Participating Interest at Development and Production Sample Clauses

Participating Interest at Development and Production. 20.3.1 Upon commencement of the Development and Production Period, the Government shall have the option to acquire up to an additional five percent (5%) participating interest in the rights and obligations of the Licensee hereunder in the Licence Area. 20.3.2 If the Government wishes to exercise its option under this Article 20.3, the Minister must give notice to that effect to the Licensee no later than ninety (90) days following the commencement of the Development and Production Period, and the Government's participation shall be effective from the commencement of the Development and Production Period.