Optional Exploration Phase definition

Optional Exploration Phase means the additional period of three (3) Contract Years after the Initial Exploration Phase pursuant to Article 6.
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Optional Exploration Phase means the additional period of Years after the Initial Exploration Phase pursuant to Article 6.
Sample 1Sample 2

Examples of Optional Exploration Phase in a sentence

  • Such guarantees shall be provided not later than thirty (30) days after the execution of this Agreement, in respect of the minimum work obligations of the Initial Exploration Phase, or thirty (30) days after the start of the Optional Exploration Phase of the Exploration Period, in respect of the minimum work obligations of said Phase.

  • The Agreement shall be terminated if no Commercial Discovery has been made in the Contract Area by the end of the Initial Exploration Phase or the Optional Exploration Phase, should that be the case.

  • One (1) successive extension of three (3) Contract Years (the Optional Exploration Phase) may follow the Initial Exploration Phase, provided that Contractor notifies Sonangol in writing of such extension, at least thirty (30) days before the end of the Initial Exploration Phase, and if, unless otherwise agreed by Sonangol, Contractor has fulfilled its obligations in respect of such Phase.

  • During the Optional Exploration Phase each of the guarantees shall be increased by the amount of U.S.$ XXX (XXX million US dollars) for the obligatory seismic program set forth in Article 15, paragraph 3.

  • In the event Contractor Group exceeds the minimum work obligations described in the preceding paragraphs during the Initial Exploration Phase, then such excess shall be credited against the minimum work obligations for the Optional Exploration Phase.

  • In the Initial Exploration Phase, the above referred financial guarantee shall be reduced by the amount of twelve million U.S. dollars (U.S.$ 12,000,000) when the mandatory seismic program has been concluded, and in the Optional Exploration Phase by the amount of seven million two hundred thousand US dollars (US$ 7,200,000), when the mandatory seismic program has been concluded, or of each amount paid under Articles 15.6 and 15.7.

  • In respect to the Initial Exploration Phase, the financial guarantee shall be increased by twelve million U.S. dollars (U.S.$ 12,000,000) for the mandatory seismic program provided for in Article 15.1, and in respect of the Optional Exploration Phase by seven million two hundred thousand US dollars (US$ 7,200,000), for the mandatory seismic program provided for in paragraph 3 of Article 15.

  • The amount of each such guarantee shall be reduced by U.S.$ XXX (XXX million US dollars) during the Optional Exploration Phase when the obligatory seismic program is completed or for each amount paid in accordance with Article 15, paragraph 7.

  • This Contract shall expire if no Commercial Discovery has been made in the Concession Area by the end of the Initial Exploration Phase or the Optional Exploration Phase, should that be the case.

  • In the event Contractor Group elects to extend the Exploration Period into the Optional Exploration Phase, Contractor Group shall be required to conduct a seismic program covering XXX km² (XXX square kilometers) of 3D seismic profiles, or to execute a high resolution program with equivalent value, covering an area to be agreed between Sonangol and Contractor Group and to drill XX (XX) obligatory Exploration Well, with a pre-salt objective, (other than Appraisal Well).

Related to Optional Exploration Phase

  • Exploration Period means the period mentioned in Article 3 during which Exploration Operations may be carried out by the Contractor as provided in Article 3 hereof.

  • Construction Phase means that Phase of the Project which shall commence after the Authority provides the Trade Contractor with written Notice to Proceed with the Construction Phase.

  • Development Phase means the period before a vehicle type is type approved.

  • Project Term the period from the Operation Commencement Date to the Expiry Date or the Termination Date, whichever occurs first, which is further described in Clause 3;

  • Period of Extended Hire means any additional period that the Hirer wishes the Agency Worker to be supplied for beyond the duration of the original Assignment or series of assignments as an alternative to paying a Transfer Fee;

  • Exploration Operations means any operations carried out for or in connection with the exploration for minerals, and includes -

  • Construction Phase Services means the coordination, implementation and execution of the Work required by this Agreement, which are further defined in Article 8.

  • Second Extension Period means the period of one (1) Contract Year commencing immediately after the end of the First Extension Period.

  • Development Period means the period from the date of this Agreement until the Appointed Date;

  • Phase III means human clinical trials, the principal purpose of which is to establish substantial evidence of both safety and efficacy in patients with the disease or condition being studied, as more fully defined in 21 C.F.R. §312.21(c) or similar clinical study in a country other than the United States. Phase III shall also include any other human clinical trial intended to serve as a pivotal trial to support the submission of an application for regulatory approval.

  • Development Term means the period commencing on the Closing Date and ending on the earlier of (a) the Option Closing Date or (b) the date the Option terminates or expires other than by exercise.

  • Initial Contract Period means the period from the Commencement Date to the date of expiry set out in clause A2 (Initial Contract Period), or such earlier date of termination or partial termination of the agreement in accordance with the Law or the provisions of the Contract.

  • Annual Work Plan means each work plan approved by the Association under Section I.C of Schedule 2 to this Agreement for inclusion in the Project.

  • main phase employment and support allowance means an employment and support allowance where the calculation of the amount payable in respect of the applicant includes a component under section 2(1)(b) or 4(2)(b) of the Welfare Reform Act 2007 except in Part 1 of Schedule 1;

  • Phase 2 means the phase of the ATP comprised of: (1) improvements to the State Street Substation to receive Rebuilt Line 972; (2) the rebuilding of NYSEG’s existing Line 972 not performed in Phase 1; (3) construction of Relocated Line 15; (4) the construction of Bused Line 5; (5) improvements to the Elbridge Substation to receive Relocated Line 15; and (6) improvements to the Elbridge Substation to receive Bused Line 5.

  • Resolution Extension Period As defined in Section 2.03(b).

  • Development Project means a project for the development of land within a project area.

  • Non-Extension Notice Date has the meaning specified in Section 2.03(b)(iii).

  • Original Project means the Project described in the Original Financing Agreement.

  • Redevelopment Plan means the “Lincoln Center Redevelopment Plan” passed, adopted and approved by the City pursuant to the Resolution, and shall include any amendment of said Redevelopment Plan heretofore or hereafter made by the City pursuant to law.

  • Redevelopment project means a specific construction project

  • Research facility means buildings and structures, including machinery and equipment, used or to be used primarily for research or experimentation to improve or develop new tangible goods or materials or to improve or develop the production processes thereto.

  • Expansion Capital Expenditures means cash expenditures for Acquisitions or Capital Improvements. Expansion Capital Expenditures shall include interest (including periodic net payments under related interest rate swap agreements) and related fees paid during the Construction Period on Construction Debt. Where cash expenditures are made in part for Expansion Capital Expenditures and in part for other purposes, the General Partner shall determine the allocation between the amounts paid for each.

  • project completion period means the period of sixty (60) months commencing from and expiring on for the construction and obtaining of Temporary Occupation Permit or Permits for the whole of the Development as provided in clause 3.3;

  • Annual Work Plan and Budget means the work plan and budget approved by the Bank and adopted by the Borrower in accordance with the provisions of Section I.C of Schedule 2 of this Agreement, as said work plan and budget may be modified from time to time with the written agreement of the Bank.

  • Common interest development means any of the following: