Common use of Minimum Work Program Clause in Contracts

Minimum Work Program. During the Exploration Period, the Contractor undertakes to carry out the following Minimum Work Program: 3.1.1 During the First Exploration Sub-Period, the Contractor must: (a) acquire, process, and interpret 2,250 square kilometers of new 3D seismic data; andacquire all existing data packages (both seismic and well) over the Area for $1,076,000. All costs of data acquisition shall be cost recoverable. (b) The minimum expenditure for this Sub-Period shall be seven million Dollars ($7,000,000). 3.1.2 During the Second Exploration Sub-Period, the Contractor must drill a minimum of one (1) Exploration Well to a minimum depth of the deepest target interval in the approved well program. The minimum expenditure for this period shall be thirty million Dollars ($30,000,000). 3.1.3 If the Contractor elects to enter the First Extension Period, the Contractor must perform technical work on geological and geophysical studies and surveys. The minimum expenditure for this period shall be seven hundred thousand Dollars ($700,000). 3.1.4 If the Contractor elects to enter the Second Extension Period, the Contractor must drill a minimum of one (1) Exploration Well to a minimum depth of the deepest target interval in the approved well program. The minimum expenditure for this period shall be thirty million Dollars ($30,000,000). 3.1.5 However, if the Contractor has performed work exceeding the Minimum Work Program required of it under any of Articles ‎3.1.1, ‎3.1.2 or ‎3.1.3, then the excess work, including ▇▇▇▇▇, is carried over to the next Sub-Period or Extension Period, and shall be deducted from the Minimum Work Program and the minimum expenditure for such next Sub-Period or Extension Period. 3.1.6 If the Contractor fulfills the Minimum Work Program (as set out in Articles ‎3.1.1, ‎3.1.2, ‎3.1.3, and ‎3.1.4) as applicable for each such Sub-Period and Extension Period, then the Contractor shall be deemed to have satisfied the minimum expenditure for each such Sub-Period and Extension Period, as applicable.

Minimum Work Program. During the Exploration Period, the Contractor undertakes to carry out the following Minimum Work Program: 3.1.1 During the First Exploration Sub-Period, the Contractor must: (a) acquire, process, and interpret 2,250 1,200 square kilometers of new 3D seismic data; andacquire and (b) acquire all existing data packages (both seismic and well) over the Area for two million one hundred ten thousand Dollars ($1,076,0002,110,000). All costs of data acquisition shall be cost recoverable. (b) . The minimum expenditure for this Sub-Period shall be seven four million Dollars ($7,000,0004,000,000). 3.1.2 During the Second Exploration Sub-Period, the Contractor must drill a minimum of one (1) Exploration Well to a minimum depth of the deepest target interval in the approved well program. The minimum expenditure for this period shall be thirty million Dollars ($30,000,000). 3.1.3 If if the Contractor elects to enter the First Extension Period, the Contractor must perform technical work on geological and geophysical studies and surveys. The minimum expenditure for this period shall be seven hundred thousand Dollars ($700,000). 3.1.4 If the Contractor elects to enter the Second Extension Period, the Contractor must drill a minimum of one (1) Exploration Well to a minimum depth of the deepest target interval in the approved well program. The minimum expenditure for this period shall be thirty million Dollars ($30,000,000). 3.1.5 However, if the Contractor has performed work exceeding the Minimum Work Program required of it under any of Articles ‎3.1.1, ‎3.1.2 or ‎3.1.3, then the excess work, including ▇▇▇▇▇, is carried over to the next Sub-Period or Extension Period, and shall be deducted from the Minimum Work Program and the minimum expenditure for such next Sub-Period or Extension Period. 3.1.6 If the Contractor fulfills the Minimum Work Program (as set out in Articles ‎3.1.1, ‎3.1.2, ‎3.1.3, and ‎3.1.4) as applicable for each such Sub-Period and Extension Period, then the Contractor shall be deemed to have satisfied the minimum expenditure for each such Sub-Period and Extension Period, as applicable.

Minimum Work Program. During the Exploration Period, the Contractor undertakes to carry out the following Minimum Work Program: 3.1.1 During the First Exploration Sub-Period, the Contractor must: (a) acquire, process, and interpret 2,250 square kilometers of new 3D seismic data; andacquire and acquire all existing data packages (both seismic and well) over the Area for three million Dollars ($1,076,0003,000,000). All costs of data acquisition shall be cost recoverable. (b) . The minimum expenditure for this Sub-Period shall be seven million Dollars ($7,000,000). 3.1.2 During the Second Exploration Sub-Period, the Contractor must drill a minimum of one (1) Exploration Well to a minimum depth of the deepest target interval in the approved well program. The minimum expenditure for this period shall be thirty million Dollars ($30,000,000). 3.1.3 If the Contractor elects to enter the First Extension Period, the Contractor must perform technical work on geological and geophysical studies and surveys. The minimum expenditure for this period shall be seven hundred thousand Dollars ($700,000). 3.1.4 If the Contractor elects to enter the Second Extension Period, the Contractor must drill a minimum of one (1) Exploration Well to a minimum depth of the deepest target interval in the approved well program. The minimum expenditure for this period shall be thirty million Dollars ($30,000,000). 3.1.5 However, if the Contractor has performed work exceeding the Minimum Work Program required of it under any of Articles ‎3.1.1, ‎3.1.2 or ‎3.1.3, then the excess work, including ▇▇▇▇▇, is carried over to the next Sub-Period or Extension Period, and shall be deducted from the Minimum Work Program and the minimum expenditure for such next Sub-Period or Extension Period. 3.1.6 If the Contractor fulfills the Minimum Work Program (as set out in Articles ‎3.1.1, ‎3.1.2, ‎3.1.3, and ‎3.1.4) as applicable for each such Sub-Period and Extension Period, then the Contractor shall be deemed to have satisfied the minimum expenditure for each such Sub-Period and Extension Period, as applicable.