Common use of Production Licence Granted Clause in Contracts

Production Licence Granted. (a) Paltar acknowledges and agrees that, following the Earning Date, if a Production Licence is applied for and issued in respect of any area under the Nation Blocks in accordance with the terms of this Agreement, (i) Paltar’s interest in such Production Licence will be equal to seventy-five percent (75%), insofar as it covers the Nation Block, subject to the Option granted hereunder pursuant to clause 5.3, and (ii) Nation’s interest in such Production Licence, insofar as it covers the Nation Block, will be equal to twenty-five percent (25%). (b) Upon the issue of a Production Licence for a Nation Block (or portion thereof), Paltar will be deemed to have resigned as Operator with respect to such Nation Block (or portion thereof). (c) Upon the issue of a Production Licence to Nation pursuant to this clause 6.2, each clause of this Agreement other than clauses 5.3 through 5.7 will cease to apply to the Nation Block (or portion thereof) covered by that Production Licence.

Production Licence Granted. (a) Paltar Officer acknowledges and agrees that, following the Earning Date, if a Production Licence is applied for and issued in respect of any area under the Nation Blocks in accordance with the terms of this Agreement, (i) PaltarOfficer’s interest in such Production Licence will be equal to seventy-five percent (75%), insofar as it covers the Nation Block, subject to the Option granted hereunder pursuant to clause 5.3, and (ii) Nation’s interest in such Production Licence, insofar as it covers the Nation Block, will be equal to twenty-five percent (25%). (b) Upon the issue of a Production Licence for a Nation Block (or portion thereof), Paltar Officer will be deemed to have resigned as Operator with respect to such Nation Block (or portion thereof). (c) Upon the issue of a Production Licence to Nation pursuant to this clause 6.2, each clause of this Agreement other than clauses 5.3 through 5.7 will cease to apply to the Nation Block (or portion thereof) covered by that Production Licence.