MINIMUM EXPLORATION WORK PROGRAMME BANK GUARANTEE Clause Samples

MINIMUM EXPLORATION WORK PROGRAMME BANK GUARANTEE. 4.1 In discharge of its obligation to carry out Exploration operations in the Contract Area, Contractor shall, in accordance with the provisions of this Article, carry out the Minimum Exploration Work Programmes and shall expend the corresponding Minimum Expenditures as follows: 4.1.1 Initial Exploration Period Commencing on the day on which the Exploration Licence becomes effective and terminating on the fourth anniversary of such date, the following Exploration work shall be carried out: (a) Minimum Work Programme: (i) geological and geophysical work: (to be specified); (ii) Exploration drilling: the drilling and evaluation of at least ( ) Exploration ▇▇▇▇▇. The drilling programmes shall adequately test the estimated Petroleum bearing horizons.