EXPLORATION WORK PROGRAMME. 3.1 THE PRESIDENT has prior to or simultaneously herewith granted to the Working Interest Owners a Licence in accordance with the Rules. 3.2 a) The Licence shall be for an initial term of five (5) years (“Initial Term”), divided into two phases (each referred to, respectively, as "Phase-I" and "Phase-II"), the first having a duration of three Contract Years and the second having a duration of two Contract Years. The Licence shall expire at the end of Phase I if the Working Interest Owners do not fulfil the Minimum Work Commitment of Phase I and do not commit at least one firm exploration well or work units equivalent to a well of 3,000 meters depth for entering into Phase II.
Appears in 2 contracts
Sources: Petroleum Concession Agreement, Petroleum Concession Agreement
EXPLORATION WORK PROGRAMME. 3.1 THE PRESIDENT has prior to or simultaneously herewith granted to the Working Interest Owners a Licence in accordance with the Rules.
3.2 a) The Licence shall be for an initial term of five (5) years (“Initial Term”), divided into two phases (each referred to, respectively, as "Phase-I" and "Phase-II"), the first having a duration of three Contract Years and the second having a duration of two Contract Years. The Licence shall expire at the end of Phase I if the Working Interest Owners do not fulfil the Minimum Work Commitment of Phase I and do not commit at least one firm exploration well or work units equivalent to a well of 3,000 meters depth for entering into Phase II.
Appears in 1 contract
Sources: Petroleum Concession Agreement