Minimum Exploration Program definition

Minimum Exploration Program. (MEP): is the work program provided for in Clause 6.1 that is divided into sub phases under which the Contractor has committed itself to carry out exploration activities in the Contract Area.

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Minimum Exploration Program means the Minimum Work Program specified in Articles 6.2 through 6.4.

Minimum Exploration Program work schedule provided for in Annex II, to be met by the Consortium Members during the course of the Exploration Phase.

Examples of Minimum Exploration Program in a sentence

The Exploration Plan shall contemplate all exploration activities to be developed in the Contract Area during its effectiveness and shall mandatorily consider the Minimum Exploration Program and compliance with the Local Content.
The Consortium Members shall perform the obligations related to the Minimum Exploration Program within the terms and under the conditions described in Annex II.
In the absence of outstanding issues, ANP shall issue the certificate of completion of the Minimum Exploration Program within thirty (30) days after its completion and, then, it shall return the respective financial guarantees.
If the Consortium Members do not comply with the Minimum Exploration Program, ANP shall summon the Consortium Members to pay the amount corresponding to the non-executed portion, calculated under this Agreement, within thirty (30) days, and, in case of default, it shall execute the relevant financial guarantees.
ANP may define an additional Minimum Exploration Program for the areas to be divided.
The Concessionaire shall perform the obligations related to the Minimum Exploration Program within the terms and under the conditions described in Annex II.
Development of the activities of the Minimum Exploration Program may start before approval of the Exploration Plan, as long as ANP is previously notified.
In case the Consortium Members are interested in developing exploration activities additional to the Minimum Exploration Program, they shall submit a revised Exploration Plan to ANP upon at least one hundred-twenty (120)-day notice from the beginning of such activities.
For purposes of compliance with the Minimum Exploration Program, the drilled ▇▇▇▇▇ shall achieve the exploratory objective at a depth sufficient for establishing their potential in Oil and Gas, as defined in Annex II.
Each of the areas divided shall have an associated Minimum Exploration Program, the total number of activities of which shall exceed the number set forth in the original program.

More Definitions of Minimum Exploration Program

Minimum Exploration Program. Means the Exploration Operations plan described in Clause 5 (subsection 5.1) herein, that THE CONTRACTOR agrees to carry out, as a minimum, during each phase of the Exploration Period.

Minimum Exploration Program means the work program provided in Annex II (Work and Investment Program) to be mandatory accomplished by the Concessionaire during the Exploration Phase, pursuant to paragraph 5.2.

Minimum Exploration Program the work program set out in Annex II, to be carried out by the Concessionaire during the Exploration Phase.

Minimum Exploration Program means the program of Exploration specified in Paragraph 10.1 of this Agreement.

Minimum Exploration Program has the meaning given thereto in the Contract.

Minimum Exploration Program. It has the meaning provided for in Clause 4.8.1hereunder;