Extension of the Exploration Phase. The Exploration Phase may be extended at the Contracting Party’s discretion, based on ANP’s opinion. In consideration for the extension of the Exploration Phase provided for in paragraph 10.12, the development of exploration activities additional to the Minimum Exploration Program may be required from the Consortium Members. The Consortium Members shall propose, upon at least one hundred and twenty (120)-day notice from the end of the Exploration Phase, a revision of the Exploration Plan in which the exploration activities additional to the Minimum Exploration Program, required by ANP as consideration for the extension of the Exploration Phase, are explained and justified. ANP shall have a sixty (60)-day period to assess and express its opinion about the proposal presented by the Consortium Members. In case the revision of the Exploration Plan referred to in paragraph 10.12.2 is not approved, the Exploration Phase shall be completed without the requested extension. In case the proposed development of exploration activities additional to the Minimum Exploration Program is approved as consideration for the extension of the Exploration Phase, the Contractor shall provide the corresponding financial guarantees, as stipulated in Section Eleven. If, at the end of the Exploration Phase, the Consortium Members start drilling the last exploratory well of the Exploration Plan without having completed the Well Assessment, the Exploration Phase shall be extended until the Well Completion date, with an addition of sixty (60) days to submit any proposed Discovery Assessment Plan. The event provided for in paragraph 10.13 shall be informed by the Consortium Members to ANP by the end of the Exploration Phase. If the Consortium Members make a Discovery during the Exploration Phase when it is not possible to perform the Discovery Assessment before the end of this phase, the Exploration Phase may be extended for the term required to perform the Assessment and issue any Declaration of Commercial Feasibility according to a Discovery Assessment Plan approved by ANP. The extension referred to in paragraph 10.14 is limited exclusively to the area covered by the Discovery Assessment Plan approved by ANP. For the Exploration Phase to be extended, pursuant to paragraph 10.14, the time elapsed between the notification of Discovery referred to in paragraph 12.1 and submission by the Consortium Members of the proposed Discovery Assessment Plan to ANP may not exceed six (6) months, exce...
Extension of the Exploration Phase. 10.12. The Exploration Phase may be extended at the Contracting Party’s discretion, based on ANP’s opinion.
Extension of the Exploration Phase. 26 Contracted Parties’ Options after Completion of the Exploration Phase 27 Relinquishment of the Contract Area at the End of the Exploration Phase 27 11 SECTION ELEVEN – COMPENSATORY PENALTY FOR DEFAULT OF THE MINIMUM EXPLORATION PROGRAM 27 Compensatory Penalty for Default of the Minimum Exploration Program and Provision of Financial Guarantee 27 Types of Financial Guarantees 28 Adjustment of the Financial Guarantees 28 Effectiveness of Financial Guarantees 28 Reduction of the Amount Secured 29 Return of the Financial Guarantees 29 Enforcement of the Compensatory Penalty 29 12 SECTION TWELVE – DISCOVERY AND ASSESSMENT 30 Notification of Discovery 30 Assessment, Discovery Assessment Plan, and Final Discovery Assessment Report 30 Assessment of New Reservoir 31 Discovery Assessment through Extended Well Test 31 13 SECTION THIRTEEN – DECLARATION OF COMMERCIAL FEASIBILITY 31 Declaration of Commercial Feasibility 31 Postponement of the Declaration of Commercial Feasibility 32 CHAPTER IV – DEVELOPMENT AND PRODUCTION 33 14 SECTION FOURTEEN – PRODUCTION XXXXX 00 Start and Duration 33 Relinquishment of the Contract Area 33 15 SECTION FIFTEEN – DEVELOPMENT PLAN 34 Deadlines 34 Development Area 34 Approval and Implementation of the Development Plan 35 Reviews and Amendments 36 Buildings, Facilities, and Equipment 36 16 SECTION SIXTEEN – PRODUCTION START DATE AND ANNUAL PROGRAMS 36 Production Start Date 36 Annual Production Program 37 Approval of the Annual Production Program 37 Revision 37 Production Volume Variance 38 Temporary Interruption of Production 38 Annual Work and Budget Program of the Production Xxxxx 00 00 SECTION SEVENTEEN – MEASUREMENT AND AVAILABILITY OF THE PRODUCTION SHARING 38 Measurement 38 Sharing Point 39 Monthly Production Reports 39 Production Availability 39 Supply to the Domestic Market 39 Consumption in the Operations 40 Test Results 40 Oil and Gas Losses and burning of Natural Gas 40 18 SECTION EIGHTEEN – INDIVIDUALIZATION OF PRODUCTION 41 Individualization of Production 41 CHAPTER V – EXECUTION OF OPERATIONS AND JOINT OPERATIONS 42 19 SECTION NINETEEN – EXECUTION OF OPERATIONS BY THE CONSORTIUM MEMBERS 42 Indication of the Operator by the Contracted Parties 42 Diligence to Conduct Operations 42 Licenses, Authorizations, and Permits 43 Free Access to the Contract Area 43 Drilling and Abandonment of Xxxxx 44 Additional Work Programs 44 Data Acquisition outside the Contract Area 44 20 SECTION TWENTY – CONTROL OF THE OPERATIONS AND ASSISTANCE ...
Extension of the Exploration Phase. The Exploration Phase may be extended in the following cases: If at the end of the Exploration Phase the Consortium Members have initiated the drilling of a last exploratory well provided in the Exploration Plan without having completed the Evaluation of the Well, the Exploratory Phase will be extended until the date of completion of the well, with an increase of 60 (sixty) days for the submission of any proposal of Discovery Evaluation Plan. The possibility provided for in item (i) should be communicated by the Consortium Members to ANP until the end of the Exploration Phase. If the Consortium Members make a Discovery during the Exploration Phase in time such that it has not been possible to carry out the Discovery Evaluation before the end of this phase, the Exploration Phase may, at the discretion of ANP, be extended for the period necessary for the execution of evaluation phase and eventual Declaration of Commerciality according to Discovery Evaluation Plan approved by ANP. The extension provided in line (ii) is limited exclusively to the area covered by the Discovery Evaluation Plan. Approved by ANP. As a condition for the Exploration Phase to be extended in the form of line (ii) of paragraph 1.15, the time elapsed between the notification of Discovery provided in paragraph 3.1 and the presentation, by Consortium Members, of the Discovery Evaluation Plan proposal to ANP may not exceed 6 (six) months, unless there are exceptional cases previously authorized by the Contractor, after ANP is heard. Return of the Contract Area in the Exploration Phase Within a period of up to 60 (sixty) days after the end of the Exploration Phase, the Consortium Members must send ANP a report for the return of areas, prepared according to the applicable legislation. The delivery of the plan to return areas does not imply any kind of recognition or discharge by ANP, nor absolves the Consortium Members from the compliance with the Minimum Exploratory Program.
Extension of the Exploration Phase. 10.11. The Exploration Phase may be extended at ANP discretion.
Extension of the Exploration Phase. 26 Contracted Parties’ Options after Completion of the Exploration Phase 27
Extension of the Exploration Phase. 10.16 The Exploration Phase may be extended in the following cases:
