Common use of Exploration Plan Clause in Contracts

Exploration Plan. In up to 60 (sixty) days after the date of establishment of the Operational Committee, the Operator shall deliver the proposed Exploration Plan to the other Consortium Members. In up to 30 (thirty) days after the date of submission of the proposal, the Operational Committee should examine and decide on the Exploration Plan. If the Exploration Plan is defined by the Operational Committee, the Operator must take the necessary measures to submit it for review and approval of ANP. If ANP requires changes to the Exploration Plan, the matter should be again submitted to the Operational Committee for further examination, following the procedures and deadlines set out in the preceding paragraphs. Any Discovery in the Contract Area must be formally notified by the Operator to the Consortium Members and ANP within a maximum deadline of seventy-two (72) hours. The notification must be accompanied by all relevant data and information available. If the Operational Committee deems a Discovery deserves to be evaluated, the Operator, within 60 (sixty) days shall submit to the other Consortium Members a detailed Discovery Evaluation Plan proposal. Within 30 (thirty) days after the submission of this proposal, the Operational Committee should meet to discuss and decide on the Discovery Evaluation Plan proposed. If the Evaluation Plan is defined by the Operational Committee, the Operator must take the necessary measures to submit it for review and approval of ANP. If ANP requires changes to the Evaluation Plan, the matter should be again submitted to the Operational Committee for further examination, following the procedures and deadlines set out in the preceding paragraphs.