Common use of Minimum Exploration Program Clause in Contracts

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. 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 developexecute, in part full or in fullpart, the Minimum Exploration Program implies entails the lawful termination of the Agreement and Agreement, without prejudice to the execution of the compensatory penalty provided financial guarantees for in Section Eleven, exploration activities and no other penalties are applicable as a result application of such failureappropriate sanctions. Development Areas eventually retained by the Consortium Members are exceptions to the provision above. The Consortium Members may contract contract, at its sole discretion, data collection 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.

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, Prospecting upon submission of a technical justification. For purposes of compliance with the Minimum Exploration Program, exclusive and non-exclusive data may be used, considering only considering data assessed collected 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 pursuant to the procedures and requirements established by ANP shall be accepted. Failure to develop, in part or in full, develop the Minimum Exploration Program Program, in whole or in part, 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 that may be 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 are in good standing with ANP. In case of full or partial default of the Minimum Exploration Program, the Contracted Party may not proceed to the Production Phase.