Extension of the Exploration Phase Sample Clauses

Extension of the Exploration Phase. The Exploration Phase may be extended at ANP’s discretion. If the extension of the Exploration Phase is approved, ANP shall inform the Contracting Party on the decision. In consideration for the extension of the Exploration Phase provided for in paragraph 10.14, the development of exploration activities additional to the Minimum Exploration Program may be required from the Consortium Members. The Consortium Members shall propose, upon at least one hundred and twenty (120)-day notice from the end of the Exploration Phase, a revision of the Exploration Plan in which the exploration activities additional to the Minimum Exploration Program, required by ANP as consideration for the extension of the Exploration Phase, are explained and justified. ANP shall have a sixty (60)-day period to assess and express its opinion on the proposal presented by the Consortium Members. In case the revision of the Exploration Plan referred to in paragraph 10.14.3 is not approved, the Exploration Phase shall be completed without the requested extension. In case the proposal for development of exploration activities additional to the Minimum Exploration Program is approved as consideration for the extension of the Exploration Phase, the Contracted Party shall provide the corresponding financial guarantees, pursuant to Section Eleven. If, at the end of the Exploration Phase, the Consortium Members have started drilling the last exploratory well of the Exploration Plan without having completed the Well Assessment, the Exploration Phase shall be extended until the Well Completion date, with an addition of sixty (60) days to submit any proposals for a Discovery Assessment Plan. The event provided for in paragraph 10.15 shall be informed by the Consortium Members to ANP by the end of the Exploration Phase. If the Consortium Members make a Discovery during the Exploration Phase when it is not possible to perform the Discovery Assessment before the end of this phase, the Consortium Members may request ANP to extend the Exploration Phase to the term required to perform the Assessment and issue any Declaration of Commercial Feasibility, according to a Discovery Assessment Plan approved by ANP. The extension referred to in paragraph 10.16 is limited exclusively to the area covered by the Discovery Assessment Plan approved by ANP. For the Exploration Phase to be extended, pursuant to paragraph 10.16, the time elapsed between the notification of Discovery referred to in paragraph 12.1 and sub...
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Extension of the Exploration Phase. 10.12. The Exploration Phase may be extended at the Contracting Party’s discretion, based on ANP’s opinion.
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Extension of the Exploration Phase. 25 Contracted Parties’ Options after Completion of the Exploration Phase 26 Relinquishment of the Contract Area at the End of the Exploration Phase 26 11 SECTION ELEVEN – COMPENSATORY PENALTY FOR DEFAULT OF THE MINIMUM EXPLORATION PROGRAM 26 Compensatory Penalty for Default of the Minimum Exploration Program and Provision of Financial Guarantee 26 Types of Financial Guarantees 27 Adjustment of the Financial Guarantees 27 Effectiveness of Financial Guarantees 27 Reduction of the Amount Secured 28 Return of the Financial Guarantees 28 Enforcement of the Compensatory Penalty 28 12 SECTION TWELVE – DISCOVERY AND ASSESSMENT 29 Notification of Discovery 29 Assessment, Discovery Assessment Plan, and Final Discovery Assessment Report 29 Assessment of New Reservoir 30 Discovery Assessment through Extended Well Test 30 13 SECTION THIRTEEN – DECLARATION OF COMMERCIAL FEASIBILITY 30 Declaration of Commercial Feasibility 30 Postponement of the Declaration of Commercial Feasibility 31 CHAPTER IV – DEVELOPMENT AND PRODUCTION 32 14 SECTION FOURTEEN – PRODUCTION XXXXX 00 Start and Duration 32 Relinquishment of the Contract Area 32 15 SECTION FIFTEEN – DEVELOPMENT PLAN 33 Deadlines 33 Development Area 33 Approval and Implementation of the Development Plan 34 Reviews and Amendments 35 Buildings, Facilities, and Equipment 35 16 SECTION SIXTEEN – PRODUCTION START DATE AND ANNUAL PROGRAMS 35 Production Start Date 35 Annual Production Program 36 Approval of the Annual Production Program 36 Revision 36 Production Volume Variance 37 Temporary Interruption of Production 37 Annual Work and Budget Program of the Production Xxxxx 00 00 SECTION SEVENTEEN – MEASUREMENT AND AVAILABILITY OF THE PRODUCTION SHARING 37 Measurement 37 Sharing Point 38 Monthly Production Reports 38 Production Availability 38 Supply to the Domestic Market 38 Consumption in the Operations 39 Test Results 39 Oil and Gas Losses and burning of Natural Gas 39 18 SECTION EIGHTEEN – INDIVIDUALIZATION OF PRODUCTION 40 Individualization of Production 40 CHAPTER V – EXECUTION OF OPERATIONS AND JOINT OPERATIONS 41 19 SECTION NINETEEN – EXECUTION OF OPERATIONS BY THE CONSORTIUM MEMBERS 41 Indication of the Operator by the Contracted Parties 41 Diligence to Conduct Operations 42 Licenses, Authorizations, and Permits 43 Free Access to the Contract Area 43 Drilling and Abandonment of Xxxxx 43 Additional Work Programs 44 Data Acquisition outside the Contract Area 44 20 SECTION TWENTY – CONTROL OF THE OPERATIONS AND ASSISTANCE ...
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Extension of the Exploration Phase. The Exploration Phase may be extended in the following cases: If at the end of the Exploration Phase the Consortium Members have initiated the drilling of a last exploratory well provided in the Exploration Plan without having completed the Evaluation of the Well, the Exploratory Phase will be extended until the date of completion of the well, with an increase of 60 (sixty) days for the submission of any proposal of Discovery Evaluation Plan. The possibility provided for in item (i) should be communicated by the Consortium Members to ANP until the end of the Exploration Phase. If the Consortium Members make a Discovery during the Exploration Phase in time such that it has not been possible to carry out the Discovery Evaluation before the end of this phase, the Exploration Phase may, at the discretion of ANP, be extended for the period necessary for the execution of evaluation phase and eventual Declaration of Commerciality according to Discovery Evaluation Plan approved by ANP. The extension provided in line (ii) is limited exclusively to the area covered by the Discovery Evaluation Plan. Approved by ANP. As a condition for the Exploration Phase to be extended in the form of line (ii) of paragraph 1.15, the time elapsed between the notification of Discovery provided in paragraph 3.1 and the presentation, by Consortium Members, of the Discovery Evaluation Plan proposal to ANP may not exceed 6 (six) months, unless there are exceptional cases previously authorized by the Contractor, after ANP is heard. Return of the Contract Area in the Exploration Phase Within a period of up to 60 (sixty) days after the end of the Exploration Phase, the Consortium Members must send ANP a report for the return of areas, prepared according to the applicable legislation. The delivery of the plan to return areas does not imply any kind of recognition or discharge by ANP, nor absolves the Consortium Members from the compliance with the Minimum Exploratory Program.
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Extension of the Exploration Phase. 10.11. The Exploration Phase may be extended at ANP discretion.
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Extension of the Exploration Phase. 26 Contracted Parties’ Options after Completion of the Exploration Phase 27
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Extension of the Exploration Phase. 10.16 The Exploration Phase may be extended in the following cases:
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Related to Extension of the Exploration Phase

  • Extension of the Expiry Date; Non-Extension Advance No earlier than the 60th day and no later than the 40th day prior to the then effective Expiry Date (unless such Expiry Date is on or after the date that is 15 days after the Final Legal Distribution Date for the Class A Certificates), the Borrower shall request that the Liquidity Provider extend the Expiry Date to the earlier of (i) the date that is 15 days after the Final Legal Distribution Date for the Class A Certificates and (ii) the date that is the day immediately preceding the 364th day occurring after the last day of the Consent Period (as hereinafter defined). Whether or not the Borrower has made such request, the Liquidity Provider shall advise the Borrower no earlier than the 40th day (or, if earlier, the date of the Liquidity Provider’s receipt of such request, if any, from the Borrower) and no later than the 25th day prior to the then effective Expiry Date (such period, the “Consent Period”), whether, in its sole discretion, it agrees to so extend the Expiry Date. If the Liquidity Provider advises the Borrower on or before the date on which the Consent Period ends that such Expiry Date shall not be so extended, or fails to irrevocably and unconditionally advise the Borrower on or before the date on which the Consent Period ends that such Expiry Date shall be so extended (and, in each case, if the Liquidity Provider shall not have been replaced in accordance with Section 3.5(e) of the Intercreditor Agreement), the Borrower shall be entitled on and after the date on which the Consent Period ends (but prior to the then effective Expiry Date) to request a Non-Extension Advance in accordance with Section 2.02(b) hereof and Section 3.5(d) of the Intercreditor Agreement.

  • Extension of the Term At least two months prior to the third anniversary of the Effective Date, the Parties will evaluate the effectiveness of this Agreement and decide whether to extend the Term.

  • Extension of Initial Contract Period 31.1 Subject to clause 13 (Price Adjustment on Extension of the Initial Contract Period), the Authority may, by giving written notice to the Contractor not less than three (3) Month(s) prior to the last day of the Initial Contract Period, extend the Contract for such further period as may be specified in the notice. The provisions of the Contract will apply (subject to any Variation or adjustment to the Contract Price pursuant to clause 13) throughout any such extended period.

  • Construction Phase Part 1 –

  • Production Phase contract period in which the Development and the Production are to be performed.

  • CONDITIONS OF INITIAL EXTENSION OF CREDIT The obligation of Bank to extend any credit contemplated by this Agreement is subject to the fulfillment to Bank's satisfaction of all of the following conditions:

  • Term of Contract; Contract Extension The Contract will be in effect from the Effective Date (15 December 2016) through 31 December 2018. DAS, in its sole discretion, may extend this Contract for additional terms beyond the original term, prior to Termination or expiration, one or more times for a combined total period not to exceed the complete length of the original term.

  • Development Phase contractual phase initiated with the approval of ANP for the Development Plan and which is extended during the Production Phase while investments in xxxxx, equipment, and facilities for the Production of Oil and Gas according to the Best Practices of the Oil Industry are required.

  • Preconstruction Phase The Preconstruction Phase shall mean the period commencing on the date of this CM/GC Contract and ending upon commencement of the Construction Phase; provided that if the Owner and CM/GC agree, the Construction Phase may commence before the Preconstruction Phase is completed, in which case both phases shall proceed concurrently, subject to the terms and conditions of the Contract Documents.

  • Development Period The Contractor may commence pre-construction activities like utility shifting, boundary wall construction or any other activity assigned to the Contractor by the Authority to enable construction of the Project Highway immediately after signing of the Agreement, to the extent that such work is ready for execution. The Parties agree that these works may be taken up and completed to the extent feasible by the Contractor, before declaration of the Appointed Date, but no claim against the Authority for delay shall survive during this period and that the undertaking of these works by the Contractor shall not count towards the Scheduled Construction Period of the project which starts counting only from the Appointed Date. No construction activity of the Project Highway shall be undertaken during the development period.

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