Common use of DISCOVERY, DEVELOPMENT AND PRODUCTION Clause in Contracts

DISCOVERY, DEVELOPMENT AND PRODUCTION. 10.1 If and when a Discovery is made within the Contract Area, the Contractor shall notify the Government as per the format prescribed within seven (7) days from the establishment of the Discovery (“Notification of Discovery” or “NOD”) and the Contractor shall promptly run tests, as it may be required under Good International Petroleum Industry Practices (GIPIP) in respect of such Discovery, to determine whether the Discovery is of Potential Commercial Interest (PCI) and merits appraisal. After running the appropriate tests, the Contractor shall submit the information in relation to such Discovery as per format prescribed within one hundred and twenty (120) days from the initial NOD to the Government. Such information relating to Potential Commercial Interest is hereinafter referred to as “PCI Notice”.

DISCOVERY, DEVELOPMENT AND PRODUCTION. 10.1 If and when a Discovery is made within the Contract Area, the Contractor shall notify the Government as per the format prescribed within seven (7) days from the establishment of the Discovery (“Notification ―Notification of Discovery” Discovery‖ or “NOD”―NOD‖) and the Contractor shall promptly run tests, as it may be required under Good International Petroleum Industry Practices (GIPIP) in respect of such Discovery, to determine whether the Discovery is of Potential Commercial Interest (PCI) and merits appraisal. After running the appropriate tests, the Contractor shall submit the information in relation to such Discovery as per format prescribed within one hundred and twenty (120) days from the initial NOD to the Government. Such information relating to Potential Commercial Interest is hereinafter referred to as “PCI Notice”.―PCI Notice‖.