Common use of First Additional Exploration Period Clause in Contracts

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, 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, 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 extension, and the Contractor has complied with all of its other obligations under this Contract.