Common use of Drilling Clause in Contracts

Drilling. Drilling of at least one (1) Exploration Well, to a depth of at least …………………( ) metres, true vertical depth below mudline to the value of approximately United States Dollars (US$ ). At the end of the second renewal of the Petroleum Exploration Licence, the Contractor shall elect either to relinquish the entire Contract Area or apply for the third renewal of the Petroleum Exploration Licence. The third renewal of the Petroleum Exploration Licence is subject to the Contractor having fulfilled the Minimum Exploration Work Programme specified in Article 11.4 to the satisfaction of the Minister and relinquishment of areas pursuant to Article 9. The Contractor shall not be released of its work and financial obligations under this Agreement if it fails to carry out the Minimum Exploration Work Programme to the Minister’s satisfaction.

Drilling. Drilling of at least one (1) Exploration Well, to a depth of at least …………………( ) metresmeters, true vertical depth below mudline to the value of approximately United States Dollars (US$ ). At the end of the second renewal of the Petroleum Exploration Prospecting Licence, the Contractor shall elect either to relinquish the entire Contract Area or apply for the third renewal of the Petroleum Exploration Prospecting Licence. The third renewal of the Petroleum Exploration Prospecting Licence is subject to the Contractor having fulfilled the Minimum minimum Exploration Work Programme specified in Article 11.4 to the satisfaction of the Minister and relinquishment of areas pursuant to Article 9. The Contractor shall not be released of its work and financial obligations under this Agreement if it fails to carry out the Minimum Exploration Work Programme to the Minister’s satisfaction.