Common use of Substitute Xxxxx Clause in Contracts

Substitute Xxxxx. If any obligatory Exploratory Well is abandoned due to insurmountable technical problems as set out in Article 3.2.1, items (b), (c) and (d) and, at the time of abandonment, the Exploration Costs for that Well equal or exceed … million Dollars ($...MM), for all purposes of this Contract, the Contractor will be considered to have fulfilled its minimum work obligations for the period in question. If any obligatory Exploratory Well is abandoned due to insurmountable technical problems and if, at the time of abandonment, the Exploration Costs for that Well are less than … million Dollars ($...MM), the Contractor will choose between the following options: (a) drill a substitute Exploratory Well in the same or a different site to be agreed on with the Ministry: or (b) pay the Ministry an amount equal to the difference between …million dollars ($...MM) and the amount of Exploration Costs effectively spent in connection with this Exploratory Well, which will be treated as if it were the finalization of the well, thus fulfilling the minimum work obligations with this Well.

Substitute Xxxxx. If any obligatory Exploratory Well is abandoned due to insurmountable technical problems as set out in Article 3.2.1, items (b), (c) and (d) and, at the time of abandonment, the Exploration Costs for that Well equal or exceed … twenty five million Dollars ($...MM25MM), for all purposes of this Contract, the Contractor will be considered to have fulfilled its minimum work obligations for the period in question. If any obligatory Exploratory Well is abandoned due to insurmountable technical problems and if, at the time of abandonment, the Exploration Costs for that Well are less than … twenty five million Dollars ($...MM25MM), the Contractor will choose between the following options: (a) drill a substitute Exploratory Well in the same or a different site to be agreed on with the Ministry: or (b) pay the Ministry an amount equal to the difference between …twenty five million dollars ($...MM25MM) and the amount of Exploration Costs effectively spent in connection with this Exploratory Well, which will be treated as if it were the finalization of the well, thus fulfilling the minimum work obligations with this Well.

Substitute Xxxxx. If any obligatory Exploratory Exploration Well is abandoned due to insurmountable technical problems as set out in Article 3.2.1, items (b), (c) and (d) and, at the time of abandonment, the Exploration Costs for that Well equal or exceed … fifteen million Dollars ($...MM15MM), for all purposes of this Contract, the Contractor will be considered to have fulfilled its minimum work obligations for the period in question. If any obligatory Exploratory Exploration Well is abandoned due to insurmountable technical problems and if, at the time of abandonment, the Exploration Costs for that Well are less than … fifteen million Dollars ($...MM15MM), the Contractor will choose between the following options: (a) drill a substitute Exploratory Exploration Well in the same or a different site to be agreed on with the Ministry: or (b) pay the Ministry an amount equal to the difference between …fifteen million dollars ($...MM15MM) and the amount of Exploration Costs effectively spent in connection with this Exploratory Exploration Well, which will be treated as if it were the finalization of the well, thus fulfilling the minimum work obligations with this Well.