Common use of LICENSE AND EXPLORATION PERIOD Clause in Contracts

LICENSE AND EXPLORATION PERIOD. 3.1 The Exploration Period shall begin on the Effective Date and shall consist of three (3) Exploration Phases, each phase not exceeding three (3) Contract Years, for a total period not exceeding seven (7) consecutive Contract Years unless extended pursuant to the terms of this Contract.

LICENSE AND EXPLORATION PERIOD. 3.1 The Exploration Period shall begin on the Effective Date and shall consist of three (3) Exploration Phases, each phase not exceeding three (3) Contract Years, for a total period not exceeding seven (7) consecutive Contract Years (eight (8) consecutive Contract Years in case of Deepwater Areas and Frontier Areas) unless extended pursuant to the terms of this Contract, except that for Deepwater Areas and Frontier Areas the first Exploration Phase may be of four (4) years and correspondingly the Exploration Period may be eight (8) consecutive Contract Years.

LICENSE AND EXPLORATION PERIOD. 3.1 The Exploration Period shall begin on the Effective Date and shall consist of three (3) Exploration Phases, each phase not exceeding three (3) Contract Years, be for a total period not exceeding seven (7) consecutive Contract Years unless extended pursuant consisting of Initial Exploration Period and Subsequent Exploration Period. The Initial Exploration Period shall consist of the first four consecutive Contract Years with provision to proceed to the terms Subsequent Exploration Period of this Contractmaximum three consecutive years subject to provisions contained in Article 3.

LICENSE AND EXPLORATION PERIOD. 3.1 The Exploration Period shall begin on the Effective Date and shall consist of three (3) two Exploration Phases, each phase first exploration Phase shall be for a period not exceeding four (4) consecutive Contract Years and second Exploration Phase shall be for a period not exceeding three (3) consecutive Contract Years, for a total period not exceeding seven (7) consecutive Contract Years unless extended pursuant to the terms of this Contract.

LICENSE AND EXPLORATION PERIOD. 3.1 The Exploration Period shall begin on the Effective Date and shall consist of three (3) two Exploration Phases, each phase not exceeding three (3) Contract Years, . First Exploration Phase shall be for a total period not exceeding seven four (74) consecutive Contract Years unless extended pursuant to the terms of this Contract.and second Exploration Phase shall be for a period not exceeding three

LICENSE AND EXPLORATION PERIOD. 3.1 The Exploration Period shall begin on the Effective Date and shall consist of three (3) Exploration Phases, each phase not exceeding three (3) Contract Years, for a total period not exceeding seven (7) consecutive Contract Years unless extended pursuant to the terms of this Contract.seven

LICENSE AND EXPLORATION PERIOD. 3.1 The Exploration Period shall begin on the Effective Date and shall consist of three (3) Exploration Phases, each phase not exceeding three (3) Contract Years, for a total period not exceeding seven (7) consecutive Contract Years (eight (8) consecutive Contract Years in case of Deepwater Areas and Frontier Areas) unless extended pursuant to the terms of this Contract., except that for Deepwater Areas and Frontier Areas the first Exploration Phase may be of four (4) years and correspondingly the Exploration Period may be eight (8)

LICENSE AND EXPLORATION PERIOD. 3.1 The Exploration Period shall begin on the Effective Date and shall consist of three two (32) Exploration Phases, each phase first exploration Phase shall be for a period not exceeding five (5) consecutive Contract Years and second Exploration Phase shall be for a period not exceeding three (3) consecutive Contract Years, for a total period not exceeding seven eight (7) 8) consecutive Contract Years unless extended pursuant to the terms of this Contract.

LICENSE AND EXPLORATION PERIOD. 3.1 The Exploration Period shall begin on the Effective Date and shall consist of three two (32) Exploration Phases, each phase first exploration Phase shall be for a period not exceeding four (4) consecutive Contract Years and second Exploration Phase shall be for a period not exceeding three (3) consecutive Contract Years, for a total period not exceeding seven (7) consecutive Contract Years unless extended pursuant to the terms of this Contract.

LICENSE AND EXPLORATION PERIOD. 3.1 The Exploration Period shall begin on the Effective Date and shall consist of three (3) Exploration Phases, each phase not exceeding three (3) Contract Years, 3 contract years for a total period not exceeding seven (7) consecutive Contract Years (eight (8) years in case of deep water areas and frontier areas) unless extended pursuant to the terms of this Contract, except that for Deepwater Areas and Frontier Areas. The first exploration phase may be of 4 years correspondingly. The exploration period may be 8 years.