Common use of Minimum Exploration Program Clause in Contracts

Minimum Exploration Program. The Exploration Phase shall last «duration of the phase» years and shall constitute a single period. The activities for purposes of performance of the Minimum Exploration Program to be exercised by the Concessionaire are listed in this Annex. «sector» «uw_value_for_calculation_guarantee » «pem_currency» «pem_currency_in words» «pem_guarantee currency» «pem_guarantee_in words» Exploration Objective «minimum_exploration_objective» For purposes of performance of the Minimum Exploration Program, the non-exclusive surveys and reprocessing provided for in the tender protocol shall be taken into account, upon application of the rules and the reduction factor indicated in the Table “Reduction factors of the non-exclusive surveys for purposes of performance of the Minimum Exploration Program”. Only non-exclusive surveys authorized by ANP shall be accepted, provided that the data acquisition companies have met all requirements of data submission to the Exploration and Production Database (BDEP). For purposes of calculation of the amount to be considered for performance of the Minimum Exploration Program, the time elapsed between request for deduction and conclusion of the operations for non-exclusive data acquisition or reprocessing shall be taken into account. For purposes of performance of the Minimum Exploration Program, the ▇▇▇▇▇ drilled shall achieve the main purpose approved by ANP in the Notice of Well Drilling.

Minimum Exploration Program. The Exploration Phase shall last «duration of the phase« » years and shall constitute a single period. The activities for purposes of the performance of the Minimum Exploration Program Program, to be exercised by the Concessionaire Concessionaire, are listed in this Annex. «sector» «uw_value_for_calculation_guarantee » «pem_currency» «pem_currency_in words» «pem_guarantee currency» «pem_guarantee_in words» Exploration Objective «minimum_exploration_objective» 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 For purposes of performance of the Minimum Exploration Program, the non-exclusive surveys and reprocessing provided for in the tender protocol shall be taken into account, upon application of the rules and the reduction factor indicated in the Table “Reduction factors of the non-exclusive surveys for purposes of performance of the Minimum Exploration Program”. Only non-exclusive surveys authorized by ANP shall be accepted, ; provided that the data acquisition companies have met meet all requirements of data submission to the Exploration and Production Database (BDEP). For purposes of calculation of the amount to be considered for performance of the Minimum Exploration Program, the following shall be taken into account: the time elapsed between request for deduction and conclusion of the operations for non-exclusive data acquisition or reprocessing shall be taken into account. reprocessing.For purposes of performance of the Minimum Exploration Program, the ▇▇▇▇▇ drilled shall achieve the main purpose approved by ANP in the Notice of Well Drilling.