TERM AND EXPLORATION WORK PROGRAMME Clause Samples

TERM AND EXPLORATION WORK PROGRAMME. 3.1 The following provisions establish the term (the "Term") of this Agreement, the Licence and any Lease that is granted pursuant to this Agreement in accordance with the Rules: (a) this Agreement and the Licence shall be valid for an Initial Term of five (5) Contract Years, and subject to Article 3.1(b) and Contractor meeting the requirements under this Agreement and the Rules, shall be renewed, for two (2) renewal periods of one Contract Year each (hereinafter called the First Renewal and the Second Renewal respectively or Renewal(s) collectively) provided Contractor requests such a renewal in writing at least ninety (90) Days prior to expiry of the Initial Term or the First Renewal period. The Initial Term shall be divided into two phases (each referred to as a "Phase"), the first having a duration of three Contract Years and the second having a duration of two Contract Years. (b) Contractor shall be entitled to First Renewal or Second Renewal if Contractor: (i) has complied with the Minimum Work during the Initial Term or First Renewal as the case may be, and all other obligations under this Agreement; (ii) has committed himself to the Minimum Work for the subsequent period as per the Rules; (iii) has provided the related guarantees contemplated by Article XXVI of this Agreement; and (iv) has made the mandatory relinquishments contemplated by this Agreement and the Rules. (c) this Agreement and the Licence may be extended as it relates to an Appraisal Area for the purpose of carrying out an Appraisal Programme for a period of one (1) Contract Year as provided in the Rules provided the Contractor has complied with the Minimum Work and other obligations under this Agreement. (d) the Initial Term or First Renewal or Second Renewal may be extended for drilling an Exploration Well in progress for a period as may be approved by the DGPC, in accordance with the Rules. Upon completion of such Exploration Well, credit will be given to the Minimum Work obligation related to the Phase or Renewal that was extended. (e) pursuant to Article 5.9 hereof, the duration of this Agreement and the Licence for any Significant Gas Discovery Area shall be extended up to a period equal to the applicable Retention Period. (f) if a Commercial Discovery is made during the Initial Term, First Renewal, Second Renewal or the extension contemplated under Article 3.1(c) for which a Lease has been granted, this Agreement shall remain valid for a period not exceeding twenty-five (25) C...