Second Renewal Period definition

Second Renewal Period means a period of time running from the expiry of the First Renewal Period and for a period of two (2) Contract Years thereafter.
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Second Renewal Period is defined in Section 2(b).
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Second Renewal Period shall have the meaning given to it in Section 22.1 hereof.
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Examples of Second Renewal Period in a sentence

  • During the Second Renewal Period, the joint venture partners are obligated to perform studies and evaluations to determine potential commerciality, as well as economic sensitivity modelling to establish whether the drilling of a well could prove up potentially commercial oil volumes.

  • During the first quarter of 2018, the Block 2B joint venture partnership received approval for entry into the Second Renewal Period for the Block 2B Exploration Right from the Petroleum Agency of South Africa for a period of two years commencing February 20, 2018.

  • During the first quarter of 2018, the Company received approval for entry into the Second Renewal Period from the Petroleum Agency of South Africa for the Block 2B Exploration Right for a period of two years commencing February 20, 2018.

  • PSA and Agreement Commitments Block 2B Under the terms of the Block 2B Exploration Right, the Company and its partner have fulfilled the obligations of the Second Renewal Period, which was set to expire on February 20, 2020.

  • Under the Share Subscription Agreement with Pancontinental, the Company is obligated to pay an additional $5.5 million upon spud of the first exploration well, provided that certain commercial conditions exist on the spud date, including its pro rata portion of exploration drilling costs of one well in the Second Renewal Period being funded by another joint venture partner.


More Definitions of Second Renewal Period

Second Renewal Period means the second renewal of this Exploration Right granted in terms of Section 81 of the Act read together with Regulation 33;
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Second Renewal Period has the meaning set out in Section 3.3(b);
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Second Renewal Period has the meaning ascribed to it in paragraph 4.1.3
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Second Renewal Period. Third Renewal Period," "Fourth Renewal Period," "Fifth Renewal Period," "Sixth Renewal Period" and "Seventh Renewal Period." We may exercise each option to extend the Term for a Renewal Period by giving you notice of our election to do so at any time prior to the commencement of the Renewal Period for which our option is exercised;
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Second Renewal Period means the period of three (3) years from the expiry of the Renewal Period;' ​
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Second Renewal Period means the period commencing on the day following the termination of the First Renewal Period and terminating 5 (five) years thereafter;
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Second Renewal Period. Should Customer extend the Term for the First Renewal Period, then upon the expiration of the First Renewal Term, Customer may again extend the Term for an additional twelve (12) months by providing Company with at least thirty (30) days prior written notice of its intent to extend.
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