Exploration Work Obligations definition
Examples of Exploration Work Obligations in a sentence
If the Contractor exercises this option, and after the payment is received by the Minister, the Contractor shall be deemed to have fulfilled its Exploration Work Obligations for the relevant Exploration Phase under this Contract.
For the purpose of classifying costs, expenses and expenditures for Cost Recovery Petroleum as well as for the purpose of establishing when the Minimum Exploration Work Obligations have been met, costs, expenses and expenditures shall be recorded in major accounts including the following: Necessary sub-accounts shall be used.
Any such voluntary relinquishment of part of the Contract Area during the Exploration Period shall not reduce the Exploration Work Obligations set forth in Annex D nor the amount of the corresponding guarantee.
In case CONTRACTOR spends more than the Minimum Expenditure Obligations required to be expended or performs works (approved by EGAS) in excess of the Minimum Exploration Work Obligations during any Exploration period, the excess expenditure and/or works shall be subtracted from the Minimum Expenditure Obligations and/or the Minimum Exploration Work Obligations for any succeeding Exploration period, as the case may be.
Any such voluntary relinquishment of part of the Contract Area during the Exploration Period shall not reduce the Exploration Work Obligations set forth in Annex D, nor the amount of the corresponding Bank Guarantee.
After the payment has been made, the Contractor shall be deemed to have fulfilled its minimum Exploration Work Obligations under Article 5 of the Contract.
EGAS may approve CONTRACTOR’s request to enter the succeeding Exploration period in the event the CONTRACTOR has failed to fulfill any of its Minimum Exploration Work Obligations of the then current Exploration period subject to its fulfillment of the Minimum Expenditure Obligations for such period.
Annex “C” is the form of a Bank Letter of Guarantee to be submitted by CONTRACTOR to EGAS for the sum of ---------------- million U.S. Dollars ($ ---000000) after the issuance of the relevant law and before the date of signature by the Minister of Petroleum of this Agreement, to guarantee the execution of CONTRACTOR’s Minimum Exploration Work Obligations hereunder for the first Exploration period of ------ (--) Year(s).
For the third Exploration period of ------ (---) Year(s) that CONTRACTOR elects to enter after the second Exploration period, the Minimum Expenditure Obligations shall be million U.S. Dollars ($ --000000), provided that the Minimum Exploration Work Obligations of CONTRACTOR in such period shall be to acquire square kilometers (---- km2) of 3D seismic program, acquire kilometers (--- km) of 2D seismic program, reprocess seismic data, carry out technical studies and drill ------ ( ) exploratory well(s).
Three (3) months after completion of a seismic survey or an Exploration Well drilled to the minimum contractual depth, the above-mentioned guarantee shall be adjusted in such a manner as to guarantee the outstanding balance of the minimum Exploration Work Obligations for the current term of the Exploration Period.