First Additional Exploration Period Sample Clauses
The "First Additional Exploration Period" clause defines the terms under which a party may extend the initial exploration phase of an agreement, typically in the context of oil, gas, or mineral exploration. This clause outlines the duration of the additional period, any fees or work commitments required to secure the extension, and the process for notifying the other party of the intent to continue exploration. Its core practical function is to provide a structured mechanism for extending exploration rights, ensuring both parties understand the conditions and obligations associated with prolonging the exploration phase beyond the original term.
First Additional Exploration Period. Subject to this Article 4.3, the Contractor may request, by written notice to the CNH with at least sixty (60) Days prior to the termination of the Initial Exploration Period, an extension of the Exploration Period for three (3) additional Years (the “First Additional Exploration Period”). The Contractor may request such extension only if it: (i) has fully complied with the Work Units required for the Initial Exploration Period in accordance with Article 4.2 and (ii) agrees to perform additional Work Units, equivalent to one (1) Well during the First Additional Exploration Period in accordance with Annex 5, in addition to any number of Work Units committed as Minimum Program Increase that have not been executed during the Initial Exploration Period in accordance with Article 4.2. The CNH will approve such extension, if the two (2) foregoing conditions are satisfied; as long as the Contractor has complied with all of its other obligations under this Contract and subject to the First Additional Period Guarantee receipt by the CNH within ten (10) Business Days after the CNH approves the extension. The Contractor may request, by written notice to the CNH with at least sixty (60) Days prior to the termination of the First Additional Exploration Period, the extension of this period in order to complete ongoing activities contemplated in the Exploration Plan that for reasons not attributable to the Contractor are impossible to conclude within the period referred to in this Article 4.3. The CNH will approve the extension in terms of the Applicable Laws. In the event that during the Initial Exploration Period, the Contractor carries out additional Work Units to those committed in accordance with Article 4.2, the Contractor may request the recognition of such Work Units for the First Additional Exploration Period. Such request must be included in the request for extension of the Exploration Period as provided in this Article 4.3.
First Additional Exploration Period. Subject to this Article 4.3, by written notice to CNH at least sixty (60) Days prior to the termination of the Initial Exploration Period, the Contractor may request an extension of the Exploration Period for one additional Contract Year following the termination of the Initial Exploration Period. The Contractor may request such extension only if it: (i) has fully complied with the Minimum Work Program during the Initial Exploration Period, and (ii) agrees to drill one additional Well in the Contract Area during the First Additional Exploration Period with the same characteristics as those provided for the Minimum Work Program. CNH will approve such extension, if the two foregoing conditions are satisfied, it receives the First Additional Period Guarantee within ten (10) Business Days after CNH approves the extension and the Contractor has complied with all of its other obligations under this Contract.
First Additional Exploration Period. Subject to this Article 4.3, the Contractor may request, by written notice to CNH with at least sixty (60) Days prior to the termination of the Initial Exploration Period, an extension of the Exploration Period for three (3) additional Years (the “First Additional Exploration Period”). The Contractor may request such extension only if it: (i) has fully complied with the Work Units required for the Initial Exploration Period and (ii) agrees to perform additional Work Units, equivalent to one (1) Well in accordance with Annex 5. CNH will approve such extension, if the two (2) foregoing conditions are satisfied; it receives the First Additional Period Guarantee within ten (10) Business Days after CNH approves the extension and as long as the Contractor has complied with all of its other obligations under this Contract. In the event that during the Initial Exploration Period, the Contractor carries out additional Work Units to those committed in accordance with Article 4.2, the Contractor may request the recognition of such Work Units for the First Additional Exploration Period. Such request must be included in the request for extension of the Exploration Period as provided in this Article 4.3.