Common use of Extension of the Exploitation Period Clause in Contracts

Extension of the Exploitation Period. THE AXX shall extend the Exploitation Period up to the economic limit of the Commercial Field, at the option of THE CONTRACTOR, as long as the following conditions are met: a) That THE CONTRACTOR submit the extension request in writing to THE AXX no more than (4) Years but no less than one (1) Year in advance with respect to the expiry date of the Exploitation Period of the respective Exploitation Area. b) That the Exploitation Area continue to produce Hydrocarbons regularly on the date of the request. c) That THE CONTRACTOR demonstrate that during the four (4) Calendar Years preceding the date of the request it has carried out a drilling program including at least one Well for each Calendar Year and/or that it has kept an active pressure maintenance project, or a secondary, tertiary or enhanced recovery project.

Extension of the Exploitation Period. THE AXX XXX shall extend the Period of Exploitation Period up to the economic limit of the Commercial Field, at the option of THE CONTRACTOR’S election, as long as provided the following conditions are met: a) That THE CONTRACTOR submit requests the extension request in writing to THE AXX the XXX on no more than four (4) Years years’ notice, but no less than one (1) Year in advance with respect to year’s regarding the expiry date of termination of the Exploitation Period of the respective Exploitation Areacorresponding Area of Exploitation. b) That the Area of Exploitation Area continue to produce be producing Hydrocarbons regularly on the date of the request. c) That THE CONTRACTOR demonstrate that shows that, during the four (4) Calendar Years preceding prior to the date of the request it request, he has carried out performed a drilling program including that includes at least a well per calendar year, and / or that he has had one Well for each Calendar Year and/or that it has kept an active pressure maintenance project, or a secondary, secondary or tertiary or enhanced improved recovery project.