Subsequent Exploration Program Clause Samples
Subsequent Exploration Program. Upon termination of the Exploration Period and whenever there is at least one Assessment Area or one Exploitation Area or one Discovery made by THE CONTRACTOR in the last phase of the Exploration Period within the Contracted Area, THE CONTRACTOR will be allowed to retain up to fifty percent (50%) of the Contracted Area (excluding Assessment and Exploitation Areas) to carry out a Subsequent Exploration Program in the retained area but outside of the Assessment and Exploitation Areas. In this case, the following procedure will be applied:
a) Before the termination date of the last phase of the Exploration Period, THE CONTRACTOR shall notify THE A▇▇ in writing of its intention to carry out a Subsequent Exploration Program.
b) The notice must describe the Exploration Operations that constitute the Subsequent Exploration Program that THE CONTRACTOR intends to carry out. The Program will be divided in two (2) phases lasting two (2) Years each, the first one counted as of the termination of the last phase of the Minimum Exploration Program. Each phase of the Subsequent Exploration Program must have at least the same Exploration Operations agreed to for the last phase of the Minimum Exploration Period.
c) After the obligations of the first phase of the Subsequent Exploration Program have been successfully performed, THE CONTRACTOR may decide not to continue with the second phase, which implies returning the areas retained for this purpose in their entirety, or to commence the second phase which means that THE CONTRACTOR will only return fifty percent (50%) of said retained area, excluding the existing Assessment and Exploitation Areas. THE CONTRACTOR shall inform THE A▇▇ in writing of the decision within the Month following termination of the first phase. It is understood that the returns mentioned in this Clause do not include the existing Assessment and the Exploitation Areas.
Subsequent Exploration Program. Exploration Program THE CONTRACTOR agrees to undertake to execute after the end of the Exploration Period as stipulated in Clause 9.
Subsequent Exploration Program. If the Exploration Period ends and provided that there is at least one Evaluation Area or Exploitation Area, THE CONTRACTOR may retain 50% of the Contract Area (excluding Exploitation Areas) to implement a Subsequent Exploration Program in the area retained outside of an Evaluation Area or Exploitation Area. The following procedure will apply:
a) Before completing the final phase of the Exploration Period THE CONTRACTOR will advise ▇▇▇ in writing that it intends to implement a Subsequent Exploration Program;
b) The notice will describe the Exploration Operations in the Subsequent Exploration Program which THE CONTRACTOR undertakes to perform, dividing the Program into two phases of two Years each, the first to count as of the expiry date of the last phase of the Minimum Exploration Program. Each phase of the Subsequent Exploration Program will contain at least the same Exploration Operations as were agreed for the last phase of the Minimum Exploration Program;
c) If the obligations of the first phase of the Subsequent Exploration Program are duly discharged THE CONTRACTOR may elect not to continue with the second phase and in exchange must relinquish all the areas retained for that purpose or it may elect to continue with the second phase, and must relinquish only 50% of those areas excluding any existing Evaluation Areas and Exploitation Areas. THE CONTRACTOR will inform ▇▇▇ in writing of its decision within one month of the end of the first phase.
d) The relinquishment of areas mentioned in this Clause is understood to be without prejudice to the existing Evaluation Areas and Exploitation Areas.
Subsequent Exploration Program. It corresponds to the Exploration Operations Plan that the Contractor submits to the ▇▇▇ and undertakes to execute after the Exploration Period has ended. Consequently, once the latter has been completed, and whenever there is at least one (1) Evaluation Area, one (1) Production Area, or one (1) Discovery duly reported to the ▇▇▇, the Contractor may retain that Allocated Area of its interest, excluding the areas that conform Appraisal and/or Production Areas and/or corresponding to the Discovery, in order to conduct a Subsequent Exploration Program, according to the procedure and the requirements agreed upon in this legal business.
Subsequent Exploration Program. 4.5.1. It consists in the Exploration Operations Plan that the Contractor submits to the ▇▇▇ and undertakes to perform after completion of the two (2) Phases that make up the Exploration Period. Consequently, upon the completion of the latter, and provided that there is at least one (1) Allocated Area in Evaluation, one (1) Allocated Producing Area, or one (1) Discovery duly reported to the ▇▇▇, the Contractor may retain its area of interest, excluding the areas that make up the Existing Allocated Areas in Evaluation and/or Production and/or corresponding to the Discovery, in order to carry out a Subsequent Exploration Program, in accordance with the procedure and with the requirements agreed upon in Clause 4.5.
4.5.2. Hence, if after the Exploration Period ends and all the activities inherent in it are completed, the Contractor opts for developing a Subsequent Exploration Program, it must offer to the ▇▇▇ and commit to perform the activities that comprise it, including the drilling of one (1) Exploratory Well A3, which is considered the minimum required.
4.5.3. The Subsequent Exploration Period lasts up to twenty-four (24) Months.
Subsequent Exploration Program. The Ex- ploration Operations program that THE CONTRAC- TOR agrees to carry out upon termination of the Exploration Period, according to the provisions set forth in Clause 9. Evaluation Program: The Evaluation Opera- tions plan submitted by THE CONTRACTOR to the ▇▇▇, according to ▇▇▇▇▇▇ 14, in order to evaluate a Discovery and determine if it involves a Commer- cial Field. The execution of the Evaluation Program and the submission of a report of the results to the ▇▇▇ are required to declare if a Discovery is a Commercial Field. Work Program: The description of the activities and Exploration, Evaluation and/or Production Operations of the pursuant to the terms of this contract. The Work Program shall include the schedule according to which THE CONTRACTOR shall begin and complete the activities and the corresponding budget.
Subsequent Exploration Program.
4.8.7.1 The Subsequent Exploration Program will have maximum two (2) phases of up to thirty-six (36) Months each, which must include, at least, the drilling of one (1) Type A3 or A2 Exploratory Well per phase.
4.8.7.2 Notwithstanding the provisions of above Clause 0of this Agreement, at the end of the Exploration Period, and provided that there is at least one (1) Area in Evaluation, one (1) Area in Production, or one (1) Discovery duly reported to the ▇▇▇, the Contractor may either retain, or return fifty percent (50%) of the Allocated Area, excluding the surfaces that are part of existing Areas in Evaluation and/or Production and/or correspond to the Discovery, in order to carry out a Subsequent Exploration Program. In this case, the following procedure must be followed:
4.8.7.2.1 At least three (3) Months before the date of completion of the last phase of the Exploration Period, the Contractor must file written notice with the ▇▇▇, expressing its interest in undertaking the Subsequent Exploration Program. The Contractor shall include in said notice the budget and the respective detailed schedule of all the Exploration Operations and Activities that it undertakes to develop under the Subsequent Exploration Program, upon the termination of the last phase of the Exploration Program.
4.8.7.2.2 The ▇▇▇ will review the Subsequent Exploration Program, its duration, acreage, and location of the respective Area, and will decide on its applicability or not within three (3) Months following its presentation by the Contractor, as an indispensable requisite for the application of the rules referred to in this Clause4.8.