Common use of Relinquishment of Areas Clause in Contracts

Relinquishment of Areas. 6.1 The Contractor must relinquish the Contract Area or part thereof in accordance with the following: (a) twenty-five percent (25%) of the initial surface area of the Contract Area shall be relinquished at the end of Phase I of the Exploration Period; (b) a further twenty-five percent (25%) of the initial surface area of the Contract Area shall be relinquished at the end of Phase II of the Exploration Period; and (c) the remainder of the Contract Area shall be relinquished at the end of Phase III of the Exploration Period less: (i) any area which is the subject of an approved Appraisal program pursuant to Clause 5.1(b) or any Development Area; (ii) areas for which the approval of a Field Development Program is pending, until finally decided; and (iii) any area reserved for a possible Unassociated Natural Gas Appraisal in relation to which the Contractor is engaged in discussions with the State in accordance with Clause 23.4. 6.2 Any Retained Area and Relinquished Area shall be, as far as possible, single continuous units and delimited by meridians of longitude and parallels of latitude defined in the relevant coordinate reference system using degrees, minutes and seconds to the nearest whole minute to be approved by the National Petroleum Agency. In the case where the Retained Area or Relinquished Area is aligned with an international maritime boundary the international maritime boundary shall define the relevant edges of the Retained Area or Relinquished Area. 6.3 Any Relinquished Area shall revert to the State. 6.4 Subject to the Contractor's obligations under Clause 7 and its Decommissioning obligations, the Contractor may at any time notify the National Petroleum Agency upon three (3) months prior written notice that it relinquishes its rights over all or part of the Contract Area. In no event shall any voluntary relinquishment by the Contractor over all or any part of the Contract Area reduce the Minimum Work Obligations or Minimum Financial Commitment set out in Clause 7.

Relinquishment of Areas. 6.1 The Contractor must relinquish the Contract Area or part thereof in accordance with the following: (a) twenty-five percent (25%) of the initial surface area of the Contract Area shall be relinquished at the end of Phase I phase 1 of the Exploration Period; (b) a further twenty-five percent (25%) of the initial surface area of the Contract Area shall be relinquished at the end of Phase II phase 2 of the Exploration Period; and (c) the remainder of the Contract Area shall be relinquished at the end of Phase III phase 3 of the Exploration Period less: (i) any area which is the subject of an approved Appraisal program pursuant to Clause 5.1(b) or any Development Area; (ii) areas for which the approval of a Field Development Program is pending, until finally decided; and (iii) any area reserved for a possible Unassociated Natural Gas Appraisal in relation to which the Contractor is engaged in discussions with the State in accordance with Clause 23.4. 6.2 Any Retained Area and Relinquished Area shall be, as far as possible, be single continuous units and delimited by meridians of longitude and parallels of latitude defined expressed in the relevant coordinate reference system using degrees, whole minutes and seconds to the nearest whole minute of a degree to be approved by the National Petroleum Agency. In the case where the Retained Area or Relinquished Area is aligned with an international maritime boundary the international maritime boundary shall define the relevant edges of the Retained Area or Relinquished Area. 6.3 Any Relinquished Area shall revert to the State. 6.4 Subject to the Contractor's obligations under Clause 7 and its Decommissioning obligations, the Contractor may at any time notify the National Petroleum Agency upon three (3) months prior written notice that it relinquishes its rights over all or part of the Contract Area. In no event shall any voluntary relinquishment by the Contractor over all or of any part of the Contract Area reduce the Minimum Work Obligations or Minimum Financial Commitment set out in Clause 7.

Relinquishment of Areas. 6.1 The Contractor must relinquish the Contract Area Area, or part thereof thereof, in accordance with the following: (a) twenty-five percent (25%) of the initial surface area of the Contract Area shall be relinquished at the end of Phase I phase 1 of the Exploration Period; (b) a further twenty-five percent (25%) of the initial surface area of the Contract Area shall be relinquished at the end of Phase II phase 2 of the Exploration Period; and (c) the remainder of the Contract Area shall be relinquished at the end of Phase III phase 3 of the Exploration Period less: (i) any area which is the subject of an approved Appraisal program pursuant to Clause 5.1(b) or any Development Area; (ii) areas for which the approval of a Field Development Program is pending, until finally decided; and (iii) any area reserved for a possible Unassociated Natural Gas Appraisal in relation to which the Contractor is engaged in discussions with the State in accordance with Clause 23.4. 6.2 Any Retained Area and Relinquished Area shall be, as far as possible, be single continuous units and delimited by meridians of longitude and parallels of latitude defined expressed in the relevant coordinate reference system using degrees, whole minutes and seconds to the nearest whole minute of a degree to be approved by the National Petroleum Agency. In the case where the Retained Area or Relinquished Area is aligned with an international maritime boundary the international maritime boundary shall define the relevant edges of the Retained Area or Relinquished Area. 6.3 Any Relinquished Area shall revert to the State. 6.4 Subject to the Contractor's obligations under Clause 7 and its Decommissioning obligations, the Contractor may may, at any time time, notify the National Petroleum Agency upon three (3) months prior written notice that it relinquishes its rights over all or part of the Contract Area. In no event shall any voluntary relinquishment by the Contractor over all or of any part of the Contract Area reduce the Minimum Work Obligations or Minimum Financial Commitment set out in Clause 7.

Relinquishment of Areas. 6.1 The Contractor must relinquish the Contract Area or part thereof in accordance with the following: (a) twenty-five percent (25%) of the initial surface area of the Contract Area shall be relinquished at the end of Phase I phase 1 of the Exploration Period; (b) a further twenty-five percent (25%) of the initial surface area of the Contract Area shall be relinquished at the end of Phase II phase 2 of the Exploration Period; and (c) the remainder of the Contract Area shall be relinquished at the end of Phase III phase 3 of the Exploration Period less: (i) any area which is the subject of an approved Appraisal program pursuant to Clause 5.1(b) or any Development Area; (ii) areas for which the approval of a Field Development Program is pending, until finally decided; and (iii) any area reserved for a possible Unassociated Natural Gas Appraisal in relation to which the Contractor is engaged in discussions with the State in accordance with Clause 23.4. 6.2 Any Retained Area and Relinquished Area shall be, as far as possible, be single continuous units and delimited by meridians of longitude and parallels of latitude defined expressed in the relevant coordinate reference system using degrees, whole minutes and seconds to the nearest whole minute of a degree to be approved by the National Petroleum Agency. In the case where the Retained Area or Relinquished Area is aligned with an international maritime boundary the international maritime boundary shall define the relevant edges of the Retained Area or Relinquished Area. 6.3 Any Relinquished Area shall revert to the State. 6.4 Subject to the Contractor's obligations under Clause 7 and its Decommissioning obligations, the Contractor may may, at any time time, notify the National Petroleum Agency upon three (3) months prior written notice that it relinquishes its rights over all or part of the Contract Area. In no event shall any voluntary relinquishment by the Contractor over all or of any part of the Contract Area reduce the Minimum Work Obligations or Minimum Financial Commitment set out in Clause 7.

Relinquishment of Areas. 6.1 The Contractor must relinquish the Contract Area or part thereof in accordance with the following: (a) twenty-five percent (25%) of the initial surface area of the Contract Area shall be relinquished at the end of Phase I of the Exploration Period; (b) a further twenty-five percent (25%) of the initial surface area of the Contract Area shall be relinquished at the end of Phase II of the Exploration Period; and (c) the remainder of the Contract Area shall be relinquished at the end of Phase III of the Exploration Period less: (i) any area which is the subject of an approved Appraisal program pursuant to Clause 5.1(b‎5.1(b) or any Development Area;: (ii) areas for which the approval of a Field Development Program is pending, until finally decided; and (iii) any area reserved for a possible Unassociated Natural Gas Appraisal in relation to which the Contractor is engaged in discussions with the State in accordance with Clause 23.4‎23.4. 6.2 Any Retained Area and Relinquished Area shall be, as far as possible, single continuous units and delimited by meridians of longitude and parallels of latitude defined in the relevant coordinate reference system using degrees, minutes and seconds to the nearest whole minute to be approved by the National Petroleum Agency. In the case where the Retained Area or Relinquished Area is aligned with an international maritime boundary the international maritime boundary shall define the relevant edges of the Retained Area or Relinquished Area. 6.3 Any Relinquished Area shall revert to the State. 6.4 Subject to the Contractor's ’s obligations under Clause 7 ‎7 and its Decommissioning obligations, the Contractor may at any time notify the National Petroleum Agency upon three (3) months prior written notice that it relinquishes its rights over all or part of the Contract Area. In no event shall any voluntary relinquishment by the Contractor over all or any part of the Contract Area reduce the Minimum Work Obligations or Minimum Financial Commitment set out in Clause 7‎7.