Common use of Minimum Work Program Clause in Contracts

Minimum Work Program. During the Exploration Period, the Contractor undertakes to carry out the following minimum work program: 3.1.1 During the First Exploration Sub-Period, the Contractor must: (a) obtain, under license from the Ministry, all existing 2D and 3D seismic data and Well data at a purchase price of [insert amount] Dollars ($[insert amount]) and obtain from GESeis all existing 3D seismic and Seabed Logging (SBL) data at a purchase price of [insert amount] Dollars ($[insert amount]), and the Contractor shall undertake to interpret such information; (b) reprocess [insert number] kilometers of existing 2D seismic data and [insert number] kilometers of 3D seismic data; and (c) acquire [insert number] kilometers of new 3D seismic data. All costs of data acquisition (including escalation fees) shall be cost recoverable. The minimum expenditure for this period shall be [insert amount] Dollars ($[insert amount]). 3.1.2 During the Second Exploration Sub-Period, the Contractor must drill a minimum of [insert number] Exploration Well[s] to a minimum depth of [insert number] meters below the seabed. The minimum expenditure for this period shall be [insert amount] Dollars ($[insert amount]). 3.1.3 If the Contractor elects to enter the First Extension Period, the Contractor must drill a minimum of [insert number] Exploration Well[s] to a minimum depth of [insert number] meters below the seabed. The minimum expenditure for this period shall be [insert amount] Dollars ($[insert amount]). 3.1.4 If the Contractor elects to enter the Second Extension Period, the Contractor must drill a minimum of [insert number] Exploration Well[s] to a minimum depth of [insert number] meters below the seabed. The minimum expenditure for this period shall be [insert amount] Dollars ($[insert amount]). However, if the Contractor has drilled more than the minimum number of Exploration Xxxxx required of it under any of Articles 3.1.1, 3.1.2 or 3.1.3, then its obligation under this Article 3.1.4 shall be reduced to [insert number] Exploration Well[s].