Common use of Commercial Discovery Clause in Contracts

Commercial Discovery. No later than ninety (90) Days after the end of any Appraisal Period, the Contractor shall inform the CNH whether it considers the Discovery to be a Commercial Discovery, in such case, the Contractor shall submit a Development Plan for such Commercial Discovery in accordance with Article 6.2, without prejudice to the Contractor’s obligation to continue the Surface Reconnaissance and Exploration, Exploration and Appraisal activities pursuant to the Exploration Plan in the rest of the Contract Area until the end of the Exploration Period or completion of the Minimum Work Program, the Increase in the Minimum Program or the work commitments acquired for the First Additional Exploration Period or the Second Additional Exploration Period. The declaration of a Commercial Discovery shall include a delimitation of the Development Area, which shall require the approval of the CNH. The term for the submission of the Development Plan shall initiate upon the declaration of any Commercial Discovery.

Commercial Discovery. No later than ninety (90) Days after the end of any Appraisal Period, the Contractor shall inform the CNH whether it considers the Discovery to be a Commercial Discovery, in such case, the Contractor shall submit a Development Plan for such Commercial Discovery in accordance with Article 6.2, without prejudice to the Contractor’s obligation to continue the Surface Reconnaissance and Exploration, Exploration and Appraisal activities pursuant to the Exploration Plan in the rest of the Contract Area until the end of the Exploration Period or completion of the Minimum Work Program, the Increase in the Minimum Program or the work commitments acquired for the First Additional Exploration Period or the Second Additional Exploration Period. The declaration of a Commercial Discovery shall include a delimitation of the Development Area, which shall require the approval of the CNH. The term for the submission of the Development Plan shall initiate upon the declaration of any Commercial Discovery.

Commercial Discovery. No later than ninety (90) Days after the end of any Appraisal Period, the Contractor shall inform the CNH whether it considers the Discovery to be a Commercial Discovery, in such case, the Contractor shall submit a Development Plan for such Commercial Discovery in accordance with Article 6.2, without prejudice to the Contractor’s obligation to continue the Surface Reconnaissance and Exploration, Exploration and Appraisal activities pursuant to the Exploration Plan in the rest of the Contract Area until the end of the Exploration Period or completion of the Minimum Work Program, the Increase in the Minimum Program or the work commitments acquired for the First Additional Exploration Period or the Second Additional Exploration Period. The declaration of a Commercial Discovery shall include a delimitation of the Development Area, which shall require the approval of the CNH. The term for the submission of the Development Plan shall initiate upon the declaration of any Commercial Discovery.