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Minimum Exploration Program Sample Clauses

Minimum Exploration ProgramThe Consortium Members shall perform the obligations related to the Minimum Exploration Program within the terms and under the conditions described in Annex II.
Minimum Exploration Program work schedule provided for in Annex II, to be met by the Concessionaire during the course of the Exploration Phase.
Minimum Exploration ProgramThe Consortium Members shall perform the obligations related to the Minimum Exploration Program within the terms and under the conditions described in Annex II. For purposes of compliance with the Minimum Exploration Program, the drilled xxxxx shall achieve the exploratory objective at a depth sufficient for establishing their potential in Oil and Gas, as defined in Annex II. ANP may accept other exploratory objectives with Prospecting, upon submission of a technical justification. For purposes of compliance with the Minimum Exploration Program, exclusive and non-exclusive data may be used, only considering data assessed within the Contract Area. For purposes of compliance with the Minimum Exploration Program, only exploration activities that meet the criteria established in Annex II and which data have been acquired, formatted, and submitted according to the procedures and requirements established by ANP shall be accepted. Failure to develop, in part or in full, the Minimum Exploration Program implies lawful termination of the Agreement and execution of the compensatory penalty provided for in Section Eleven, and no other penalties are applicable as a result of such failure. Development Areas eventually retained by the Consortium Members are exceptions to the provision above. The Consortium Members may contract data collection companies (EAD) for the collection of exclusive data, as long as the requirements contained in the regulatory standards issued by ANP are previously met and as long as these companies are duly registered and in good standing with ANP.
Minimum Exploration ProgramThe Concessionaire shall perform the obligations related to the Minimum Exploration Program within the terms and under the conditions described in Annex II.
Minimum Exploration ProgramThe Concessionaire shall perform the obligations related to the Minimum Exploration Program within the terms and under the conditions described in Annex II. The Concessionaire may develop exploratory activities in addition to those of the Minimum Exploration Program by submitting the additional work schedule to ANP before beginning of its implementation. ANP may approve changes in the Minimum Exploration Program upon request from the Concessionaire under the following conditions: if the Concessionaire technically demonstrates that this change is consistent with the Best Practices of the Oil Industry; and if the Concessionaire indicates the Prospecting that motivated the change request. Seismic Reprocessing may be converted into Units of Work for purposes of compliance with the Minimum Exploration Program. The conversion of Seismic Reprocessing into Units of Work is limited to a single version for each survey on seismic data. For purposes of conversion into Units of Work: the reprocessed seismic data shall be exclusively contained within the Concession Area; and the Seismic Reprocessing shall include pre-stack time migration (PSTM) or pre-stack depth migration (PSDM). The Concessionaire may contract, at its sole discretion, data acquisition companies (EAD) for the collection of exclusive data, as long as the requirements contained in the regulatory standards issued by ANP are previously met and as long as these companies are duly registered and in good standing with ANP. ANP shall issue a quality control report for return or acceptance of data received within one hundred and eighty (180) days of the date of the most recent delivery of accurate data by the Concessionaire. For purposes of performance of the Minimum Exploration Program, only data which acquisition, processing, reprocessing, and form have met all requirements defined in the regulatory rules and technical standards established by ANP shall be converted into Units of Work. The exploration work shall be converted into Units of Work for purposes of compliance with the Minimum Exploration Program, according to the criteria listed in Annex II. In case of full or partial default of the Minimum Exploration Program, the Concessionaire may not proceed with the Production Phase. Upon a substantiated request by the Concessionaire, ANP may exempt it from conversion of the remaining portion of the Minimum Exploration Program, without prejudice to the continuity of the Agreement. In consideration for such exe...
Minimum Exploration Program. Minimum Exploration Program and its Financial Guarantees Indication of the Block Area (km²) Exploratory Well Minimum Depth of the well (age) Amount of the Financial Guarantee for the Exploration Phase (R$) XX (XXXX) XX (XXXX)
Minimum Exploration Program. The Exploration Phase shall be effective for «duration» years. Minimum Exploration Program and its Financial Guarantees Indication of the Block Area (km²) Exploratory Well Minimum Depth of the Well (age) Amount of the Financial Guarantee for the Exploration Phase (R$) XX (insert amount in words)
Minimum Exploration ProgramThe Consortium Members shall perform the obligations related to the Minimum Exploration Program within the terms and conditions described in Annex II. In order to comply with the Minimum Exploration Program, the xxxxx drilled must achieve the exploratory objective, at a depth sufficient to establish their potential in Oil and Natural Gas, as defined in Annex II. ANP may accept other exploratory objectives with Prospectuses, upon presentation of technical justification. The partial or complete non-performance of the Minimum Exploration Program implies the termination of the Agreement and the execution of the compensatory liquidated damages clause provided for in Clause Eleven, and no other penalties are applicable due to said non-performance. Except for the provision above, the Development Areas eventually retained by the Consortium Members. In case of non-compliance with the Minimum Exploration Program, the Contractors may not proceed to the Production Phase.
Minimum Exploration Program. The Exploration Phase shall last «duration of the phase» years and shall constitute a single period. The activities for purposes of performance of the Minimum Exploration Program to be exercised by the Concessionaire are listed in this Annex. Electromagnetic (UW/km2) «electromagnetic_uwkm2» Electromagnetic Reprocessing (UW/km2) «reprocessing_electromagnetic_uwkm2» Multibeam Bathymetry (UW/km2) «bathymetry_multibeam_uwkm2» For purposes of performance of the Minimum Exploration Program, the non-exclusive surveys and reprocessing provided for in the tender protocol shall be taken into account, upon application of the rules and the reduction factor indicated in the Table “Reduction factors of the non-exclusive surveys for purposes of performance of the Minimum Exploration Program”. Only non-exclusive surveys authorized by ANP shall be accepted, provided that the data acquisition companies have met all requirements of data submission to the Exploration and Production Database (BDEP). For purposes of calculation of the amount to be considered for performance of the Minimum Exploration Program, the time elapsed between request for deduction and conclusion of the operations for non-exclusive data acquisition or reprocessing shall be taken into account. For purposes of performance of the Minimum Exploration Program, the xxxxx drilled shall achieve the main purpose approved by ANP in the Notice of Well Drilling.
Minimum Exploration Program. 4.1 Exploration Operations shall begin as soon as practicable as and, in any case, not later than ninety (90) days after the Effective Date. 4.2 Subject to the provisions of this Article, in discharge of its obligations to carry out Exploration Operations in the Licence Area, Licensee shall during the several phases into which the Exploration Period is divided carry out the work specified hereinafter: a) Initial Exploration Period (3 years): Commencing on the Effective Date and terminating at the end of the third (3rd) Contract Year. i. Description of Work 1. Undertake Environmental Studies 2. Undertake Geotechnical Studies 3. Acquisition of 2D seismic data to a minimum value of XXX United States Dollars (US$XXX) under the following conditions: a) Within 60 days from the Effective Date of this Agreement, the Licensee shall purchase existing data pertaining to the Licence Area of a minimum value of XXX United States Dollars (US$XXX) and b) Acquisition of new seismic data of a minimum value of XXX United States Dollars (US$XXX) 4. Acquisition of up to XXX km2 Existing 3D Seismic Data 5. Acquisition of Existing Well Data ii. Minimum Expenditure: