Common use of EXPLORATION WORK PROGRAMME Clause in Contracts

EXPLORATION WORK PROGRAMME. 3.1 THE PRESIDENT has prior to or simultaneously herewith granted to XYZ, ABC and GHPL (if applicable) a Licence in accordance with the Rules. 3.2 a) The License shall be for an initial term of five (5) years divided into two phases (each referred to as a "Phase-I" and "Phase-II"), the first having a duration of three Contract Years and the second having a duration of Two Contract Years. Subject to Working Interest Owners meeting the requirements relating to renewal set forth in the Rules, the licence may be renewed for two (2) further renewal periods not exceeding two years each, if the Working Interest Owners request for such a renewal in writing to THE PRESIDENT, in accordance with the Rules. Subject to the Working Interest Owners meeting the requirements of the Rules, the Licence may be renewed for the purpose of Appraisal of a Discovery and may be extended for drilling an Exploration Well in progress. The Licence will also remain valid until a decision is made on a pending application for the grant of a Lease in accordance with the Rules.

EXPLORATION WORK PROGRAMME. 3.1 THE PRESIDENT has prior to or simultaneously herewith granted to XYZ, ABC and GHPL (if applicable) a Licence in accordance with the Rules. 3.2 a) The License shall be for an initial term of five (5) years divided into two phases (each referred to as a "Phase-I" and "Phase-II"), the first having a duration of three Contract Years and the second having a duration of Two two Contract Years. Subject to Working Interest Owners Owner(s) meeting the requirements relating to renewal set forth in the Rules, the licence Licence may be renewed for two (2) further renewal periods not exceeding two years each, if the Working Interest Owners Owner(s) request for such a renewal in writing to THE PRESIDENT, in accordance with the Rules. Subject to the Working Interest Owners Owner(s) meeting the requirements of the Rules, the Licence may be renewed for the purpose of Appraisal of a Discovery and may be extended for drilling an Exploration Well in progress. The Licence will also remain valid until a decision is made on a pending application for the grant of a Lease in accordance with the Rules.