Second Exploration Period Clause Samples
Second Exploration Period. Commencing on the day on which the Exploration Licence is renewed pursuant to Article 3 hereof and terminating on the second anniversary of such date. Exploration Area [ _]
(i) Minimum Work Programme:
(ii) Minimum Exploration Expenditure US$ [ ] million Seismic Data US$ [ ] million Drilling US$ [ ] million
Second Exploration Period. Commencing on the day on which the Petroleum Exploration Licence is renewed pursuant to the Act and in accordance with Article 3 of this Agreement and terminating on the [second anniversary] of such date.
(a) Minimum Work Programme [Biddable item] : [Acquisition, processing and interpretation of additional XXX line kilometres of 2D seismic data] [Acquisition, processing and interpretation of additional XXX square kilometres of 3D seismic data], [The drilling of XXX exploration ▇▇▇▇▇ whose locations and depths Government and the Licensee shall agree on].