Common use of Extension of the Licence for Storage Clause in Contracts

Extension of the Licence for Storage. In the event a Potential Storage Site is identified, and unless otherwise decided by the Operating Committee, and with due regard for the need to obtain the approval of the Parties in sufficient time before the expiry of the exploration period (or any extension thereof), the Operator shall submit to the Operating Committee a proposed application for the extension of the Licence for the purpose of storage. The proposal shall be accompanied by a report on the Storage Site concerned, which in accordance with the requirements of the Danish Energy Agency describes the geological, technical and economic characteristics upon which the appraisal of the storage site is based. As soon as possible after the approval by the Operating Committee of the application and the report, the Operator shall submit them to the Danish Energy Agency. If the Operating Committee decides that an application for extension shall not be submitted, the Operator shall submit to the Danish Energy Agency a report on the storage site which has been approved by the Operating Committee. If the necessary majority required by Section 5.7.2 for the submission of an application for extension covering one or more storage sites is not achieved, and the failure to submit an application at the time in question will result in the expiry of the Licence, the Parties wishing to do so may submit an application for an extension of the Licence covering the storage site, to be effective as of the expiry of the exploration period. The Parties not participating in such an application shall cease to be Parties to said extension of the Licence. The Parties not wishing to join in such an application shall take no action which would unreasonably prejudice such an application.

Extension of the Licence for Storage. In the event a Potential Storage Site is identified, and unless otherwise decided by the Operating Operat- ing Committee, and with due regard for the need to obtain the approval of the Parties in sufficient suffi- cient time before the expiry of the exploration investigation period (or any extension thereof), the Operator Opera- tor shall submit to the Operating Committee a proposed application for the extension of the Licence for the purpose of storage. The proposal shall be accompanied by a report on the Storage Stor- age Site concerned, which in accordance with the requirements of the Danish Energy Agency describes the geological, technical and economic characteristics upon which the appraisal of the storage site is based. As soon as possible after the approval by the Operating Committee of the application and the report, the Operator shall submit them to the Danish Energy Agency. If the Operating Committee decides that an application for extension shall not be submitted, the Operator shall submit to the Danish Energy Agency a report on the storage site which has been approved by the Operating Committee. If the necessary majority required by Section 5.7.2 4.7.2 for the submission of an application for extension covering one or more storage sites is not achieved, and the failure to submit an application at the time in question will result in the expiry expi- ry of the Licence, the Parties wishing to do so may submit an application for an extension of the Licence covering the storage site, to be effective as of the expiry of the exploration periodinvestigation peri- od. The Parties not participating in such an application shall cease to be Parties to said extension exten- sion of the Licence. The Parties not wishing to join in such an application shall take no action which would unreasonably prejudice such an application.