Common use of Production Period Clause in Contracts

Production Period. 1. Following each Commercial Discovery, the extent of the whore area within the Contract Area capable of Production from the deposit or deposits identified in the Well that originated the Commercial Discovery and its related Appraisal Xxxxx, if any, shall be agreed upon by Sonangol and Contractor. Each agreed area shall then be converted automatically into a Development Area effective from the date of Commercial Discovery. Without prejudice to paragraph 2 hereof, there shall be a Production Period for each Development Area which shall be twenty-five (25) Years from the date of Commercial Discovery in said Development Area. In the event of Commercial Discoveries in deposits which underlie and overlie each other, such deposits shall constitute a single Development Area, and such area shall be defined or redefined as necessary, within the boundaries of the Contract Area, to incorporate all underlying and overlying deposits.

Production Period. 1. Following each Commercial Discovery, the extent of the whore whole area within the Contract Area capable of Production from the deposit or deposits identified in the Well that originated the Commercial Discovery and its related Appraisal Xxxxx, if any, shall be agreed upon by Sonangol and ContractorContractor Group. Each agreed area shall then be converted automatically into a Development Area effective from the date of Commercial Discovery. Without prejudice to paragraph 2 hereof, there shall be a Production Period for each Development Area which shall be twenty-five (25( ) Years from the date of Commercial Discovery in said Development Area. In the event of Commercial Discoveries in deposits which underlie and overlie each other, such deposits shall constitute a single Development Area, and such area shall be defined or redefined as necessary, within the boundaries of the Contract Area, to incorporate all underlying and overlying deposits.