Conversion to a Development Lease. (i) Following a Commercial Oil Discovery or a Commercial Gas Discovery the extent of the whole area capable of production to be covered by a Development Lease shall be mutually agreed upon by EGPC and CONTRACTOR and be subject to the approval of the Minister of Petroleum. Such area shall be converted automatically into a Development Lease without the issue of any additional legal instrument or permission.
Appears in 3 contracts
Samples: Concession Agreement (Mogul Energy International, Inc.), Concession Agreement, Concession Agreement (Dover Petroleum Inc)
Conversion to a Development Lease. (i) Following a Commercial Oil Discovery or a Commercial Gas Discovery the extent of the whole area capable of production to be covered by a Development Lease shall be be, mutually agreed upon by EGPC and CONTRACTOR and be subject to the approval of the Minister of Petroleum. Such area shall be converted automatically into a Development Lease without the issue of any additional legal instrument or permission.
Appears in 1 contract
Samples: Concession Agreement (Transatlantic Petroleum Corp)
Conversion to a Development Lease. (i) Following a Commercial Oil Discovery or a Commercial Gas Discovery Discovery, the extent of the whole area capable of production to be covered by a Development Lease shall be mutually agreed upon by EGPC and CONTRACTOR and be subject to the approval of the Minister of Petroleum. Such area shall be converted automatically into a Development Lease without the issue of any additional legal instrument or permission.
Appears in 1 contract
Samples: Concession Agreement (Transatlantic Petroleum Corp)
