Common use of Initial Exploration Period Clause in Contracts

Initial Exploration Period. The Initial Exploration Period shall have duration of up to four (4) Contract Years from the Effective Date. The Contractor shall be required to complete at least the Minimum Work Program during the Initial Exploration Period. The Contractor may, carry out during the Initial Exploration Period, a fraction or all of the Petroleum Activities provided in the Minimum Program Increase, or as applicable, perform them during the Additional Exploration Period. Likewise, it may carry out additional Work Units pursuant to the terms of the Work Programs and Budgets approved by CNH. Such additional Work Units would be credited in the event that CNH grants the Additional Exploration Period as provided in Article 4.3.

Initial Exploration Period. The Initial Exploration Period shall have duration of up to four (4) Contract Years from the Effective Date. The Contractor shall be required to complete at least the Minimum Work Program during the Initial Exploration Period. The Contractor may, carry out during the Initial Exploration Period, a fraction or all of the Petroleum Activities provided in the Minimum Program Increase, or as applicable, perform them during the Additional Exploration Period. Likewise, it he may carry out additional Work Units pursuant to the terms of the Work Programs and Budgets approved by CNH. Such additional Work Units would be credited in the event that CNH grants the Additional Exploration Period as provided in Article 4.3.