Prospective Area definition
Examples of Prospective Area in a sentence
Atlas shall make available all reasonable and appropriate due diligence information with respect to the Prospective Area, and Reliance shall have 30 days following receipt of the ROFO Notice (the “ROFO Period”) to review all such information.
If Atlas desires to sell to any non-Affiliate of Atlas greater than five percent (5%), in one transaction or in any series of related transactions, of the interest held by Atlas as of the date hereof in any of its leases as in effect as of the date hereof located in the Prospective Area (the “ROFO Interest”), including as a result of receiving an unsolicited third party offer, then Atlas shall promptly provide Reliance with written notice of such potential Sale (the “ROFO Notice”).
Upon SOCAR’s approval of the Development Programme in respect of a Prospective Area, such Prospective Area shall become a “Development Area”.
In such case, SOCAR shall have the right at its sole discretion to terminate this Agreement in relation to that Prospective Area where Contractor did not perform all or a part of the agreed additional exploration work, and any costs incurred by Contractor from the Effective Date during the Main Exploration Period and the Additional Exploration Period in relation to such Prospective Area shall not be Cost Recoverable.
The Parties agree that references to the "EDPSA" in the Addendum made and entered into of even date with the Agreement on the Exploration, Development and Production Sharing for the ▇▇▇▇ ▇▇▇▇▇ Prospective Area in the Azerbaijan Sector of the Caspian Sea shall include a reference to that Agreement as previously modified and/or amended and as supplemented and/or clarified by this Fourth Addendum.
In the event Contractor does not submit the Development Programme relating to a Prospective Area within the six (6) months period referred to in Article 4.7(a) above, such Prospective Area shall be relinquished within thirty (30) days following expiry of the said six (6) months period, and any unrecovered costs incurred by Contractor at the date of relinquishment of such Prospective Area shall not be Cost Recoverable.
TSNU and PSE agree to negotiated in good faith with respect to the establishment of a Joint Operating Agreement for each Prospective Area.
The Initial Exploration Period shall commence on the Effective Date and shall expire on the date immediately following (i) a period of twenty-four (24) months from the Effective Date, or (ii) the date of the Notice of Prospectivity for the last Prospective Area, whichever is earlier.