MINIMUM WORK PROGRAM AND BUDGET Clause Samples
MINIMUM WORK PROGRAM AND BUDGET. 7.1 Within two (2) months after the Effective Date and thereafter at least three (3) months prior to the beginning of each Calendar Year, the Contractor shall prepare and submit for the approval of the National Petroleum Agency, a Work Program and Budget for the Contract Area setting forth the Petroleum Operations which the Contractor proposes to carry out during the ensuing Year, or in case of the first Work Program and Budget, during the remainder of the current Year.
7.2 The minimum Work Program for each phase of the Exploration Period is as follows (the "Minimum Work Obligations"):
Phase I: The Contractor shall: · purchase and reprocess all existing 2D seismic within the block; · carry out Geological & Geophysical studies (including AVO, geochemical studies, sequence stratigraphy); · carry out environmental studies; · acquire of magnetic and gravity surveys covering the full block; · acquire, process and interpret a minimum of 2.500 km 2D seismic; · hand over full documentation of the interpretation and an extensive evaluation report covering all relevant stratigraphic levels in the full block, based on all existing 2D data and newly acquired 2D data - to ANP-STP no later than 3 months before the expiry of phase I. Phase II: If the Contractor elects to enter phase II, then during such phase II of the Exploration Period the Contractor shall: · carry out environmental studies; · acquire, process and interpret 1100 km2 3D seismic data covering all identified prospects in the area; · drill one (1) Exploration Well to a minimum TVD up to the reservoir top; · carry out technical and economical evaluation studies of discoveries and remaining ▇▇▇▇▇▇▇▇▇▇▇▇▇ ▇▇▇▇▇ ▇▇▇: If the Contractor elects to enter phase III of the Exploration Period, then during such phase III the Contractor shall: · carry out environmental studies; · drill one (1) Exploration Well to a minimum TVD up to the reservoir top; · carry out technical and economical evaluation studies of discoveries and remaining prospectivity.
MINIMUM WORK PROGRAM AND BUDGET. 7.1 Within two (2) months after the Effective Date and thereafter at least three (3) months prior to the beginning of each Calendar Year, the Contractor shall prepare and submit for the approval of the National Petroleum Agency, a Work Program and Budget for the Contract Area setting forth the Petroleum Operations which the Contractor proposes to carry out during the ensuing Year, or in case of the first Work Program and Budget, during the remainder of the current Year.
7.2 The minimum Work Program for each phase of the Exploration Period is as follows (the "Minimum Work Obligations"):
MINIMUM WORK PROGRAM AND BUDGET. 7.1 Within two (2) months after the Effective Date and thereafter at least three (3) months prior to the beginning of each Calendar Year, the Contractor shall prepare and submit for the approval of the National Petroleum Agency, a Work Program and Budget for the Contract Area setting forth the Petroleum Operations which the Contractor proposes to carry out during the ensuing Year, or in case of the first Work Program and Budget, during the remainder of the current Year.
7.2 The minimum Work Program for each phase of the Exploration Period is as follows (the "Minimum Work Obligations"):
Phase I: The Contractor shall:
Phase II: If the Contractor elects to enter phase II, then during such phase II of the Exploration period the Contractor shall: • carry out environmental studies; • drill one (1) Exploration Well to a minimum T/D of 5500 meters TVD subsea on the Contract area; and • carry out technical and economical evaluation studies of discoveries and remaining prospectivity;
Phase III: If the Contractor elects to enter phase III of the Exploration Period, then during such phase III the Contractor shall: • carry out environmental studies; • drill one (1) Exploration Well or Appraisal Well; • drill one (1) optional Exploration Well or Appraisal Well; • carry out technical and economical evaluation studies of discoveries and remaining prospectivity. In case of a Commercial Discovery, submit a declaration of a Commercial Discovery and submit a Field Development Program.