Common use of Subsequent Exploration Program Clause in Contracts

Subsequent Exploration Program. Upon termination of the Exploration Period and whenever there is at least one Assessment Area or one Exploitation Area or one Discovery made by THE CONTRACTOR in the last phase of the Exploration Period within the Contracted Area, THE CONTRACTOR will be allowed to retain up to fifty percent (50%) of the Contracted Area (excluding Assessment and Exploitation Areas) to carry out a Subsequent Exploration Program in the retained area but outside of the Assessment and Exploitation Areas. In this case, the following procedure will be applied: a) Before the termination date of the last phase of the Exploration Period, THE CONTRACTOR shall notify THE AXX in writing of its intention to carry out a Subsequent Exploration Program. b) The notice must describe the Exploration Operations that constitute the Subsequent Exploration Program that THE CONTRACTOR intends to carry out. The Program will be divided in two (2) phases lasting two (2) Years each, the first one counted as of the termination of the last phase of the Minimum Exploration Program. Each phase of the Subsequent Exploration Program must have at least the same Exploration Operations agreed to for the last phase of the Minimum Exploration Period. c) After the obligations of the first phase of the Subsequent Exploration Program have been successfully performed, THE CONTRACTOR may decide not to continue with the second phase, which implies returning the areas retained for this purpose in their entirety, or to commence the second phase which means that THE CONTRACTOR will only return fifty percent (50%) of said retained area, excluding the existing Assessment and Exploitation Areas. THE CONTRACTOR shall inform THE AXX in writing of the decision within the Month following termination of the first phase. It is understood that the returns mentioned in this Clause do not include the existing Assessment and the Exploitation Areas.

Subsequent Exploration Program. Upon termination At the end of the Exploration Period Period, and whenever there is at least one provided an Assessment or Production Area or one Exploitation Area or one a Discovery made by THE CONTRACTOR in during the last phase of the Exploration Period within of the Contracted AreaContract Area exists, THE CONTRACTOR will be allowed to retain up to may withhold fifty percent per cent (50%) of the Contracted Contract Area (excluding the Assessment and Exploitation Production Areas) to carry out undertake a Subsequent Exploration Program in the retained area but withheld and outside of the Assessment and Exploitation Production Areas. In this case, the following procedure will be appliedapply: a) Before Prior to the date of termination date of the last phase of the Exploration Period, THE CONTRACTOR shall notify THE AXX will inform XXX in writing of its intention to carry out undertake a Subsequent Exploration Program. b) The Said notice must describe the Exploration Operations that constitute are part of the Subsequent Exploration Program that THE CONTRACTOR intends agrees to carry out. The Program will be divided in two (2) phases lasting two (2) Years each, undertake from the first one counted as of the termination end of the last phase of the Minimum Exploration Program. Each phase of the phases of the Subsequent Exploration Program Program, with a maximum of two (2) eighteen (18) month phases each, must have contain at least the same drilling of one type A-3 Exploration Operations agreed to for the last phase of the Minimum Exploration PeriodWell. c) After Having duly fulfilled the obligations of the first phase of the Subsequent Exploration Program have been successfully performedProgram, THE CONTRACTOR may decide not to continue with onto the second phase, which implies returning will results in having to return all of the areas retained withheld for this purpose in their entiretyor, or alternately, the right to commence continue onto the second phase if appropriate, in which means that THE CONTRACTOR will only case it agrees to return fifty percent per cent (50%) of said retained areathe areas withheld, excluding the existing Assessment and Exploitation Production Areas. THE CONTRACTOR shall will inform THE AXX XXX in writing of the its decision within the Month month following the termination of the first phase. It is understood that returning the returns mentioned in this Clause do not include areas referred to herein is without prejudice to the existing Assessment and Production Areas. Once the Exploitation AreasSubsequent Exploration program is completed, the Contract Area will be reduced to the Assessment and / or Production existing at that time.

Subsequent Exploration Program. Upon termination At the end of the Exploration Period and whenever Period, provided there is at least one Assessment an Evaluation Area or one Exploitation a Production Area or one a Discovery made by THE CONTRACTOR in the last phase of the Exploration Period within in the Contracted Area, THE CONTRACTOR will be allowed to retain up to may with- hold fifty percent (50%) of the Contracted Area (excluding Assessment the Evaluation and Exploitation Production Areas) to carry out within the withheld area, and out- side the Evaluation and Production Areas), a Subsequent Exploration Program in the retained area but outside of the Assessment and Exploitation AreasProgram. In this case, case the following procedure will be appliedshall apply: a) Before Prior to the termination date of the last phase of the Exploration Period, THE CONTRACTOR shall notify THE AXX the XXX in writing of its intention to carry out a Subsequent Exploration Program.intention b) The This notice must describe the Exploration Operations that constitute constituting the Subsequent Exploration Ex- ploration Program that THE CONTRACTOR intends undertakes to carry out. The Program will be divided in two (2) phases lasting two (2) Years each, the first one counted as of out since the termination of the last phase of the Minimum Exploration Program. Each phase one of the phases of the Subsequent Exploration Program Program, with a maximum of two (2) phases of eighteen (18) months each, must have contain at least a minimum the same drilling of an Exploration Operations agreed to for the last phase of the Minimum Exploration PeriodWell type A-3. c) After Upon timely fulfillment of the obligations of the first phase of the Subsequent Exploration Program have been successfully performedProgram, THE CONTRACTOR may decide opt not to continue with the second phase, which implies returning im- poses the mandatory relinquishment of all of the areas retained withheld for this purpose in their entiretypurpose, or or, alter- natively, the right to commence continue with the second phase phase, if applicable, in which means that case THE CONTRACTOR will only return CON- TRACTOR must relinquish fifty percent (50%) of said retained areathe withheld areas, excluding the existing Assessment Evaluation and Exploitation Production Areas. THE CONTRACTOR CON- TRACTOR shall inform THE AXX notify the XXX in writing of the its decision within the Month month following the termination of the first phase. It is understood that the returns mentioned The relinquish- ment of areas provided for in this Clause do not include is understood to be without prejudice of the existing Assessment Exploitation and Production Areas. Upon completion of the Exploitation AreasSubsequent Explo- ration Program, the Contracted Area shall be reduced to the Evaluation and/or Production Areas existing at that time.

Subsequent Exploration Program. Upon termination of If the Exploration Period ends and whenever provided that there is at least one Assessment Evaluation Area or one Exploitation Area or one Discovery made by THE CONTRACTOR in the last phase of the Exploration Period within the Contracted Area, THE CONTRACTOR will be allowed to may retain up to fifty percent (50%) % of the Contracted Contract Area (excluding Assessment and Exploitation Areas) to carry out implement a Subsequent Exploration Program in the area retained area but outside of the Assessment and an Evaluation Area or Exploitation AreasArea. In this case, the The following procedure will be appliedapply: a) Before completing the termination date of the last final phase of the Exploration Period, Period THE CONTRACTOR shall notify THE AXX will advise ANH in writing of its intention xxiting that it intends to carry out implement a Subsequent Exploration Program.; b) The notice must will describe the Exploration Operations that constitute in the Subsequent Exploration Program that which THE CONTRACTOR intends undertakes to carry out. The perform; dividing the Program will be divided in into two (2) phases lasting of two (2) Years each, the first one counted to count as of the termination expiry date of the last phase of the Minimum Exploration Program. Each phase of the Subsequent Exploration Program must have will contain at least the same Exploration Operations as were agreed to for the last phase of the Minimum Exploration Period.Program; c) After If the obligations of the first phase of the Subsequent Exploration Program have been successfully performed, are duly discharged THE CONTRACTOR may decide elect not to continue with the second phase and in exchange must relinquish all the areas retained for that purpose or it may elect to continue with the second phase, which implies returning the and must relinquish only 50% of those areas retained for this purpose in their entirety, or to commence the second phase which means that THE CONTRACTOR will only return fifty percent (50%) of said retained area, excluding the any existing Assessment Evaluation Areas and Exploitation Areas. THE CONTRACTOR shall will inform THE AXX ANH in writing xxiting of its decision within one month of the decision within the Month following termination end of the first phase. It is understood that the returns . d) The relinquishment of areas mentioned in this Clause do not include is understood to be without prejudice to the existing Assessment Evaluation Areas and the Exploitation Areas.

Subsequent Exploration Program. Upon termination of If the Exploration Period ends and whenever provided that there is at least one Assessment Evaluation Area or one Exploitation Area or one Discovery made by THE CONTRACTOR in the last phase of the Exploration Period within the Contracted Area, THE CONTRACTOR will be allowed to may retain up to fifty percent (50%) % of the Contracted Contract Area (excluding Assessment and Exploitation Areas) to carry out implement a Subsequent Exploration Program in the area retained area but outside of the Assessment and an Evaluation Area or Exploitation AreasArea. In this case, the The following procedure will be appliedapply: a) Before completing the termination date of the last final phase of the Exploration Period, Period THE CONTRACTOR shall notify THE AXX will advise XXX in writing of its intention that it intends to carry out implement a Subsequent Exploration Program.; b) The notice must will describe the Exploration Operations that constitute in the Subsequent Exploration Program that which THE CONTRACTOR intends undertakes to carry out. The perform, dividing the Program will be divided in into two (2) phases lasting of two (2) Years each, the first one counted to count as of the termination expiry date of the last phase of the Minimum Exploration Program. Each phase of the Subsequent Exploration Program must have will contain at least the same Exploration Operations as were agreed to for the last phase of the Minimum Exploration Period.Program; c) After If the obligations of the first phase of the Subsequent Exploration Program have been successfully performed, are duly discharged THE CONTRACTOR may decide elect not to continue with the second phase and in exchange must relinquish all the areas retained for that purpose or it may elect to continue with the second phase, which implies returning the and must relinquish only 50% of those areas retained for this purpose in their entirety, or to commence the second phase which means that THE CONTRACTOR will only return fifty percent (50%) of said retained area, excluding the any existing Assessment Evaluation Areas and Exploitation Areas. THE CONTRACTOR shall will inform THE AXX XXX in writing of the its decision within one month of the Month following termination end of the first phase. It is understood that the returns . d) The relinquishment of areas mentioned in this Clause do not include is understood to be without prejudice to the existing Assessment Evaluation Areas and the Exploitation Areas.