Extension of the Exploration Phase Sample Clauses

Extension of the Exploration Phase. The Exploration Phase may be extended at the Contracting Party’s discretion, based on ANP’s opinion. In consideration for the extension of the Exploration Phase provided for in paragraph 10.12, the development of exploration activities additional to the Minimum Exploration Program may be required from the Consortium Members. The Consortium Members shall propose, upon at least one hundred and twenty (120)-day notice from the end of the Exploration Phase, a revision of the Exploration Plan in which the exploration activities additional to the Minimum Exploration Program, required by ANP as consideration for the extension of the Exploration Phase, are explained and justified. ANP shall have a sixty (60)-day period to assess and express its opinion about the proposal presented by the Consortium Members. In case the revision of the Exploration Plan referred to in paragraph 10.12.2 is not approved, the Exploration Phase shall be completed without the requested extension. In case the proposed development of exploration activities additional to the Minimum Exploration Program is approved as consideration for the extension of the Exploration Phase, the Contractor shall provide the corresponding financial guarantees, as stipulated in Section Eleven. If, at the end of the Exploration Phase, the Consortium Members start drilling the last exploratory well of the Exploration Plan without having completed the Well Assessment, the Exploration Phase shall be extended until the Well Completion date, with an addition of sixty (60) days to submit any proposed Discovery Assessment Plan. The event provided for in paragraph 10.13 shall be informed by the Consortium Members to ANP by the end of the Exploration Phase. If the Consortium Members make a Discovery during the Exploration Phase when it is not possible to perform the Discovery Assessment before the end of this phase, the Exploration Phase may be extended for the term required to perform the Assessment and issue any Declaration of Commercial Feasibility according to a Discovery Assessment Plan approved by ANP. The extension referred to in paragraph 10.14 is limited exclusively to the area covered by the Discovery Assessment Plan approved by ANP. For the Exploration Phase to be extended, pursuant to paragraph 10.14, the time elapsed between the notification of Discovery referred to in paragraph 12.1 and submission by the Consortium Members of the proposed Discovery Assessment Plan to ANP may not exceed six (6) months, exce...
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Extension of the Exploration Phase. 10.12. The Exploration Phase may be extended at the Contracting Party’s discretion, based on ANP’s opinion.
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Extension of the Exploration Phase. 25 Contracted Parties’ Options after Completion of the Exploration Phase 26 Relinquishment of the Contract Area at the End of the Exploration Phase 26 11 SECTION ELEVEN – COMPENSATORY PENALTY FOR DEFAULT OF THE MINIMUM EXPLORATION PROGRAM 26 Compensatory Penalty for Default of the Minimum Exploration Program and Provision of Financial Guarantee 26 Types of Financial Guarantees 27 Adjustment of the Financial Guarantees 27 Effectiveness of Financial Guarantees 27 Reduction of the Amount Secured 28 Return of the Financial Guarantees 28 Enforcement of the Compensatory Penalty 28 12 SECTION TWELVE – DISCOVERY AND ASSESSMENT 29 Notification of Discovery 29 Assessment, Discovery Assessment Plan, and Final Discovery Assessment Report 29 Assessment of New Reservoir 30 Discovery Assessment through Extended Well Test 30 13 SECTION THIRTEEN – DECLARATION OF COMMERCIAL FEASIBILITY 30 Declaration of Commercial Feasibility 30 Postponement of the Declaration of Commercial Feasibility 31 CHAPTER IV – DEVELOPMENT AND PRODUCTION 32 14 SECTION FOURTEEN – PRODUCTION XXXXX 00 Start and Duration 32 Relinquishment of the Contract Area 32 15 SECTION FIFTEEN – DEVELOPMENT PLAN 33 Deadlines 33 Development Area 33 Approval and Implementation of the Development Plan 34 Reviews and Amendments 35 Buildings, Facilities, and Equipment 35 16 SECTION SIXTEEN – PRODUCTION START DATE AND ANNUAL PROGRAMS 35 Production Start Date 35 Annual Production Program 36 Approval of the Annual Production Program 36 Revision 36 Production Volume Variance 37 Temporary Interruption of Production 37 Annual Work and Budget Program of the Production Xxxxx 00 00 SECTION SEVENTEEN – MEASUREMENT AND AVAILABILITY OF THE PRODUCTION SHARING 37 Measurement 37 Sharing Point 38 Monthly Production Reports 38 Production Availability 38 Supply to the Domestic Market 38 Consumption in the Operations 39 Test Results 39 Oil and Gas Losses and burning of Natural Gas 39 18 SECTION EIGHTEEN – INDIVIDUALIZATION OF PRODUCTION 40 Individualization of Production 40 CHAPTER V – EXECUTION OF OPERATIONS AND JOINT OPERATIONS 41 19 SECTION NINETEEN – EXECUTION OF OPERATIONS BY THE CONSORTIUM MEMBERS 41 Indication of the Operator by the Contracted Parties 41 Diligence to Conduct Operations 42 Licenses, Authorizations, and Permits 43 Free Access to the Contract Area 43 Drilling and Abandonment of Xxxxx 43 Additional Work Programs 44 Data Acquisition outside the Contract Area 44 20 SECTION TWENTY – CONTROL OF THE OPERATIONS AND ASSISTANCE ...
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Extension of the Exploration Phase. The Exploration Phase may be extended in the following cases: If at the end of the Exploration Phase the Consortium Members have initiated the drilling of a last exploratory well provided in the Exploration Plan without having completed the Evaluation of the Well, the Exploratory Phase will be extended until the date of completion of the well, with an increase of 60 (sixty) days for the submission of any proposal of Discovery Evaluation Plan. The possibility provided for in item (i) should be communicated by the Consortium Members to ANP until the end of the Exploration Phase. If the Consortium Members make a Discovery during the Exploration Phase in time such that it has not been possible to carry out the Discovery Evaluation before the end of this phase, the Exploration Phase may, at the discretion of ANP, be extended for the period necessary for the execution of evaluation phase and eventual Declaration of Commerciality according to Discovery Evaluation Plan approved by ANP. The extension provided in line (ii) is limited exclusively to the area covered by the Discovery Evaluation Plan. Approved by ANP. As a condition for the Exploration Phase to be extended in the form of line (ii) of paragraph 1.15, the time elapsed between the notification of Discovery provided in paragraph 3.1 and the presentation, by Consortium Members, of the Discovery Evaluation Plan proposal to ANP may not exceed 6 (six) months, unless there are exceptional cases previously authorized by the Contractor, after ANP is heard. Return of the Contract Area in the Exploration Phase Within a period of up to 60 (sixty) days after the end of the Exploration Phase, the Consortium Members must send ANP a report for the return of areas, prepared according to the applicable legislation. The delivery of the plan to return areas does not imply any kind of recognition or discharge by ANP, nor absolves the Consortium Members from the compliance with the Minimum Exploratory Program.
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Extension of the Exploration Phase. 10.11. The Exploration Phase may be extended at ANP discretion.
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Extension of the Exploration Phase. 26 Contracted Parties’ Options after Completion of the Exploration Phase 27
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Extension of the Exploration Phase. 10.16 The Exploration Phase may be extended in the following cases:
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Related to Extension of the Exploration Phase

  • Extension of Initial Contract Period 31.1 Subject to clause 13 (Price Adjustment on Extension of the Initial Contract Period), the Authority may, by giving written notice to the Contractor not less than three (3) Month(s) prior to the last day of the Initial Contract Period, extend the Contract for such further period as may be specified in the notice. The provisions of the Contract will apply (subject to any Variation or adjustment to the Contract Price pursuant to clause 13) throughout any such extended period.

  • F8 Extension of Initial Contract Period F8.1 The Authority may, by giving written notice to the Contractor, extend the Contract for a further period up to the date set out in the Form of Contract. The provisions of the Contract will apply throughout any such extended period.

  • Amendment of Contract Period The parties may modify the contract termination date by written supplemental agreement prior to the date of termination as set forth in Article 6, Supplemental Agreements, of attachment A, General Provisions, provided, however, that the termination date may, in no event, be extended past the fifth anniversary of execution.

  • C4 Contract Price During Extension of the Initial Contract Period C4.1 Subject to the Pricing Schedule and the provision in clause F6 (Variation), the Contract Price shall apply for the Initial Contract Period and following an extension pursuant to clause F8 (Extension of Initial Contract Period), to the date of expiry of the extended period, or such earlier date of termination or partial termination of the agreement in accordance with the Law or the provisions of the Contract. C5 Euro

  • Construction Phase Part 1 –

  • A2 Initial Contract Period The Contract shall take effect on the Commencement Date and shall expire automatically on 30 June 2013, unless it is otherwise terminated in accordance with the provisions of the Contract, or otherwise lawfully terminated, or extended under clause F8 (Extension of Initial Contract Period).

  • C4 Price adjustment on extension of the Initial Contract Period C4.1 The Contract Price shall apply for the Initial Contract Period. In the event that the Client agrees to extend the Initial Contract Period pursuant to clause F8 (Extension of Initial Contract Period) the Client shall, in the 6 month period prior to the expiry of the Initial Contract Period, enter into good faith negotiations with the Contractor (for a period of not more than 30 Working Days) to agree a variation in the Contract Price.

  • Production Phase contract period in which the Development and the Production are to be performed.

  • Term of Contract; Contract Extension The Contract will be in effect from the Effective Date (15 December 2016) through 31 December 2018. DAS, in its sole discretion, may extend this Contract for additional terms beyond the original term, prior to Termination or expiration, one or more times for a combined total period not to exceed the complete length of the original term.

  • Development Phase contractual phase initiated with the approval of ANP for the Development Plan and which is extended during the Production Phase while investments in xxxxx, equipment, and facilities for the Production of Oil and Gas according to the Best Practices of the Oil Industry are required.

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