EXPLORATION WORK. 4.1 Exploration Work shall mean all exploration and appraisal studies and operations in order to establish the existence of Hydrocarbons in commercially exploitable quantities, conducted in or in relation to the Area of Interest, either within the Exploration Permits or the Exploitation Concession(s), whether these activities are carried out within or outside Morocco. Exploration Work includes but is not limited to the following: · hydrographic, geodesic, meteorological and topographic studies and surveys, if these operations are necessary for the Exploration Work and, in the case of appraisal, operations to determine the limits and the productive capacity of a Hydrocarbon deposit in order to help in making a decision whether or not to develop such Hydrocarbon deposit; · geological and geophysical studies and surveys; · studies and surveys aimed at determining the locations of Exploration ▇▇▇▇▇ and Appraisal ▇▇▇▇▇; · drilling operations regarding Exploration ▇▇▇▇▇ and Appraisal ▇▇▇▇▇; and · tests and studies for the evaluation of reservoirs. 4.2 During the validity period of the Exploration Permits, Contractor Group agrees to perform the following Minimum Exploration Work Programmes and to devote sufficient funding thereto under the conditions and schedule set forth below: 4.2.1 Initial Period of two and a half (2.5) years, (a) Contractor Group commits, during the Initial Period to carry out the following Minimum Exploration Work Program: 1) Post mortem study · Post mortem study of the previous ▇▇▇▇▇ drilled in the area; · Post mortem study of acquisition and processing parameters of the available 3D seismic in the Area of Interest. 2) Update the geological model · Hinterland and basinal reservoir rock relation 3) Acquisition, processing and interpretation of 500 sq. km. of 3D Seismic; 4) Reinterpretation of available 2D and 3D seismic data; 5) Geochemical and basin modeling studies; 6) Post processing seismic special studies on defined Prospects/Leads · Seismic inversion · AVO studies 7) Risk analysis and prospect ranking;
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EXPLORATION WORK. 4.1 Exploration Work shall mean all exploration and appraisal studies and operations in order to establish the existence of Hydrocarbons in commercially exploitable quantities, conducted in or in relation to the Area of Interest, either within the Exploration Permits or the Exploitation Concession(s), whether these activities are carried out within or outside Morocco. Exploration Work includes but is not limited to the following: · hydrographic, geodesic, meteorological and topographic studies and surveys, if these operations are necessary for the Exploration Work and, in the case of appraisal, operations to determine the limits and the productive capacity of a Hydrocarbon deposit in order to help in making a decision whether or not to develop such Hydrocarbon deposit; · geological and geophysical studies and surveys; · studies and surveys aimed at determining the locations of Exploration ▇▇▇▇▇ and Appraisal ▇▇▇▇▇; · drilling operations regarding Exploration ▇▇▇▇▇ and Appraisal ▇▇▇▇▇; and · tests and studies for the evaluation of reservoirs.
4.2 During the validity period of the Exploration Permits, Contractor Group CONTRACTOR GROUP agrees to perform the following Minimum Exploration Work Programmes and to devote sufficient funding thereto under the conditions and schedule set forth below:
4.2.1 Initial Period of two and a half (2.5) years,
(a) Contractor Group CONTRACTOR GROUP commits, during the Initial Period to carry out the following Minimum Exploration Work Program:
1) Post mortem study · Post mortem study Reinterpretation of the previous ▇▇▇▇▇ drilled in the area; · Post mortem study of acquisition and processing parameters of the available 3D seismic all existing 2D Seismic in the Area of Interest.Interest and integration of same with satellite gravity;
2) Update the Development of Cretaceous and Jurassic reservoir models and integration with onshore geological model · Hinterland and basinal reservoir rock relationwork;
3) Evaluation of Jurassic and Cretaceous source rock and modeling of thermal maturity;
4) Description of a structural and depositional model for the basin;
5) Decision by CONRACTOR GROUP on location of 3D Seismic;
6) Acquisition, processing and interpretation of 500 sq. km. 1,000 km2 of 3D SeismicSeismic and subsequent integration with block-wide interpretation; processing to include full pre-stack depth migration of new 3D Seismic if located in salt basin;
4) Reinterpretation of available 2D and 3D seismic data;
5) Geochemical and basin modeling studies;
6) Post processing seismic special studies on defined Prospects/Leads · Seismic inversion · AVO studies
7) Risk Special geophysical studies including AVO analysis over key prospects; and
8) Risking and prospect ranking;ranking of prospects. The estimated cost of such Minimum Exploration Work Program is seven million US Dollars (US$ 7,000,000).
(b) After having completed the Minimum Exploration Work Program referred to in paragraph (a) above or subject to making the payment required in respect thereof pursuant to Articles 4.2.4 and 4.2.6, CONTRACTOR GROUP shall notify ONHYM of its intention to abandon all its interest in the Exploration Permits, or of its intention to enter into the First Extension Period.
4.2.2 (a) If CONTRACTOR GROUP decides, pursuant to Section 15 of the Decree, to enter into the First Extension Period of three (3) years duration from the end of the Initial Period, CONTRACTOR GROUP will be committed to carry out the following Minimum Exploration Work Program:
1) Drilling of an exploration well to a minimum depth of two thousand and five hundred (2,500) meters below seabed or to the Cretaceous objective, whichever is penetrated first; and
2) Evaluation of the results of such exploration well. The estimated cost of such Minimum Exploration Work Program is thirty million US Dollars (US$ 30,000,000).
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