any drilling executed in the Delimited Region outside any Appraisal Perimeter or any Production Perimeter existing on the date on which the drilling operations begin. The wellbores drilled within the context of an exclusive appraisal permit shall not be considered as exploration xxxxx and shall be governed by the provisions of article 11.
4.6. In order to perform the exploration work defined in articles 4.2 to 4.4 under the Best Industry Practice, the Contractor agrees to invest at least the following amounts:
a) Seven million Dollars (US $7,000,000) during the first exploration perio...
EXPLORATION WORK COMMITMENTS. 4.1 During the first exploration phase defined in Article 3.1, the Contractor shall carry out the following Exploration work commitment together with such additional work as the Contractor may elect: licensing from TGS Geophysical Company a minimum of 3,500 square kilometers of the existing 2-D seismic survey data for the Xxxxxx Basin, obtaining 3-D seismic survey data for at least 50% (in square kilometers) of the Contract Area (which survey shall have technical parameters – e.g., streamer length, source interval, sample interval, cable depth and processing requirements – reasonably satisfactory to Authority), evaluation of all available data with respect to the Contract Area (including such reprocessing and additional seismic work as the Contractor may elect), and drilling at least one exploratory well. Insofar TGS has acquired 3-D seismic data (sunfish) for the Contract Area, the Contractor will be required to license such data. The minimum expenditure commitment for this exploration phase is Twenty Million (US$20,000,000.00) in excess of the cost of acquisition of the existing 2-D and 3-D data.
4.2 During the second exploration phase defined in Article 3.2, the Contractor shall carry out the following Exploration work commitment together with such additional work as the Contractor may elect: drill at least one exploratory well. The minimum expenditure commitment for this exploration phase is Twenty million Dollars (US$20,000,000.00).
4.3 During the third exploration phase defined in Article 3.3, the Contractor shall carry out the following Exploration work commitment together with such additional work as the Contractor may elect: drill at least one exploratory well. The minimum expenditure commitment for this exploration phase is Twenty million Dollars (US$20,000,000.00).
4.4 Each of the exploratory xxxxx mentioned above shall be drilled to a minimum depth of two thousand (2,000) meters, after deduction of the water depth, or to a lesser depth if the continuation of drilling performed in accordance with Good International Petroleum Industry Practice is prevented for any of the following reasons:
(a) basement is encountered at a lesser depth than the minimum contractual depth;
(b) continuation of drilling presents an obvious danger due to the existence of abnormal formation pressure;
(c) rock formations are encountered the hardness of which prevents, in practice, the continuation of drilling by the use of appropriate equipment; or
(d) Petroleum formatio...
EXPLORATION WORK COMMITMENTS. 4.1 The Contractor shall commence the geological and seismic work within three months from the Effective Date.
4.2 The Contractor, during the first exploration period defined in Article 3.1, shall carry out a minimum work programme at a cost of no less than __ _ million Dollars which includes a 3D Seismic Survey of _ square km and the drilling of _ exploration well.
4.3 The Contractor, during the second exploration period defined in Article 3.1, shall carry out a minimum work programme at a cost of no less than __ million Dollars including a commitment to drill _ exploration well (s) .
4.4 The Contractor, during the third exploration period defined in Article 3.1, shall carry out a minimum work programme at a cost no less than _ _ million Dollars including a commitment to drill exploration well (s).
4.5 Each of the exploratory xxxxx shall be drilled to a minimum depth of
(a) The basement is encountered at a lesser depth than the minimum contractual depth;
(b) Continuation of drilling presents an obvious danger due to the existence of abnormal formation pressure;
(c) Rock formations are encountered the hardness of which prevents, in practice, the continuation of drilling by the use of appropriate equipment;
(d) Petroleum formations are encountered the crossing of which requires, for their protection, the laying of casing preventing the minimum contractual depth from being reached. In the event that any of the above reasons occurs, the exploratory well shall be deemed to have been drilled to the minimum contractual depth. Notwithstanding any provision in this Article to the contrary, NOCAL and the Contractor may, at any time, agree to abandon the drilling of a well at a lesser depth than the minimum contractual depth. In order to carry out the exploration drilling defined in Article 4.3 and 4.4 in the best technical conditions in accordance with good international petroleum industry practice, the Contractor undertakes to make the expenditure required to meet the objectives of the well work programme which will include drilling and as appropriate, testing.
4.6 If during the exploration period the Contractor has performed its work commitments for an amount lesser than the amount specified above, it shall be deemed to have fulfilled its investment obligations relating to that period. Conversely, the Contractor shall perform the entirety of its work commitments set forth in respect of an exploration period even if it results in exceeding the amount specified abo...
EXPLORATION WORK COMMITMENTS. 4.1 During the first exploration phase defined in Article 3.1, the Contractor shall carry out the following Exploration work commitment together with such additional work as the Contractor may elect:
4.2 During the second exploration phase defined in Article 3.2, the Contractor shall drill at least one exploratory well. The minimum expenditure commitment for this exploration phase is [fifty] million Dollars (US$[50],000,000.00).
4.3 During the third exploration phase defined in Article 3.3, the Contractor shall drill at least one exploratory well. The minimum expenditure commitment for this exploration phase is [fifty] million Dollars (US$[50],000,000.00).
4.4 Each of the exploratory xxxxx mentioned above shall be drilled to a minimum depth of two thousand (2,000) meters, after deduction of the water depth, or to a lesser depth if the continuation of drilling performed in accordance with Good International Petroleum Industry Practice is prevented for any of the following reasons:
(a) basement is encountered at a lesser depth than the minimum contractual depth;
(b) continuation of drilling presents an obvious danger due to the existence of abnormal formation pressure;
(c) rock formations are encountered the hardness of which prevents, in practice, the continuation of drilling by the use of appropriate equipment; or
(d) Petroleum formations are encountered the crossing of which requires, for their protection, the laying of casings preventing the minimum contractual depth from being reached. Notwithstanding any provision in this Article 4 to the contrary, the Authority and the Contractor may, at any time, for good cause shown agree to abandon the drilling of a well at a lesser depth than the minimum contractual depth.
4.5 If the number of exploratory xxxxx drilled by the Contractor during any exploration phase exceeds the number of xxxxx provided for in the minimum work commitment for that phase, as specified in this Article 4, the number of additional exploratory xxxxx drilled during such exploration phase may be carried forward and treated as a credit towards the exploratory xxxxx contained in the minimum work commitment for the following exploration phase.
4.6 For purposes of Articles 4.1 to 4.5, appraisal xxxxx drilled under an appraisal work program with respect to a discovery shall not be considered as exploratory xxxxx.
4.7 The Contractor shall certify to the Authority within thirty (30) days after the end of an exploration phase (or the earlier termin...
