Common use of Relinquishment Clause in Contracts

Relinquishment. 4.1 On thecompletion ofMinimum Work Programme for Exploration Period (Phase-I) as provided in Article 5.2, the Contractor shall have the option exercisable by giving a written notice to the Government at least thirty (30) days prior to the expiry of Phase-I, either: (i) to relinquish the entire Contract Area and the Contract shall stand terminated; or (ii) to proceed to the Exploration Period (Phase-II) while retaining the entire Contract Area by committing to complete the Work Programme for Exploration Period (Phase-II) as provided in Articles 5.3 and 5.4; or (iii) to retain Discovery Areas and Development Areas (as the case may be) and relinquish other parts of the Contract Area. 4.2 On thecompletion ofMinimum Work Programme for Exploration Period (Phase-II) as provided in Articles 5.3 and 5.4, the Contractor shall have the option exercisable by giving a written notice to the Government at least thirty (30) days prior to the expiry of Phase-II, either: (i) to relinquish the entire Contract Area and the Contract shall stand terminated; or (ii) to retain Discovery Areas and Development Areas (as the case may be) and relinquish other parts of the Contract Area. 4.3 On expiry or termination of this Contract or relinquishment of part of the Contract Area, the Contractor shall: (a) subject to Article 26, remove all equipment and installations from the relinquishment area or former Contract Area in a manner agreed with the Government pursuant to an abandonment plan; and (b) perform all necessary Site Restoration activities in accordance with Modern Oil Field and Petroleum Industry Practices and take all other actions necessary to prevent hazards to human life or to the property of others or the environment. 4.4 As and when the Contract is terminated under the provisions of Article 29 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. 4.5 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. 4.6 Subject to Article 4.3 and Article 23.2, the liability of the Contract or shall be limited to any liability undertaken or incurred by or on behalf of the Contractor 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 maybe. 4.7 If a Contractor fails to submit a Field Development Plan in relation to a Discovery of Petroleum,either individually or jointly, within the time period stipulated in Article 10, the Contractor shall relinquish (subject to provisions of Article 10.4) the Discovery Area and its rights to develop such Discovery.

Relinquishment. 4.1 On thecompletion ofMinimum Work Programme for Exploration Period (or before the end of Phase-I) I of the Licence the Working Interest Owners shall relinquish not less than 30% of the original Area. 4.2 The Working Interest Owners shall relinquish an additional area equal to 20% of the remaining Area, on or before the end of the Phase-II. 4.3 The Working Interest Owners shall relinquish an additional area equal to 10% of the remaining Area, on or before the end of the first renewal. 4.4 Except as otherwise provided herein or in Article 5.2the Rules, the Contractor Working Interest Owners shall have relinquish the option exercisable remainder of the original Area, at the expiration of the Licence, or final renewal thereof. 4.5 The shape of the Area to be relinquished shall be determined by giving the Working Interest Owners, provided, however, that (a) the Working Interest Owners shall inform the Government of the description and the portion or portions of the Area to be relinquished at least ninety (90) Days in advance of the date of relinquishment or such lesser period as DGPC may allow, (b) the Working Interest Owners shall consult with the Director General, Petroleum Concessions, regarding the shape and size of each individual portion of the Area being relinquished and (c) the area being relinquished shall be of sufficient size and convenient shape (conforming to the grid system in force) to enable Petroleum operations to be conducted thereon. 4.6 Working Interest Owners shall not be obligated to relinquish, pursuant to Articles 4.1, 4.2 and 4.3, any part of the Area which has been made subject to a Lease and for which an application for grant of a Lease has been submitted in accordance with the Rules. 4.7 Upon at least ninety (90) Days written notice to the Government at least thirty (30) days prior Government, the Working Interest Owners shall have the right to relinquish any portion of the expiry of Phase-IArea, eithersubject to Article 4 and Article 7 and such portion can be credited against the mandatory relinquishments pursuant to Articles 4.1, 4.2 and 4.3. 4.8 Relinquishment made in accordance with this Article 4 shall not relieve the Working Interest Owners of: (ia) the obligations to relinquish make payments to the entire Contract Area Government under the Rules and the Contract shall stand terminatedthis Agreement prior to such relinquishment; and or (ii) to proceed to the Exploration Period (Phase-II) while retaining the entire Contract Area by committing to complete the Work Programme for Exploration Period (Phase-II) as provided in Articles 5.3 and 5.4; or (iii) to retain Discovery Areas and Development Areas (as the case may be) and relinquish other parts of the Contract Area. 4.2 On thecompletion ofMinimum Work Programme for Exploration Period (Phase-II) as provided in Articles 5.3 and 5.4, the Contractor shall have the option exercisable by giving a written notice to the Government at least thirty (30) days prior to the expiry of Phase-II, either: (i) to relinquish the entire Contract Area and the Contract shall stand terminated; or (ii) to retain Discovery Areas and Development Areas (as the case may be) and relinquish other parts of the Contract Area. 4.3 On expiry or termination of this Contract or relinquishment of part of the Contract Area, the Contractor shall: (a) subject to Article 26, remove all equipment and installations from the relinquishment area or former Contract Area in a manner agreed with the Government pursuant to an abandonment plan; and (b) perform all necessary Site Restoration activities in accordance with Modern Oil Field the Minimum Work and Petroleum Industry Practices and take all other actions necessary to prevent hazards to human life or to the property of others or the environment. 4.4 As and when the Contract is terminated under the provisions of Article 29 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. 4.5 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. 4.6 Subject to Article 4.3 and Article 23.2, the liability of the Contract or shall be limited to any liability undertaken or incurred by or on behalf of the Contractor in respect of, relating to or connected with the Contract, and/or any claim arising Minimum Expenditure obligations set 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 maybe. 4.7 If a Contractor fails to submit a Field Development Plan in relation to a Discovery of Petroleum,either individually or jointly, within the time period stipulated in Article 10, the Contractor shall relinquish (subject to provisions of Article 10.4) the Discovery Area and its rights to develop such Discovery3.

Relinquishment. 4.1 On thecompletion ofMinimum Work Programme for Exploration Period (or before the end of Phase-I) I of the Licence the Working Interest Owners shall relinquish not less than 30% of the original Area. 4.2 The Working Interest Owners shall relinquish an additional area equal to 20% of the remaining Area, on or before the end of the Phase-II. 4.3 The Working Interest Owners shall relinquish an additional area equal to 10% of the remaining Area, on or before the start of the Second Renewal. 4.4 Except as otherwise provided herein or in Article 5.2the Rules, the Contractor Working Interest Owners shall have relinquish the option exercisable remainder of the original Area, at the expiration of the Licence, or final renewal thereof. 4.5 The shape of the Area to be relinquished shall be determined by giving the Working Interest Owners, provided, however, that (a) the Working Interest Owners shall inform the DGPC of the description and the portion or portions of the Area to be relinquished at least ninety (90) Days in advance of the date of relinquishment or such lesser period as DGPC may allow, (b) the Working Interest Owners shall consult with the Director General Petroleum Concessions, regarding the shape and size of each individual portion of the Area being relinquished and (c) the area being relinquished shall be of sufficient size and convenient shape (conforming to the grid system in force) to enable Petroleum operations to be conducted thereon. 4.6 Working Interest Owners shall not be obligated to relinquish, pursuant to Articles 4.1 to 4.4, any part of the Area which has been made subject to a Lease and for which an application for grant of a Lease has been submitted in accordance with the Rules. 4.7 Upon at least ninety (90) Days written notice to the Government at least thirty (30) days prior DGPC, the Working Interest Owners shall have the right to relinquish any portion of the expiry of Phase-IArea, eithersubject to Article 4.5 and Article 7 and such portion can be credited against the mandatory relinquishments pursuant to Articles 4.1, 4.2 and 4.3. 4.8 Relinquishment made in accordance with this Article 4 shall not relieve the Working Interest Owners of: (ia) the obligations to relinquish make payments to the entire Contract Area Government under the Rules and the Contract shall stand terminatedthis Agreement prior to such relinquishment; and or (ii) to proceed to the Exploration Period (Phase-II) while retaining the entire Contract Area by committing to complete the Work Programme for Exploration Period (Phase-II) as provided in Articles 5.3 and 5.4; or (iii) to retain Discovery Areas and Development Areas (as the case may be) and relinquish other parts of the Contract Area. 4.2 On thecompletion ofMinimum Work Programme for Exploration Period (Phase-II) as provided in Articles 5.3 and 5.4, the Contractor shall have the option exercisable by giving a written notice to the Government at least thirty (30) days prior to the expiry of Phase-II, either: (i) to relinquish the entire Contract Area and the Contract shall stand terminated; or (ii) to retain Discovery Areas and Development Areas (as the case may be) and relinquish other parts of the Contract Area. 4.3 On expiry or termination of this Contract or relinquishment of part of the Contract Area, the Contractor shall: (a) subject to Article 26, remove all equipment and installations from the relinquishment area or former Contract Area in a manner agreed with the Government pursuant to an abandonment plan; and (b) perform all necessary Site Restoration activities in accordance with Modern Oil Field the Minimum Work and Petroleum Industry Practices and take all other actions necessary to prevent hazards to human life or to the property of others or the environment. 4.4 As and when the Contract is terminated under the provisions of Article 29 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. 4.5 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. 4.6 Subject to Article 4.3 and Article 23.2, the liability of the Contract or shall be limited to any liability undertaken or incurred by or on behalf of the Contractor in respect of, relating to or connected with the Contract, and/or any claim arising Minimum Expenditure obligations set 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 maybe. 4.7 If a Contractor fails to submit a Field Development Plan in relation to a Discovery of Petroleum,either individually or jointly, within the time period stipulated in Article 10, the Contractor shall relinquish (subject to provisions of Article 10.4) the Discovery Area and its rights to develop such Discovery3.