Minimum Exploration Program. 10.9. The Consortium Members shall perform the obligations related to the Minimum Exploration Program within the terms and under the conditions described in Annex II.
Minimum Exploration Program. The Consortium Members shall perform the obligations related to the Minimum Exploration Program within the terms and under the conditions described in Annex II. For purposes of compliance with the Minimum Exploration Program, the drilled xxxxx shall achieve the exploratory objective at a depth sufficient for establishing their potential in Oil and Gas, as defined in Annex II. ANP may accept other exploratory objectives with Prospecting, upon submission of a technical justification. For purposes of compliance with the Minimum Exploration Program, exclusive and non-exclusive data may be used, only considering data assessed within the Contract Area. For purposes of compliance with the Minimum Exploration Program, only exploration activities that meet the criteria established in Annex II and which data have been acquired, formatted, and submitted according to the procedures and requirements established by ANP shall be accepted. Failure to develop, in part or in full, the Minimum Exploration Program implies lawful termination of the Agreement and execution of the compensatory penalty provided for in Section Eleven, and no other penalties are applicable as a result of such failure. Development Areas eventually retained by the Consortium Members are exceptions to the provision above. The Consortium Members may contract data collection companies (EAD) for the collection of exclusive data, as long as the requirements contained in the regulatory standards issued by ANP are previously met and as long as these companies are duly registered and in good standing with ANP.
Minimum Exploration Program work schedule provided for in Annex II, to be met by the Concessionaire during the course of the Exploration Phase.
Minimum Exploration Program. 5.3. The Concessionaire shall perform the obligations related to the Minimum Exploration Program within the terms and under the conditions described in Annex II.
Minimum Exploration Program. The Concessionaire shall perform the obligations related to the Minimum Exploration Program within the terms and under the conditions described in Annex II. The Concessionaire may develop exploratory activities in addition to those of the Minimum Exploration Program by submitting the additional work schedule to ANP before beginning of its implementation. ANP may approve changes in the Minimum Exploration Program upon request from the Concessionaire under the following conditions: if the Concessionaire technically demonstrates that this change is consistent with the Best Practices of the Oil Industry; and if the Concessionaire indicates the Prospecting that motivated the change request. Seismic Reprocessing may be converted into Units of Work for purposes of compliance with the Minimum Exploration Program. The conversion of Seismic Reprocessing into Units of Work is limited to a single version for each survey on seismic data. For purposes of conversion into Units of Work: the reprocessed seismic data shall be exclusively contained within the Concession Area; and the Seismic Reprocessing shall include pre-stack time migration (PSTM) or pre-stack depth migration (PSDM). The Concessionaire may contract, at its sole discretion, data acquisition companies (EAD) for the collection of exclusive data, as long as the requirements contained in the regulatory standards issued by ANP are previously met and as long as these companies are duly registered and in good standing with ANP. ANP shall issue a quality control report for return or acceptance of data received within one hundred and eighty (180) days of the date of the most recent delivery of accurate data by the Concessionaire. For purposes of performance of the Minimum Exploration Program, only data which acquisition, processing, reprocessing, and form have met all requirements defined in the regulatory rules and technical standards established by ANP shall be converted into Units of Work. The exploration work shall be converted into Units of Work for purposes of compliance with the Minimum Exploration Program, according to the criteria listed in Annex II. In case of full or partial default of the Minimum Exploration Program, the Concessionaire may not proceed with the Production Phase. Upon a substantiated request by the Concessionaire, ANP may exempt it from conversion of the remaining portion of the Minimum Exploration Program, without prejudice to the continuity of the Agreement. In consideration for such exe...
Minimum Exploration Program. Minimum Exploration Program and its Financial Guarantees Indication of the Block Area (km²) Exploratory Well Minimum Depth of the well (age) Amount of the Financial Guarantee for the Exploration Phase (R$) XX (XXXX) Exploration Phase Exploration Phase Duration (years) XX (XXXX)
Minimum Exploration Program. The Exploration Phase shall be effective for «duration» years. Minimum Exploration Program and its Financial Guarantees Indication of the Block Area (km²) Exploratory Well Minimum Depth of the Well (age) Amount of the Financial Guarantee for the Exploration Phase (R$) XX (insert amount in words) ANNEX III – FINANCIAL GUARANTEE OF THE MINIMUM EXPLORATION PROGRAM (Attach a copy of the Financial Guarantee of the Minimum Exploration Program) ANNEX IV – PERFORMANCE GUARANTEE (Attach a copy of the document submitted, if applicable)
Minimum Exploration Program. 4.1 Exploration Operations shall begin as soon as practicable as and, in any case, not later than ninety (90) days after the Effective Date.
Minimum Exploration Program. The Program of Exploration Operations agreed under Section 6.1 below, which is the minimum that THE CONTRACTOR agrees to perform in each phase of the Exploration Period.
Minimum Exploration Program. The Exploration Phase shall last « » years and shall constitute a single period. The activities for purposes of the performance of the Minimum Exploration Program, to be exercised by the Concessionaire, are listed in this Annex. Minimum Exploration Program Block Area of the Block (km²) (Units of Work)¹ «block» «block_area» «pem_uw» UW Value for purposes of the Financial Guarantee for the Exploration Phase (R$/UW) Sector R$/UW «sector» «uw_value_for_calculation_guarantee » Total Amount of the Minimum Exploration Program and Financial Guarantee Amount of the Minimum Exploration Program (“PEM”) (R$) Amount of the Financial Guarantee (R$) «pem_currency» «pem_currency_in words» «pem_guarantee currency» «pem_guarantee_in words» Equivalence of the Units of Work (UWs) Item Unit Amount 2D Seismic (UW/km) «2d_seismic_uw_km» 3D Seismic (UW/km²) «3d_seismic_uw_km2» 2D Reprocessing (UW/km) «2d_seismic_reprocessing_uw_km» 3D Reprocessing (UW/km²) «3d_seismic_reprocessing_uw_km2» Item Unit Amount Gravimetry (UW/km) «grav_potential_methods_uw_km» Gradiometric Gravimetry (UW/km) «grav_grad_potential_methods_uw_km» High-Resolution Gravimetry (UW/km) «grav_ar_potential_methods_uw_km» Magnetometry (UW/km) «mag_potential_methods_uw_km» Gradiometric Magnotometry (UW/km) «mag_grad_potential_methods_uw_km» Gamma spectrometry (UW/km) «gammaspectrometry» Electromagnetic (UW/receptor) «electromagnetic_uwreceptor» Electromagnetic (UW/km) «electromagnetic_uwkm» Electromagnetic (UW/km²) «electromagnetic_uwkm2» Electromagnetic Reprocessing (UW/receptor) «electromagnetic_reprocessing_uwreceptor» Electromagnetic Reprocessing (UW/km) «electromagnetic_reprocessing_uwkm» Electromagnetic Reprocessing (UW/km²) «electromagnetic_reprocessing_uwkm2» Geochemistry (UW/Sample) «geochemistry_uwsample» Multibeam Bathymetry (UW/km²) «bathymetry_multibeam_uwkm2» Exploratory Well (UW/well) «exploratory_well_uw_well» Exploration Objective «minimum_exploration_objective» Reduction factors of the non-exclusive surveys for purposes of performance of the Minimum Exploration Program Time elapsed since request for reduction of the Minimum Exploration Program to ANP to the date of completion of the operations for acquisition or reprocessing of non-exclusive data. Reduction Factor* 0-1 year 1.0 1-2 years 0.9 2-3 years 0.8 3-4 years 0.7 4-5 years 0.6 5-6 years 0.5 6-7 years 0.4 7-8 years 0.3 8-9 years 0.2 > 10 years 0 For purposes of performance of the Minimum Exploration Program, the non-exclusive surveys and rep...
