Common use of Geophysical Clause in Contracts

Geophysical. i. Design, conduct and process a new full fold 3D seismic survey of at least (…………) square kilometres of full fold 3D seismic to the value of ………… United States Dollars (US$ ) with shooting to commence within ………(…) Months after the Effective Date; and; ii. Evaluate, integrate and map all seismic data related to the Contract Area. The first renewal of the Petroleum Exploration Licence is subject to the Contractor having fulfilled the minimum Exploration Work Programme specified in Article 11.2 to the satisfaction of the Minister and relinquishment of areas pursuant to Article 9. The Contractor shall not be released of its work and financial obligations under this Agreement if it fails to carry out the Minimum Exploration Work Programme to the Minister’s satisfaction.

Geophysical. i. Design, conduct and process a new full fold 3D seismic survey of at least (…………) square kilometres of full fold 3D seismic to the value of ………… United States Dollars (US$ …………) with shooting to commence within ………(…) Months after the Effective Date; and; ii. Evaluate, integrate and map all seismic data related to the Contract Area. The first renewal of the Petroleum Exploration Licence is subject to the Contractor having fulfilled the minimum Exploration Work Programme specified in Article 11.2 to the satisfaction of the Minister and relinquishment of areas pursuant to Article 9. The Contractor shall not be released of its work and financial obligations under this Agreement if it fails to carry out the Minimum Exploration Work Programme to the Minister’s satisfaction.

Geophysical. i. Design, conduct and process a new full fold 3D seismic survey of at least (…………( ) square kilometres of full fold 3D seismic to the value of ………… United States Dollars (US$ …………) with shooting to commence within ………(…) Months after the Effective Date; and; ii. Evaluate, integrate and map all seismic data related to the Contract Area. The first renewal of the Petroleum Exploration Prospecting Licence is subject to the Contractor having fulfilled the minimum Exploration Work Programme specified in Article 11.2 to the satisfaction of the Minister and relinquishment of areas pursuant to Article 9. The Contractor shall not be released of its work and financial obligations under this Agreement if it fails to carry out the Minimum Exploration Work Programme to the Minister’s satisfaction.

Geophysical. i. Design, conduct and process a new full fold 3D seismic survey of at least (…………( ) square kilometres of full fold 3D seismic to the value of ………… United States Dollars (US$ …………) with shooting to commence within ………(…) Months after the Effective Date; and; ii. Evaluate, integrate and map all seismic data related to the Contract Area. The first renewal of the Petroleum Exploration Prospecting Licence is subject to the Contractor having fulfilled the minimum Exploration Work Programme specified in Article 11.2 to the satisfaction of the Minister and relinquishment of areas pursuant to Article 9. The Contractor shall not be released of its work and financial obligations under this Agreement if it fails to carry out the Minimum Exploration Work Programme to the Minister’s satisfaction.

Geophysical. i. Design, conduct and process a new full fold 3D seismic survey of at least (…………) square kilometres of full fold 3D seismic to the value of ………… United States Dollars (US$ ) with shooting to commence within ………(…) Months after the Effective Date; and; ii. Evaluate, integrate and map all seismic data related to the Contract Area. The first renewal of the Petroleum Exploration Licence is subject to the Contractor having fulfilled the minimum Minimum Exploration Work Programme specified in Article 11.2 to the satisfaction of the Minister and relinquishment of areas pursuant to Article 9. The Contractor shall not be released of its work and financial obligations under this Agreement if it fails to carry out the Minimum Exploration Work Programme to the Minister’s satisfaction.

Geophysical. i. Design, conduct and process a new full fold 3D seismic survey of at least (…………) square kilometres of full fold 3D seismic to the value of ………… United States Dollars (US$ ) with shooting to commence within ………(…) Months after the Effective Date; and; ii. Evaluate, integrate and map all seismic data related to the Contract Area. The first renewal of the Petroleum Exploration Licence is subject to the Contractor having fulfilled the minimum Minimum Exploration Work Programme specified in Article 11.2 to the satisfaction of the Minister and relinquishment of areas pursuant to Article 9. The Contractor shall not be released of its work and financial obligations under this Agreement if it fails to carry out the Minimum Exploration Work Programme to the Minister’s satisfaction.