Extension of the Production Period Sample Clauses

Extension of the Production Period. At THE CONTRACTOR’s choice, XXX will extend the Production Period for successive periods of up to ten (10) years and up to the economic limit of the Commercial Field, provided that the following conditions are met for each period: a) That THE CONTRACTOR submits a written request to XXX not more than 4 Years in advance and no less than one (1) Year prior to the expiry of the Production Period for the corresponding Production Area; b) That the Production Area is producing Hydrocarbons regularly in the five (5) years prior to the date of the request. c) That THE CONTRACTOR proves that during the four (4) Calendar Years prior to the date of the request, it has conducted a drilling program that includes at least one (1) well per Calendar Year and has had an active project for pressure maintenance or secondary, tertiary or enhanced recovery; and, d) That during the extensions, THE CONTRACTOR provides XXX at the point of delivery, an additional ten percent (10%) of the Heavy Liquid Hydrocarbons or five per cent (5%) of the non associated gas production or Heavy Liquid Hydrocarbons, after royalties and other participations, and pursuant to the terms of Clause 42 herein.
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Extension of the Production Period. At THE CONTRACTOR’s choice, XXX will extend the Production Period for successive periods of up to ten (10) years and up to the economic limit of the Commercial Field, provided that the following conditions are met for each period: a) That THE CONTRACTOR submits a written request to XXX not more than 4 Years in advance and no less than one (1) Year prior to the expiry of the Production Period for the corresponding Production Area; b) That the Production Area is producing Hydrocarbons regularly in the five (5) years prior to the date of the request. c) That THE CONTRACTOR proves that during the four (4) Calendar Years prior to the date of the request, it has conducted a drilling program that includes at least one (1) well per Calendar Year and has had an active project for pressure maintenance or secondary, tertiary or enhanced recovery; and, d) That during the extensions, THE CONTRACTOR provides XXX at the point of delivery, an additional ten percent (10%) of the Heavy Liquid Hydrocarbons or five per cent (5%) of the non associated gas production or Heavy Liquid Hydrocarbons, after royalties and other participations, and pursuant to the terms of Clause 42 herein. Paragraph: If THE CONTRACTOR does not fully meet the scope of the condition required in the preceding item c), XXX may or may not grant the extension having previously analyzed the justifications submitted by THE CONTRACTOR. It is understood that denial by XXX will not give rise to a disagreement and will not be subject to the procedure established in Chapter XII below. In any event, the extension of the Production Period will be formalized by the execution of an Amendment to this Agreement.
Sample 1
Extension of the Production Period. At the Contractor's request, the XXX is entitled to extend the Production Period for successive periods not exceeding ten (10) Years, and up to the Field Economic Limit. However, in order to undertake the study of extension requests, each one must accredit the effective fulfillment of the following concurrent conditions: 5.2.1. That the Contractor submits the respective request in writing, in advance not exceeding four (4) Years, but not less than one (1) Year, with respect to the initial expiration date of the Production Period of the respective Producing Allocated Area. 5.2.2. That the area in question has been producing hydrocarbons continuously for two (2) years before the date of the respective request. 5.2.3. That the Contractor demonstrates conclusively to the Agency that during the four (4) Years prior to the date of the request, it has effectively and satisfactorily executed: (i) one (1) pressure maintenance or secondary, tertiary or improved recovery project, and (ii) one (1) drilling program, including at least two (2) Development Xxxxx per Year, in the case of Hydrocarbon Reservoirs in Traps. 5.2.4. That during the extension(s), at least an additional ten per cent (10%) of the Liquid Hydrocarbon Production, or five per cent (5%) also additional of Non-Associated Gas or Heavy or Extra-Heavy Liquid Hydrocarbon Production be made available to the XXX at the Delivery Point, in both cases after Royalties and other Economic Rights, pursuant to the terms of Clause 27, Section 27.4
Sample 1
Extension of the Production Period. At THE CONTRACTOR’s election, the XXX shall ex- tend the Production Period for successive periods of up to ten (10) years, and up to the economic limit of the Commercial Field, provided the follow- ing conditions are met for each period: a) THE CONTRACTOR submits a written extension request to the XXX no more than four (4) years in advance but not less than one (1) year with respect to the expiration date of the Production Period of the respective Production Area. b) The Production Area is producing Hydro- carbons on a regular basis during the five
Sample 1

Related to Extension of the Production Period

  • Extension of the Term At least two months prior to the third anniversary of the Effective Date, the Parties will evaluate the effectiveness of this Agreement and decide whether to extend the Term.

  • Development Period The Contractor may commence pre-construction activities like utility shifting, boundary wall construction or any other activity assigned to the Contractor by the Authority to enable construction of the Project Highway immediately after signing of the Agreement, to the extent that such work is ready for execution. The Parties agree that these works may be taken up and completed to the extent feasible by the Contractor, before declaration of the Appointed Date, but no claim against the Authority for delay shall survive during this period and that the undertaking of these works by the Contractor shall not count towards the Scheduled Construction Period of the project which starts counting only from the Appointed Date. No construction activity of the Project Highway shall be undertaken during the development period.

  • Construction Period During the construction period, Redeveloper agrees to keep the construction area, including completed operations insured against loss or damage by fire, and such other risks, casualties, and hazards as are customarily covered by builders’ risk or extended coverage policies in an amount not less than the replacement value but allowing for reasonable coinsurance clauses and deductibles. In the event of any insured damage or destruction, Redeveloper agrees to use its good faith efforts to commence restoration of the Private Improvements to its prior condition within nine (9) months from the date of the damage or destruction, and shall diligently pursue the same to completion.

  • Contract Year A twelve (12) month period during the term of the Agreement commencing on the Effective Date and each anniversary thereof.

  • Extension of Term (a) The Term of the Lease is hereby extended for the Extension Period. From and after the date hereof, the “Expiration Date” shall mean June 30, 2020, and, unless the Lease is earlier terminated in accordance with its terms, the Initial Term shall expire on, June 30, 2020. (b) Section 1.2(a) of the Lease is hereby deleted in its entirety and replaced with the following: (a) Provided (i) Tenant is then occupying at least seventy percent (70%) of the Premises, and (ii) no Event of Default nor an event which, with the passage of time and/or the giving of notice would constitute an Event of Default has occurred (1) as of the date of the Extension Notice (hereinafter defined), and (2) at the commencement of the Extension Term (hereinafter defined), Tenant shall have the option to extend the Term for one (1) additional term of three (3) years (the “Extension Term”), commencing as of the expiration of the Extension Period (as defined in the First Amendment to Lease). Tenant must exercise such option to extend, if at all, by giving Landlord written notice (the “Extension Notice”) on or before June 30, 2019, time being of the essence. Upon the timely giving of such notice, the Term shall be deemed extended upon all of the terms and conditions of this Lease, except that Base Rent during the Extension Term shall be calculated in accordance with this Section 1.2 and Landlord shall have no obligation to construct or renovate the Premises and Tenant shall have no further right to extend the Term. If Tenant fails to give timely notice, as aforesaid, Tenant shall have no further right to extend the Term. Notwithstanding the fact that Tenant’s proper and timely exercise of such option to extend the Term shall be self executing, the parties shall promptly execute a lease amendment reflecting such Extension Term after Tenant exercises such option. The execution of such lease amendment shall not be deemed to waive any of the conditions to Tenant’s exercise of its rights under this Section 1.2.

  • Project Period The Project Period ("Project Period") is the time during which the Applicant will be conducting the Project. Unless this Investment Agreement is terminated earlier under Article 7 Termination, the Project Period commences on the Project Start Date and ends on the Project Completion Date.

  • Extension Term The options to extend the Term of this Lease as described above shall not be deemed exercised by Tenant unless at least twenty-four (24) months prior to the Lease Expiration Date for the Primary Term or at least twenty-four (24) months prior to the expiration of the Extension Term for the first (1st) Extension Term, Tenant shall have delivered written notice to Landlord of Tenant's irrevocable election to so extend this Lease at the end of the Primary Term or the first (1st) Extension Term, as applicable. Tenant's failure to deliver one (1) such timely notice to Landlord shall terminate all future Extension Terms, if any, following the Extension Term to which such notice specifically relates. Subject to the provisions of paragraph 5 of this Lease, the terms and conditions of this Lease shall apply to each Extension Term with the same force and effect as if such Extension Term had originally been included in the Primary Term of the Lease. The right of Tenant to exercise its rights with respect to the Extension Terms shall be conditioned upon this Lease being in full force and effect and no Event of Default then existing as of the Lease Expiration Date (for the first (1st) Extension Term), or expiration of the first (1st) Extension Term (for the second (2nd) Extension Term). The Primary Term, together with any Extension Term with respect to which Tenant properly exercises its option, and for which the conditions related thereto are satisfied, shall constitute the "TERM" of this Lease.

  • Extension of Initial Contract Period 31.1 Subject to clause 13 (Price Adjustment on Extension of the Initial Contract Period), the Authority may, by giving written notice to the Contractor not less than three (3) Month(s) prior to the last day of the Initial Contract Period, extend the Contract for such further period as may be specified in the notice. The provisions of the Contract will apply (subject to any Variation or adjustment to the Contract Price pursuant to clause 13) throughout any such extended period.

  • Evaluation Period Until 5:00 p.m. Eastern time on August 16, 2002 (the "Evaluation Period"), Purchaser and its authorized agents and representatives (for purposes of this Article V, the "Licensee Parties") shall have the right, subject to the right of any Tenants, to enter upon the Real Property at all reasonable times during normal business hours to perform an inspection of the Real Property, the Improvements and the Personal Property. Purchaser will provide to Seller notice (for purposes of this Section 5.1(a), an "Entry Notice") of the intention of Purchaser or the other Licensee Parties to enter the Real Property at least 24 hours prior to such intended entry and specify the intended purpose therefor and the inspections and examinations contemplated to be made and with whom any Licensee Party will communicate. At Seller's option, Seller may be present for any such entry and inspection. Purchaser shall not communicate with or contact any of the Tenants or any of the Authorities without the prior written consent of Seller, which consent shall not be unreasonably withheld or delayed. If Purchaser shall elect to communicate with any of the Authorities and Seller consents thereto, Purchaser shall give Seller prior notice thereof, and Seller and Seller's representatives shall have the right, but not the obligation, to attend, and participate in, all such meetings. Notwithstanding anything to the contrary contained herein, no so-called Phase II environmental physical testing or sampling shall be conducted during any such entry by Purchaser or any Licensee Party upon the Real Property without Seller's specific prior written consent, which consent shall not be unreasonably withheld or unduly delayed. TIME IS OF THE ESSENCE with respect to the provisions of this Section 5.1.

  • Production Phase contract period in which the Development and the Production are to be performed.

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