Additional Exploration Period definition
Examples of Additional Exploration Period in a sentence
In any Contract Year of either the Initial Exploration Period or any Additional Exploration Period, for the purpose of comparison of the actual costs incurred and paid by the Contractor with the minimum exploration expenditure, the actual costs incurred and paid by the Contractor for seismic operations and the drilling of Exploratory ▇▇▇▇▇ during that Contract Year shall be converted into constant U.S. dollars by dividing the costs by the Discount Rate.
In the event that during the Initial Exploration Period, the Contractor carries out additional Work Units to those committed in accordance with Article 4.2, the Contractor may request the recognition of such Work Units for the First Additional Exploration Period.
In the event of a Discovery during the Initial Exploration Period, or Additional Exploration Period, as the case may be, the Contractor may submit to CNH for approval a Work Program and the corresponding Budget for Appraisal activities related to such Discovery, in such case, the provisions of Article 5.2 shall apply.
Compliance with the minimum percentages of national content shall be verified by the Ministry of Economy upon termination of the Initial Exploration Period, the First Additional Exploration Period, the Second Additional Exploration Period and the Appraisal Period, as it corresponds, in terms of the Methodology and the Applicable Laws.
Subject to this Article 4.4, the Contractor may request, by written notice to the CNH with at least sixty (60) Days prior to the termination of the First Additional Exploration Period, an extension of the Exploration Period for three (3) additional Years (the “Second Additional Exploration Period”).
The Contractor may request, by written notice to the CNH with at least sixty (60) Days prior to the termination of the First Additional Exploration Period, the extension of this period in order to complete ongoing activities contemplated in the Exploration Plan that for reasons not attributable to the Contractor are impossible to conclude within the period referred to in this Article 4.3. The CNH will approve the extension in terms of the Applicable Laws.
Such additional Work Units would be credited in the event that CNH grants the Additional Exploration Period as provided in Article 4.3.
In the event that during the Initial Exploration Period, the Contractor carried out additional Work Units to those provided in the Minimum Work Program, the Contractor may request the recognition of such additional Work Units as part of the Additional Exploration Period commitment.
Without prejudice of the provisions of this Contract, once the Contractor pays the amounts described in subparagraphs (a), (b) and (c), or in case the Exploration Performance Guarantee is drawn as pursuant to subparagraph (e) of this Article 4.7, the breach of the Minimum Work Program, the Minimum Program Increase or the additional commitments acquired for the Additional Exploration Period will be considered as amended.
The CNH may deny approval of plans if they: (i) do not comply with the Minimum Work Program or the Minimum Program Increase, or the work commitments for the First Additional Exploration Period or Second Additional Exploration Period, or (ii) do not conform to the Industry Best Practices and the Applicable Laws.