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. 4.2 Subject to the provisions of this Article, in discharge of its obligations to carry out Exploration Operations in the Licence Area, Licensee shall during the several phases into which the Exploration Period is divided carry out the work specified hereinafter: a) Initial Exploration Period (3 years): Commencing on the Effective Date and terminating at the end of the third (3rd) Contract Year. i. Description of Work 1. Undertake Environmental Studies 2. Undertake Geotechnical Studies 3. Acquisition of 2D seismic data to a minimum value of XXX United States Dollars (US$XXX) under the following conditions: a) Within 60 days from the Effective Date of this Agreement, the Licensee shall purchase existing data pertaining to the Licence Area of a minimum value of XXX United States Dollars (US$XXX) and b) Acquisition of new seismic data of a minimum value of XXX United States Dollars (US$XXX) 4. Acquisition of up to XXX km2 Existing 3D Seismic Data 5. Acquisition of Existing Well Data ii. Minimum Expenditure:
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Sources: Petroleum Licence Agreement, Petroleum Licence Agreement