Common use of Study Phase Clause in Contracts

Study Phase. Subject to clause 16, on or before October 31, 2000, GEOCAN will review and finalize with the Parties a detailed budget that outlines the work program and associated costs for the Study Phase on the Rostin Block. During the Study Phase Unigeo and GEOCAN will review all of the geological and geophysical data that is available including geological and geophysical information held by COC, over the Rostin Block, in order to assess the potential for drilling a Test Well, as described in clause 11. The costs incurred during the Study Phase will be shared in the participating interests described in clause 5. At the end of the Study Phase Unigeo and GEOCAN will elect to proceed to the Seismic Phase, as described in clause 10, elect to drill a Test Well or discontinue to do any further work on the Rostin Block.

Study Phase. Subject to clause 16, on or before October 31, 2000, GEOCAN will review and finalize with the Parties a detailed budget that outlines the work program and associated costs for the Study Phase on the Rostin Breclav Block. During the Study Phase Unigeo and GEOCAN will review all of the geological and geophysical data that is available including geological and geophysical information held by COC, over the Rostin Breclav Block, in order to assess the potential for drilling a Test Well, as described in clause 11. The costs incurred during the Study Phase will be shared in the participating interests described in clause 5. At the end of the Study Phase Unigeo and GEOCAN will elect to proceed to the Seismic Phase, as described in clause 10, elect to drill a Test Well or discontinue to do any further work on the Rostin Breclav Block.