Initial Exploration Period definition

Initial Exploration Period means the period of two (2) Contract Years commencing on the Effective Date of the Contract, as defined in sub-clause 2(1);
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Initial Exploration Period means the period specified in Article 4.2, during which the Contractor shall conduct Surface Reconnaissance and Exploration, Exploration and Appraisal activities.
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Initial Exploration Period means a period of five (5) Contract Years from the Effective Date, subdivided into two sub-periods of three (3) Contract Years for the First Exploration Sub-Period and two (2) Contract Years for the Second Exploration Sub-Period.
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Examples of Initial Exploration Period in a sentence

  • As of and from the Effective Date, the Contractor is authorized to conduct Exploration Operations in the Contract Area during the Initial Exploration Period.

  • The Contractor shall be required to complete at least the Minimum Work Program during the Initial Exploration Period.

  • The Initial Exploration Period of these PSCs is for a period of two years, with the potential for a 1 year extension to complete ongoing work programs, from the date of ratification and includes a total minimum work commitment of $7.0 million with no drilling commitment and a signing bonus of $2.0 million.

  • 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 Xxxxx 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.


More Definitions of Initial Exploration Period

Initial Exploration Period means the period commencing on the date of signature of this Agreement and ending on a date not later than four years as from such first mentioned date or such shorter period as may be determined in clause 3;
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Initial Exploration Period shall have the meaning ascribed to it in Article 3.1(a)(i);
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Initial Exploration Period means the first four (4) consecutive Contract Years or five (5) consecutive Contract Years as the case may be, specified in Article 3 in which the Contractor is required to complete the Minimum Work Programme specified therein.
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Initial Exploration Period shall have the meaning set forth in Article 4.
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Initial Exploration Period has the meaning given to it in clause 3.3.1.1
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Initial Exploration Period means the first four (4) consecutive Contract Years specified in Article 3 in which the Contractor is required to complete the Minimum Work Programme specified therein.
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Initial Exploration Period means a period of four (4) Contract Years from the Effective Date, subdivided into two sub-periods of two (2) Contract Years within the First Exploration Sub-Period and two (2) Contract Years within the Second Sub-Period.
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