PROMPT APPRAISAL AND REPORT BY OPERATOR Sample Clauses

PROMPT APPRAISAL AND REPORT BY OPERATOR. Operator shall, not later than ninety (90) days after making a Discovery, submit a written report to the Management Committee setting forth all relevant information with respect to such Discovery. The Management Committee, after review and evaluation of Operator's report mentioned above, shall decide within sixty (60) days whether to proceed with Appraisal or not. If the Management Committee decides to proceed with an Appraisal of a Discovery, Operator shall proceed with such Appraisal Operations within two (2) years for oil and within three (3) years for gas. If an extension of the Exploration Period is required to complete this Appraisal, a reasonable period will be granted by Joint Oil not exceeding two (2) years. Not later than ninety (90) days following execution of the above-mentioned Appraisal, Operator shall submit a report to the Management Committee, proposing either;
Sample 1
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