Common use of Subsequent Exploration Program Clause in Contracts

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. 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 ANH in ▇▇▇ in writing iting 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 ANH in ▇▇▇ in writing iting 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.