Common use of Exploratory Well Clause in Contracts

Exploratory Well. This is the well that has been classified as such by THE ASSOCIATE to be drilled or deepened, sidetracked or re-entered, on its own account in the Contracted Area in search for new reservoirs, or to prove the extension of a Reservoir, or to determine the stratigraphy of an area. In order to comply with the obligations agreed in Clause 5 of this contract, the relevant Exploratory Well will be previously qualified by ECOPETROL and THE ASSOCIATE.