Common use of Appraisal Program Clause in Contracts

Appraisal Program. The Work Program for Appraisal activities submitted pursuant to Article 5.1 shall establish the Work Program for Appraisal of the relevant Discovery for a period of twelve (12) Months as of the date of approval of such program, which may be extended for up to an additional twelve (12) Months with the approval of CNH when the technical or commercial complexity of the development of the relevant Discovery merits such an exception (the “Appraisal Period”), except in case of a Non-Associated Natural Gas Discovery, in which the duration shall be subject to the provisions of Article 5.3. The Work Program for Appraisal of the Discovery shall cover the entire area of the structure in which the Discovery was made (the “Appraisal Area”), and shall contain at a minimum the items indicated in Annex 6, with a sufficient scope to allow for an appraisal to determine whether the Discovery can be considered as a Commercial Discovery. In the event CNH denies the approval of the proposed Work Program, CNH shall establish the legal causes and the motivation of such resolution. The Contractor shall commence the Appraisal activities in accordance with the terms of the approved Work Program. CNH will decide on the proposed Work Program for Appraisal activities within a period not exceeding sixty (60) Days following the receipt of the necessary information pursuant to the terms of the Applicable Laws. CNH may not deny its approval without cause

Appraisal Program. The Work Program for Appraisal activities submitted pursuant to Article 5.1 shall establish the Work Program for Appraisal of the relevant Discovery for a period of twelve (12) Months as of counted from the date of approval of such program, which may be extended for up to an additional twelve (12) Months with the approval of CNH when the technical or commercial complexity of the development of the relevant Discovery merits such an exception (the “Appraisal Period”), except in case of a Non-Associated Natural Gas Discovery, in which the duration shall be subject to the provisions of Article 5.3. 5.3 The Work Program for Appraisal of the Discovery shall cover the entire area of the structure in which the Discovery was made (the “Appraisal Area”), and shall contain at a minimum the items indicated in Annex 6, with a sufficient scope to allow for an appraisal evaluation to determine whether the Discovery can be considered as a Commercial Discovery. In the event CNH denies the approval of the proposed Work Program, CNH shall establish stablish the legal causes and the motivation of such resolution. The Contractor shall commence the Appraisal activities in accordance with the terms of the approved Work Program. CNH will decide on the proposed Work Program for Appraisal activities within a period not exceeding sixty (60) Days following the receipt of the necessary information pursuant to the terms of the Applicable Laws. CNH may not deny its approval without cause

Appraisal Program. The Work Program for Appraisal activities submitted pursuant to Article 5.1 shall establish the Work Program for Appraisal of the relevant Discovery for a period of twelve (12) Months as of the date of approval of such program, which may be extended for up to an additional twelve (12) Months with the approval of CNH when the technical or commercial complexity of the development of the relevant Discovery merits such an exception (the “Appraisal Period”), except in case of a Non-Associated Natural Gas Discovery, in which the duration shall be subject to the provisions of Article 5.3. The Work Program for Appraisal of the Discovery shall cover the entire area of the structure in which the Discovery was made (the “Appraisal Area”), and shall contain at a minimum the items indicated in Annex 6, with a sufficient scope to allow for an appraisal to determine whether the Discovery can be considered as a Commercial Discovery. In the event CNH denies the approval of the proposed Work Program, CNH shall establish the legal causes and the motivation of such resolution. The Contractor shall commence the Appraisal activities in accordance with the terms of the approved Work Program. CNH will decide on the proposed Work Program for Appraisal activities within a period not exceeding sixty (60) Days following the receipt of the necessary information pursuant to the terms of the Applicable Laws. CNH may not deny its approval without cause.