EXPLORATION WORK PROGRAMME. 3.1 THE PRESIDENT has prior to or simultaneously herewith granted to XYZ, ABC and GHPL (if applicable) a Licence in accordance with the Rules. 3.2 a) The Licence shall be for an initial term of five (5) years. divided into two phases (each referred to as a "Phase-I" and "Phase-II"), the first having a duration of three Contract Years and the second having a duration of two Contract Years. The Licence shall expire at the end of Phase I if the Licencee does not fulfil its Minimum Work Commitment of Phase I and it does not commit at least one firm exploration well for entering into Phase II. Subject to Working Interest Owners meeting the requirements relating to renewal set forth in the Rules, the Licence may be renewed for two (2) further renewal periods not exceeding two years each, if the Working Interest Owners request for such a renewal in writing to THE PRESIDENT, in accordance with the Rules. Subject to the Working Interest Owners’ meeting the requirements of the Rules, the Licence may be renewed for the purpose of Appraisal of a Discovery and shall be extended for drilling an Exploration Well in progress in accordance with the Rules. The Licence will also remain valid and automatically extended until a decision is made on a pending application for the grant of a Lease in accordance with the Rules.
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Sources: Petroleum Concession Agreement, Petroleum Concession Agreement