Common use of Extension Periods Clause in Contracts

Extension Periods. 2.2.1 Upon the fulfillment by the Contractor of its Exploration obligations set forth in Articles 3.1.1 and 3.1.2 with respect to the Initial Exploration Period, the Contractor may request up to two (2) extensions of the Initial Exploration Period. 2.2.2 For each Extension Period, the Contractor shall file a request with the Ministry at least two (2) months prior to the expiry of the Initial Exploration Period, or as the case may be, the First Extension Period. The Ministry shall not unreasonably withhold or delay the granting of such extension; provided that the Contractor has complied with all of its obligations in the Initial Exploration Period and the First Extension Period, as applicable, and shall not be otherwise in breach of this Contract. 2.2.3 Each request for an extension shall be accompanied by a map specifying the Contract Area proposed to be retained by the Contractor, along with a report specifying any work performed in the proposed relinquished area since the Effective Date and the results obtained therefrom. 2.2.4 If upon expiry of the Initial Exploration Period, or of any Extension Period, any Appraisal work program with respect to a Discovery is still under progress, the Contractor shall be entitled to an additional extension of the then current Exploration Period necessary to complete the work in progress. Furthermore, where Appraisal work has not yet been completed by the Contractor at the time at which a relinquishment contemplated by Article 2.4 is due, the requirement to relinquish shall be suspended until such time that the Contractor completes the said Appraisal work, commerciality is determined and, if applicable, the related establishment of a Field is approved or denied. Any additional extension granted under this Article

Extension Periods. 2.2.1 Upon the fulfillment by the Contractor of its Exploration obligations set forth in Articles 3.1.1 ‎3.1.1 and 3.1.2 ‎3.1.2 with respect to the Initial Exploration Period, the Contractor may request up to two (2) extensions of one (1) year each of the Initial Exploration Period. 2.2.2 For each Extension Period, the Contractor shall file a request with the Ministry at least two (2) months prior to the expiry of the Initial Exploration Period, or as the case may be, the First Extension Period. The Ministry shall not unreasonably withhold or delay the granting of such extensionExtension Period; provided that the Contractor has complied with all of its obligations in the Initial Exploration Period and the First Extension Period, as applicable, and shall not be otherwise in breach of this Contract. 2.2.3 Each request for an extension Extension Period shall be accompanied by a map specifying the Contract Area proposed to be retained by the Contractor, along with a report specifying any work performed in the proposed relinquished area since the Effective Date and the results obtained therefrom. 2.2.4 If upon expiry of the Initial Exploration Period, or of any Extension Period, any Appraisal work program with respect to a Discovery is still under progress or an Exploration Well is still under progress, the Contractor shall be entitled to an additional extension of the then current Exploration Period necessary to complete the work in progress. Furthermore, where Appraisal work has not yet been completed by the Contractor at the time at which a relinquishment contemplated by Article 2.4 ‎2.4 is due, the requirement to relinquish shall be suspended until such time that the Contractor completes the said Appraisal work, commerciality is determined and, if applicable, the related establishment of a Field is approved or denied. Any additional extension granted under this ArticleArticle ‎2.2.4 shall not exceed one (1) Contract Year, or such longer period as may be approved by the Ministry, plus the period of time established under ‎Article 5 necessary for the evaluation of a marketing plan, the preparation of a Development and Production Plan and the Ministry’s response. 2.2.5 In the event additional time is needed to complete said Appraisal work as set out in Article ‎2.2.4, the Contractor shall file a request for an extension with the Ministry at least two (2) months prior to the expiry of the current Initial Exploration Period or Extension Period, as applicable. In the event additional time is needed to complete an Exploration Well still under progress, the current Initial Exploration Period or Extension Period, as applicable, upon notification to the Ministry, will be extended automatically for such time necessary to complete said Exploration Well and an additional thirty (30) days to allow for the time to deliver the notice of Discovery as required in Article ‎5.1.

Extension Periods. 2.2.1 Upon the fulfillment by the Contractor of its Exploration obligations set forth in Articles 3.1.1 ‎3.1.1 and 3.1.2 ‎3.1.2 with respect to the Initial Exploration Period, the Contractor may request up to two (2) extensions of one (1) year each of the Initial Exploration Period. 2.2.2 For each Extension Period, the Contractor shall file a request with the Ministry at least two (2) months prior to the expiry of the Initial Exploration Period, or as the case may be, the First Extension Period. The Ministry shall not unreasonably withhold or delay the granting of such extensionExtension Period; provided that the Contractor has complied with all of its obligations in the Initial Exploration Period and the First Extension Period, as applicable, and shall not be otherwise in breach of this Contract. 2.2.3 Each request for an extension Extension Period shall be accompanied by a map specifying the Contract Area proposed to be retained by the Contractor, along with a report specifying any work performed in the proposed relinquished area since the Effective Date and the results obtained therefrom. 2.2.4 If upon expiry of the Initial Exploration Period, or of any Extension Period, any Appraisal work program with respect to a Discovery is still under progress or an Exploration Well is still under progress, the Contractor shall be entitled to an additional extension of the then current Exploration Period necessary to complete the work in progress. Furthermore, where Appraisal work has not yet been completed by the Contractor at the time at which a relinquishment contemplated by Article 2.4 ‎2.4 is due, the requirement to relinquish shall be suspended until such time that the Contractor completes the said Appraisal work, commerciality is determined and, if applicable, the related establishment of a Field is approved or denied. Any additional extension granted under this ArticleArticle ‎2.2.4 shall not exceed one ( I) Contract Year, or such longer period as may be approved by the Ministry, plus the period of time established under Article ‎5 necessary for the evaluation of a marketing plan, the preparation of a Development and Production Plan and the Ministry’s response. 2.2.5 In the event additional time is needed to complete said Appraisal work as set out in Article ‎2.2.4, the Contractor shall file a request for an extension with the Ministry at least two (2) months prior to the expiry of the current Initial Exploration Period or Extension Period, as applicable. In the event additional time is needed to complete an Exploration Well still under progress, the current Initial Exploration Period or Extension Period, as applicable, upon notification to the Ministry, will be extended automatically for such time necessary to complete said Exploration Well and an additional thirty (30) days to allow for the time to deliver the notice of Discovery as required in Article ‎5.1.

Extension Periods. 2.2.1 Upon the fulfillment by the Contractor of its Exploration obligations set forth in Articles 3.1.1 and 3.1.2 with respect to the Initial Exploration Period, the Contractor may request up to two (2) extensions of the Initial Exploration Period. 2.2.2 For each Extension Period, the Contractor shall file a request with the Ministry at least two (2) months prior to the expiry of the Initial Exploration Period, or as the case may be, the First Extension Period. The Ministry shall not unreasonably withhold or delay the granting of such extension; provided that the Contractor has complied with all of its obligations in the Initial Exploration Period and the First Extension Period, as applicable, and shall not be otherwise in breach of this Contract. 2.2.3 Each request for an extension shall be accompanied by a map specifying the Contract Area proposed to be retained by the Contractor, along with a report specifying any work performed in the proposed relinquished area since the Effective Date and the results obtained therefrom. 2.2.4 If upon expiry of the Initial Exploration Period, or of any Extension Period, any Appraisal work program with respect to a Discovery is still under progress, the Contractor shall be entitled to an additional extension of the then current Exploration Period necessary to complete the work in progress. Furthermore, where Appraisal work has not yet been completed by the Contractor at the time at which a relinquishment contemplated by Article 2.4 is due, the requirement to relinquish shall be suspended until such time that the Contractor completes the said Appraisal work, commerciality is determined and, if applicable, the related establishment of a Field is approved or denied. Any additional extension granted under this ArticleArticle 2.2.4 shall not exceed one (1) Contract Year, or such longer period as may be approved by the Ministry, plus the period of time established under Article 5 necessary for the evaluation of a marketing plan, the preparation of a Development and Production Plan and the Ministry's response. 2.2.5 In such event, the Contractor shall file a request for an extension with the Ministry at least two (2) months prior to the expiry of the current Initial Exploration Period or Extension Period, as applicable.

Extension Periods. 2.2.1 Upon the fulfillment by the Contractor of its Exploration obligations set forth in Articles 3.1.1 and 3.1.2 with respect to the Initial Exploration Period, the The Contractor may request ask for up to two (2) extensions extensions: the first is an extension of one (1) year to the Initial First Exploration Sub-Period, that is, the First Extension Period, and the second is an extension of one (1) year to the Second Exploration Sub-Period, that is, the Second Extension Period. 2.2.2 For each Extension Period, the Contractor shall file will present a request with to the Ministry at least two (2) months prior to before the expiry expiration of the Initial First Exploration Sub-Period, or as the case may be, the First Extension Second Exploration Sub-Period. The Ministry shall will not unreasonably withhold deny or delay the granting of such this extension; , provided that the Contractor has complied with all of its obligations in the Initial First Exploration Sub-Period, the First Extension Period and the First Extension Second Exploration Sub-Period, as applicablethe case may be, and shall not be otherwise is in breach of no way noncompliant with this Contract. 2.2.3 Each A map will be attached to each request for an extension shall be accompanied by a map specifying extension, if appropriate, delineating the Contract Area proposed the Contractor proposes to be retained by the Contractorretain, along with as well as a report specifying any that specifies the work performed realized in the areas proposed relinquished area for relinquishment since the Effective Date Date, and the results obtained therefromfrom them. 2.2.4 If upon expiry on the expiration of the Initial Exploration Period, Period or of any Extension Period, any an Appraisal work program with respect to a Discovery is still under progressway, the Contractor shall will be entitled to the grant of an additional extension of the then current Exploration Period exploration period necessary to complete the work in progress. FurthermoreAdditionally, where if Appraisal work has not yet been completed by the Contractor at the time at which a relinquishment contemplated by Article 2.4 is comes due, as stipulated in Article 2.4, the requirement obligation to relinquish shall will be suspended until such time that the Contractor completes has completed the said Appraisal work, the commerciality is determined anddecided, and if applicable, the related establishment of a Field is has been approved or denied. Any additional extension granted in accordance with this Article will not exceed one (1) Contract Year or a longer period that may be approved by the Ministry, plus the necessary period of time established under this ArticleArticle 5 for the evaluation of a Development and Production Plan and the Ministry's response. 2.2.5 In the previous case, the Contractor will ask the Ministry for an additional extension at least two (2) months before expiration of the Initial Exploration Period or the Extension Period in force at the time, as applicable.

Extension Periods. 2.2.1 Upon the fulfillment by the Contractor of its Exploration obligations set forth in Articles 3.1.1 and 3.1.2 with respect to the Initial Exploration Period, the The Contractor may request ask for up to two (2) extensions extensions: the first is an extension of one (1) year to the Initial Exploration First Sub-Period, and the second is an extension of one (1) year to the Second Sub-Period, . 2.2.2 For each Extension Period, the Contractor shall file will present a request with to the Ministry at least two (2) months prior to before the expiry expiration of the Initial Exploration First Sub-Period, or as the case may be, the First Extension Second Sub-Period. The Ministry shall will not unreasonably withhold deny or delay the granting of such this extension; , provided that the Contractor has complied with all of its obligations in the Initial Exploration Period and the First Extension Period, as applicablethe case may be, and shall not be otherwise is in breach of no way noncompliant with this Contract. 2.2.3 Each A map will be attached to each request for an extension shall be accompanied by a map specifying extension, delineating the Contract Area proposed the Contractor proposes to be retained by the Contractorretain, along with as well as a report specifying any that specifies the work performed realized in the areas proposed relinquished area for relinquishment since the Effective Date Date, and the results obtained therefromfrom them. 2.2.4 If upon expiry on the expiration of the Initial Exploration Period, Period or of any Extension Period, any Appraisal an Evaluation work program with respect to a Discovery is still under progressway, the Contractor shall will be entitled to the grant of an additional extension of the then current Exploration Period necessary to complete the work in progress. FurthermoreAdditionally, where Appraisal if Evaluation work has not yet been completed by the Contractor at the time at which a relinquishment contemplated by Article 2.4 is comes due, as stipulated in Article 2.4, the requirement obligation to relinquish shall will be suspended until such time that the Contractor completes has completed the said Appraisal work, the commerciality is determined anddecided, and if applicable, the related establishment of a Field is has been approved or denied. Any additional extension granted in accordance with this Article will not exceed one (1) Contract Year or a longer period that may be approved by the Ministry, plus the necessary period of time established under this ArticleArticle 5 for the evaluation of a Development and Production Plan and the Ministry's response. 2.2.5 In the previous case, the Contractor will ask the Ministry for an additional extension at least two (2) months before expiration of the Initial Exploration Period or the Extension Period in force at the time, as applicable.