Relinquishment. 9.1. If prior to the end of the First Phase of the Exploration Period an application is made by the Contractor for renewal of the Petroleum Exploration Licence under the Act, the Contractor shall then relinquish at the end of the First Phase an area equal to at least fifty percent (50%) of the Contract Area prior to entering the Second Phase.
Appears in 3 contracts
Samples: Model Production Sharing Agreement, Sharing Agreement, oilnow.gy
Relinquishment. 9.1. If prior to the end of the First Phase of the Exploration Period an application is made by the Contractor for renewal of the Petroleum Exploration Prospecting Licence under the Act, the Contractor shall then relinquish at the end of the First Phase an area equal to at least fifty percent (50%) of the Contract Area prior to entering the Second PhaseArea.
Appears in 2 contracts
