Common use of Relinquishment Clause in Contracts

Relinquishment. 4.1 If at the end of the first Exploration Phase, the Contractor elects, pursuant to Article 3.5, to continue Exploration Operations in the Contract Area in the second Exploration Phase, the Contractor shall retain upto seventy five percent (75%) of the original Contract Area including any Development Area and Discovery Area in not more than three (3) areas of simple geometrical shapes and relinquish the balance of the Contract Area prior to the commencement of the second Exploration Phase. Notwithstanding the provision of this Article 4.1, in the event the Development Areas and Discovery Areas exceed seventy five percent (75%) of the original Contract Area, the Contractor shall be entitled to retain to the extent of Development Areas and Discovery Areas. 4.2 If at the end of the second Exploration Phase, the Contractor elects, pursuant to Article 3.5, to continue Exploration Operations in the Contract Area in the third Exploration Phase, the Contractor shall retain upto fifty percent (50%) of the original Contract Area, including any Development Area and Discovery Area in not more than three (3) areas of simple geometrical shapes and relinquish the balance of the Contract Area prior to the commencement of the third Exploration Phase. Notwithstanding the provision of this Article 4.2, in the event the Development Areas and Discovery Areas exceed fifty percent (50%) of the original Contract Area, the Contractor shall be entitled to retain to the extent of Development Areas and Discovery Areas. 4.3 At the end of the third Exploration Phase, the Contractor shall retain only Development Areas and Discovery Areas. 4.4 If the Contractor exercises the option provided for in paragraph (b) of Article 3.5, the Contractor shall, after any Discovery Areas or Development Areas have been designated, relinquish all of the Contract Area not included within the said Discovery Areas or Development Areas. 4.5 As and when the Contract is terminated under the provisions of Article 3 or in accordance with any other provisions of this Contract, the entire Contract Area remaining with the Contractor shall be deemed to have been relinquished by the Contractor as on the date on which the Contract is terminated.

Relinquishment. 4.1 36.1. If at the end of the first Second Exploration PhasePhase as hereinafter referred to, the Contractor elects, pursuant to Article 3.526.6, to continue Exploration Operations in the Contract Agreement Area in the second Third Exploration Phase, the Contractor shall retain upto seventy five relinquish a part of the Agreement Area in simple geometrical shape of not less than thirty percent (7530%) of the original Contract Area Agreement Area. The Contractor shall be entitled to retain the balance area including any Development Area and Discovery Area in not more than three (3) areas of simple geometrical shapes and relinquish the balance of the Contract Area prior to the commencement of the second Exploration Phaseshapes. Notwithstanding the provision of this Article 4.1, in the event the Development Areas and Discovery Areas exceed seventy five percent (75%) of the original Contract AreaArticle, the Contractor shall be entitled permitted to retain to the extent of Development Areas and Discovery Areas. 4.2 If at the end of the second Exploration Phase, the Contractor elects, pursuant to Article 3.5, to continue Exploration Operations in the Contract Area in the third Exploration Phase, the Contractor shall retain upto fifty percent (50%) of the original Contract Area, including any Development Area and Discovery Area in not more than three (3) areas of simple geometrical shapes and relinquish the balance of the Contract Area prior to the commencement of the third Exploration Phase. Notwithstanding the provision of this Article 4.2, in the event the Development Areas and Areas of Commercial Discovery Areas exceed fifty percent (50%) of the original Contract Area, the Contractor shall be entitled to retain to the extent of Development Areas and Discovery Areasin accordance with Article 26.6. 4.3 36.2. At the end of the third Third Exploration PhasePhase as hereinafter referred to, all of the Agreement Area shall be relinquished, apart from any extensions granted in terms of the PRA and the Contractor shall retain only Development Areas and Discovery AreasAreas in accordance with Article 28 and Article 31. 4.4 36.3. If the Contractor exercises the option options provided for in paragraph (b) of Article 3.5, 26.6 the Contractor shall, after any Discovery Areas or Development Areas have been designated, relinquish all of the Contract Agreement Area not included within the said Areas of Commercial Discovery Areas or Development Areas. 4.5 As and when the Contract 36.4. Where this Agreement is terminated under the provisions of Article 3 or in accordance with any other provisions of this ContractAgreement, the entire Contract Agreement Area remaining with the Contractor shall be deemed to have been relinquished by the Contractor as on the date on which the Contract Agreement is terminated. 36.5. Relinquishment of all or part of the Agreement Area or termination of this Agreement shall not be construed as absolving the Contractor of any liability undertaken or incurred by the Contractor in respect of the Agreement Area during the period between the Effective Date and the date of such relinquishment or termination.

Relinquishment. 4.1 If at the end of the first Exploration Phase, the Contractor elects, pursuant to Article 3.5, to continue Exploration Operations in the Contract Area in the second Exploration Phase, the Contractor shall retain upto seventy five percent (75%) of the original Contract Area including any Development Area and Discovery Area in not more than three (3) areas of simple geometrical shapes and relinquish the balance of the Contract Area prior to the commencement of the second Exploration Phase. Notwithstanding the provision of this Article 4.1, in the event the Development Areas and Discovery Areas exceed seventy five percent (75%) of the original Contract Area, the Contractor shall be entitled to retain to the extent of Development Areas and Discovery Areas. 4.2 If at the end of the second Exploration Phase, the Contractor elects, pursuant to Article 3.5, to continue Exploration Operations in the Contract Area in the third Exploration Phase, the Contractor shall retain upto fifty percent (50%) of the original Contract Area, including any Development Area and Discovery Area in not more than three (3) areas of simple geometrical shapes and relinquish the balance of the Contract Area prior to the commencement of the third Exploration Phase. Notwithstanding the provision of this Article 4.2, in the event the Development Areas and Discovery Areas exceed fifty percent (50%) of the original Contract Area, the Contractor shall be entitled to retain to the extent of Development Areas and Discovery Areas. 4.3 At the end of the third Exploration Phase, the Contractor shall retain only Development Areas and Discovery Areas. 4.4 If the Contractor exercises the option provided for in paragraph (b) of Article 3.5, the Contractor shall, after any Discovery Areas or Development Areas have been designated, relinquish all of the Contract Area not included within the said Discovery Areas or Development Areas. 4.5 As and when the Contract is terminated under the provisions of Article 3 or in accordance with any other provisions of this Contract, the entire Contract Area remaining with the Contractor shall be deemed to have been relinquished by the Contractor as on the date on which the Contract is terminated. 4.6 Relinquishment of all or part of the Contract Area or termination of the Contract shall not be construed as absolving the Contractor of any liability undertaken or incurred by the Contractor in respect of the Contract Area during the period between the Effective Date and the date of such relinquishment or termination. 4.7 Subject to Article 14.9, the liability of the Contractor shall be limited to any liability undertaken or incurred in respect of, relating to or connected with the Contract, and/or any claim arising out of or in relation to the act of negligence, misconduct, commission or omission in carrying out Petroleum Operations during the period between the Effective Date and the date of relinquishment of the Contract Area or termination or expiry of the Contract, as the case may be.

Relinquishment. 4.1 If at the end of the first Exploration Phase, the Contractor elects, pursuant to Article 3.5, to continue Exploration Operations in the Contract Area in the second Exploration Phase, the Contractor shall retain upto seventy five percent (75%) of the original Contract Area including any Development Area and Discovery Area in not more than three (3) areas of simple geometrical shapes and relinquish the balance of the Contract Area prior to the commencement of the second Exploration Phase. .Notwithstanding the provision of this Article 4.1, in the event the Development Areas and Discovery Areas exceed seventy five percent (75%) of the original Contract Area, the Contractor shall be entitled to retain to the extent of Development Areas and Discovery Areas. 4.2 If at the end of the second Exploration Phase, the Contractor elects, pursuant to Article 3.5, to continue Exploration Operations in the Contract Area in the third Exploration Phase, the Contractor shall retain upto fifty percent (50%) of the original Contract Area, including any Development Area and Discovery Area in not more than three (3) areas of simple geometrical shapes and relinquish the balance of the Contract Area prior to the commencement of the third Exploration Phase. Notwithstanding the provision of this Article 4.2, in the event the Development Areas and Discovery Areas exceed fifty percent (50%) of the original Contract Area, the Contractor shall be entitled to retain to the extent of Development Areas and Discovery Areas. 4.3 At the end of the third Exploration Phase, the Contractor shall retain only Development Areas and Discovery Areas. 4.4 If the Contractor exercises the option provided for in paragraph (b) of Article 3.5, the Contractor shall, after any Discovery Areas or Development Areas have been designated, relinquish all of the Contract Area not included within the said Discovery Areas or Development Areas. 4.5 As and when the Contract is terminated under the provisions of Article 3 or in accordance with any other provisions of this Contract, the entire Contract Area remaining with the Contractor shall be deemed to have been relinquished by the Contractor as on the date on which the Contract is terminated. 4.6 Relinquishment of all or part of the Contract Area or termination of the Contract shall not be construed as absolving the Contractor of any liability undertaken or incurred by the Contractor in respect of the Contract Area during the period between the Effective Date and the date of such relinquishment or termination. 4.7 Subject to Article 14.9, the liability of the Contractor shall be limited to any liability undertaken or incurred in respect of, relating to or connected with the Contract, and/or any claim arising out of or in relation to the act of negligence, misconduct, commission or omission in carrying out Petroleum Operations during the period between the Effective Date and the date of relinquishment of the Contract Area or termination or expiry of the Contract, as the case may be.

Relinquishment. 4.1 If at 3.1 At the end of Phase I of the first Exploration PhasePeriod, in the event that the Contractor elects, pursuant to Article 3.52.6, to continue Exploration Operations in the Contract Area in the second Exploration PhasePhase II, the Contractor shall retain upto seventy five percent (75%) of the original Contract Area including any Development Area and Discovery Area in not more than three (3) areas of simple geometrical shapes shapes, and relinquish the balance of the Contract Area prior to the thc commencement of Phase II. 3.2 At the second end of Phase II of the Exploration Phase. Notwithstanding the provision of this Article 4.1period, in the event the Development Areas and Discovery Areas exceed seventy five percent (75%) of the original Contract Area, the Contractor shall be entitled to retain to the extent of Development Areas and Discovery Areas. 4.2 If at the end of the second Exploration Phase, the Contractor elects, pursuant to Article 3.52.6, to continue Exploration Operations in the Contract Area in the third Exploration PhasePhase III, the Contractor shall retain upto fifty twenty five percent (5025%) of the original Contract Area, including any Development Area and Discovery Area in not more than three (3) areas of simple geometrical shapes and relinquish the balance of the Contract Area prior to the commencement of Phase III. However, the third Exploration Phase. Notwithstanding the provision of this Article 4.2, in the event the Development Areas and Discovery Areas exceed Government shall agree for retaining fifty percent (50%) of the original Contract Area, if the Contractor shall be entitled to retain to the extent of Development Areas and Discovery Areassame is approved by Management Committee. 4.3 3.3 At the end of Phase III of the third Exploration PhasePeriod, the Contractor shall retain only Development Areas and Discovery Areas. 4.4 3.4 If the Contractor exercises the option provided for in paragraph (bc) of Article 3.52.6, the Contractor shall, after any Discovery Areas or Field and Development Areas Area have been designated, relinquish all of the Contract Area not included within the said Discovery Areas or Field and Development AreasArea. 4.5 3.5 As and when the Contract is terminated under the provisions of Article 3 2 or in accordance with any other provisions of this Contract, the entire Contract Area remaining with the Contractor shall be deemed to have been relinquished by the Contractor as on the date on which the Contract is terminated. 3.6 Relinquishment of all or part of the Contract Areas or termination of the Contract shall not be construed as absolving the Contractor of any liability undertaken or incurred by the Contractor in respect of the Contract Area prior to the date of such relinquishment or termination. 3.7 Subject to Article 12.9, the liability of the Contractor in respect of claims arising out of any act of negligence, commission, or ommission, during the course of Petroleum Operations in a Contract Area, shall be limited for the period between the Effective Date and relinquishment of such area. The Contractor shall not be liable for any claims in respect of any part of the block arising out of a liability allegedly incurred subsequent to the date of relinquishment of that part.