Common use of Extension of the Exploitation Period Clause in Contracts

Extension of the Exploitation Period. ▇▇▇ shall extend the Period of Exploitation to the economic limit of the Commercial Field, at THE CONTRACTOR’S election, provided the following conditions are met: a) That THE CONTRACTOR requests the extension in writing to the ▇▇▇ on no more than four (4) years’ notice, but no less than one year’s regarding the date of termination of the Exploitation Period of the corresponding Area of Exploitation. b) That the Area of Exploitation be producing Hydrocarbons regularly on the date of the request. c) That THE CONTRACTOR shows that, during the four (4) Calendar Years prior to the date of the request, he has performed a drilling program that includes at least a well per calendar year, and / or that he has had one pressure maintenance or a secondary or tertiary or improved recovery project.

Extension of the Exploitation Period. ▇THE A▇▇ shall extend the Exploitation Period of Exploitation up to the economic limit of the Commercial Field, at the option of THE CONTRACTOR’S election, provided as long as the following conditions are met: a) That THE CONTRACTOR requests submit the extension request in writing to the ▇THE A▇▇ on no more than four (4) years’ notice, Years but no less than one year’s regarding (1) Year in advance with respect to the expiry date of termination of the Exploitation Period of the corresponding Area of Exploitationrespective Exploitation Area. b) That the Exploitation Area of Exploitation be producing continue to produce Hydrocarbons regularly on the date of the request. c) That THE CONTRACTOR shows that, demonstrate that during the four (4) Calendar Years prior to preceding the date of the request, he request it has performed carried out a drilling program that includes including at least a well per calendar year, and / or one Well for each Calendar Year and/or that he it has had one kept an active pressure maintenance project, or a secondary or secondary, tertiary or improved enhanced recovery project.