Common use of Final Relinquishment of Exploration Area Clause in Contracts

Final Relinquishment of Exploration Area. (a) At the end of the seventh (7th) Contract Year, the Contractor shall relinquish all of the Contract Area other than such part thereof as is a Development Area. (b) If, at the end of the seventh (7th) Contract Year, a Discovery has been made but there has been insufficient time for the Contractor (acting, and having acted, in accordance with this Agreement) to appraise it, the obligation of the Contractor under sub-Article 3.2 shall be postponed: (i) for such Sub-Blocks, and to such depths as the Designated Authority may determine to be reasonably necessary to encompass the Field, plus a reserve margin sufficient to cover the probable extent of the field; (ii) for such period as is reasonably necessary to permit the Contractor to appraise (or to complete the Appraisal of) the Discovery; and (iii) as a consequence of that Appraisal, for the Contractor to decide whether to declare a Commercial Discovery and, if it does so, for the Designated Authority to declare a Development Area in respect of it.

Final Relinquishment of Exploration Area. (a) At the end of the seventh (7th) Contract Year, the Contractor shall relinquish all of the Contract Area other than such part thereof as is a Development Area. (b) If, at the end of the seventh (7th) Contract Year, a Discovery has been made but there has been insufficient time for the Contractor (acting, and having acted, in accordance with this Agreement) to appraise it, Appraise it the obligation of the Contractor under sub-Article Section 3.2 shall be postponed: (i) for such Sub-Blocks, and to such depths area as the Designated Authority may determine to be reasonably necessary to encompass the Field, plus a reserve margin sufficient to cover the probable extent for Appraisal of the fieldDiscovery;: (ii) for such period as is reasonably necessary to permit the Contractor to appraise Appraise (or to complete the Appraisal of) the Discovery; and (iii) as a consequence of that Appraisal, for the Contractor to decide whether to declare a Commercial Discovery and, if it does so, for the Designated Authority to declare a Development Area in respect of it.

Final Relinquishment of Exploration Area. (a) At the end of the seventh (7th) Contract Year, the Contractor shall relinquish all of the Contract Area other than such part thereof as is a Development Area. (b) If, at the end of the seventh (7th) Contract Year, a Discovery has been made but there has been insufficient time for the Contractor (acting, and having acted, in accordance with this Agreement) to appraise Appraise it, the obligation of the Contractor under sub-Article 3.2 shall be postponed: (i) for such Sub-Blocks, and to such depths as the Designated Authority may determine to be reasonably necessary to encompass the Field, plus a reserve margin sufficient to cover the probable extent of the field; (ii) for such period as is reasonably necessary to permit the Contractor to appraise Appraise (or to complete the Appraisal of) the Discovery; and (iii) and as a consequence of that Appraisal, for the Contractor to decide whether to declare a Commercial Discovery and, if it does so, for the Designated Authority to declare a Development Area in respect of it.

Final Relinquishment of Exploration Area. (a) At the end of the seventh (7th) Contract Year, the Contractor shall relinquish all of the Contract Area other than such part thereof as is a Development Area. (b) If, at the end of the seventh (7th) Contract Year, a Discovery has been made but there has been insufficient time for the Contractor (acting, and having acted, in accordance with this Agreement) to appraise Appraise it, the obligation of the Contractor under sub-Article 3.2 shall be postponed: (i) for such Sub-Blocks, and to such depths as the Designated Authority may determine to be reasonably necessary to encompass the Field, plus a reserve margin sufficient to cover the probable extent of the field; (ii) for such period as is reasonably necessary to permit the Contractor to appraise Appraise (or to complete the Appraisal of) the Discovery; and (iii) as a consequence of that Appraisal, for the Contractor to decide whether to declare a Commercial Discovery and, if it does so, for the Designated Authority to declare a Development Area in respect of it.