Common use of Unitization Procedure Clause in Contracts

Unitization Procedure. The Contractor shall notify the Ministry of Energy and CNH within a period that shall not exceed (60) Business Days upon gathering the sufficient elements by which the existence of a shared reservoir is inferred. Such notice shall contain at least: (i) the underpinned technical analysis that determines the possible existence of a shared reservoir; (ii) the general characteristics of the shared reservoir; (iii) the geological, geophysical and other types of assessments used to determine the possible existence of such shared reservoir including, given the case, the information obtained during the drilling of Xxxxx that helped determine that the Discovery exceeded the limits of the Contract Area; (iv) a proposal of a Work Program for the Petroleum Activities prior to the unitization agreement between the Contractor and/or the third parties involved, and (v) additional information the Contractor deems convenient. Once the notice is received, the following shall occur:

Unitization Procedure. The Contractor shall notify the Ministry of Energy and CNH within a period that shall not exceed exceeding (60) Business Days upon gathering the sufficient elements by which the existence of a shared reservoir is inferred. Such notice shall contain at least: (i) the underpinned technical analysis that determines the possible existence of a shared reservoir; (ii) the general characteristics of the shared reservoir; (iii) the geological, geophysical and other types of assessments used to determine the possible existence of such shared reservoir including, given the case, the information obtained during the drilling of Xxxxx that helped determine that the Discovery exceeded the limits of the Contract Area; (iv) a proposal of a Work Program for the Petroleum Activities prior to the unitization agreement between the Contractor and/or the and third parties involved, and (v) additional information the Contractor deems convenient. Once the notice is received, the following shall occur: