Common use of Mandatory Relinquishment Clause in Contracts

Mandatory Relinquishment. During the Initial Exploration Period, the Extension Periods, and any additional extensions, the Ministry may, provided it gives at least six (6) months’ notice, require the Contractor to promptly relinquish, without any compensation or indemnification, all of its rights to the area encompassing a Discovery, including any rights to Hydrocarbons that may be produced from such Discovery, if the Contractor: (a) has not presented, in accordance with Article 5.2, an evaluation work program and corresponding budget with respect to the Discovery within six (6) months of the date on which the Discovery has been reported to the Ministry; or (b) subject to the provisions of Article 13.1 with respect to Unassociated Natural Gas, does not establish the Discovery as a Field within one (1) Year after completion of evaluation work with respect to the Discovery.

Mandatory Relinquishment. During For the duration of the Initial Exploration Period, the Extension Periods, Periods and any additional extensionsextension thereof, the Ministry may, provided it gives at least six (6) months’ months notice, require the Contractor to promptly relinquish, without any compensation or indemnification, all of its rights to over the area encompassing a Discovery, including any all of its rights to over Hydrocarbons that which may be produced from such Discovery, if the Contractor: (a) has not presentedsubmitted, in accordance with Article 5.2, an evaluation Appraisal work program and corresponding budget with respect to the such Discovery within six (6) months of following the date on which the such Discovery has been reported notified to the Ministry; or (b) subject to the provisions of Article 13.1 with respect to regarding Unassociated Natural Gas, does not establish the Discovery as a Field within one (1) Year after completion of evaluation Appraisal work with respect to the such Discovery.

Mandatory Relinquishment. During the Initial Exploration Period, the Extension Periods, and any additional extensions, the Ministry may, provided it gives at least six (6) months’ notice, require the Contractor to promptly relinquish, without any compensation or indemnification, all of its rights to the area encompassing a Discovery, including any rights to Hydrocarbons that may be produced from such Discovery, if the Contractor: (a) has not presented, in accordance with Article 5.2, an evaluation appraisal work program and corresponding budget with respect to the Discovery within six (6) months of the date on which the Discovery has been reported to the Ministry; or (b) subject to the provisions of Article 13.1 with respect to Unassociated Natural Gas, does not establish the Discovery as a Field within one (1) Year after completion of evaluation appraisal work with respect to the Discovery.