For the Following Phase Sample Clauses

For the Following Phase. If, following the drilling of a Wildcat Well that turns out dry, THE CONTRACTOR deems that the outlook of the Contracted Area does not justify drilling one (1) Wildcat Well contained in the Minimum Exploration Program for the following phase of the Exploration Period, THE CONTRACTOR may substitute said drilling with the acquisition and processing of a seismic program, as long as the financial effort is equivalent to or greater than the Minimum Exploration Program presented for the corresponding phase and THE CONTRACTOR notifies THE AXX in advance and in writing of the substitution that it intends to carry out.
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For the Following Phase. If an Exploration Well proves dry, and THE CONTRACTOR sees that the prospects for the Contract area do not justify the drilling of an Exploration Well contained in the Minimum Exploration Program of the following phase of the Exploration Period, THE CONTRACTOR may substitute the drilling with seismic acquisition and processing provided that the financial effort is the same or greater that in the original Minimum Exploration Program for the phase, and THE CONTRACTOR informs ANH of xxe substitution proposed in advance and in writing.
Sample 1

Related to For the Following Phase

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