Common use of GRANT OF RIGHTS AND TERM Clause in Contracts

GRANT OF RIGHTS AND TERM. The GOVERNMENT hereby grants EGPC and CONTRACTOR subject to the terms, covenants and conditions set out in this Agreement, which insofar as they are contrary to or inconsistent with any provisions of Law No. 66 of 1953, as amended, shall have the force of Law, an exclusive concession in and to the Area described in Annexes "A" and "B". (a) The GOVERNMENT shall own and be entitled, as hereinafter provided to a royalty in cash or in kind of ten percent (10%) of the total quantity of Petroleum produced and saved from the Area during the development period including renewal. Said royalty shall be borne and paid by EGPC and shall not be the obligation of CONTRACTOR. The payment of royalties by EGPC shall not be deemed to result in income attributable to the CONTRACTOR. (b) An initial Exploration period of three (3) years shall start from the Effective Date. Two (2) successive extensions to the initial Exploration period, each of two (2) years respectively, shall be granted to CONTRACTOR at its option, upon not less than thirty (30) days prior written notice to EGPC, such notice to be given not later than the end of the then current period, as may be extended pursuant to the provisions of Article V (a), and subject only to its having fulfilled its obligations hereunder for that period. This Agreement shall be terminated if neither a Commercial Oil Discovery nor a Commercial Gas Discovery is established by the end of the seventh (7th) year of the Exploration period, as may be extended pursuant to Article V (a). The election by EGPC to undertake a sole risk venture under paragraph (c) shall not extend the Exploration period nor affect the termination of this Agreement as to CONTRACTOR.

GRANT OF RIGHTS AND TERM. The GOVERNMENT hereby grants EGPC and CONTRACTOR subject to the terms, covenants and conditions set out in this Agreement, which insofar as they are contrary to or inconsistent with any provisions of Law No. 66 of 1953, as amended, shall have the force of Law, an exclusive concession in and to the Area described in Annexes "A" and "B". (a) The GOVERNMENT shall own and be entitled, as hereinafter provided provided, to a royalty in cash or in kind of ten percent (10%) of the total quantity of Petroleum produced and saved from the Area during the development Development period including renewal. Said royalty shall be borne and paid by EGPC and shall not be the obligation of CONTRACTOR. The payment of royalties by EGPC shall not be deemed to result in income attributable to the CONTRACTOR. (b) An initial Exploration period of three (3) ---------------- years shall start from the Effective Date. Two (2-------------- successive extension(s) successive extensions to the initial Exploration period, each of two (2) ----------- years respectively, shall be granted to CONTRACTOR at its option, upon not less than thirty (30) days prior written notice to EGPC, such notice to be given not later than the end of the then current Exploration period, as may be in case it is extended pursuant to the provisions of Article V (a), and subject only to its having fulfilled its obligations hereunder for that period. This Agreement shall be terminated if neither a Commercial Oil Discovery nor a Commercial Gas Discovery is established by the end of the seventh (7th) --------- year of the Exploration period, as may be in case it is extended pursuant to Article V (a). The a).The election by EGPC to undertake a sole risk venture under paragraph (c) shall not extend the Exploration period nor affect the termination of this Agreement as to CONTRACTOR.

GRANT OF RIGHTS AND TERM. The GOVERNMENT hereby grants EGPC and CONTRACTOR subject to the terms, covenants and conditions set out in this Agreement, which insofar as they are contrary to or inconsistent with any provisions of Law No. 66 of 1953, as amended, shall have the force of Law, an exclusive concession in and to the Area described in Annexes "A" and "B". (a) The GOVERNMENT shall own and be entitled, as hereinafter provided provided, to a royalty in cash or in kind of ten percent (10%) of the total quantity of Petroleum produced and saved from the Area during the development Development period including renewal. Said royalty shall be borne and paid by EGPC and shall not be the obligation of CONTRACTOR. The payment of royalties by EGPC shall not be deemed to result in income attributable to the CONTRACTOR. (b) An initial Exploration period of three ----------- (3-----) years shall start from the Effective Date. Two ----------- (2---) successive extensions extension(s) to the initial Exploration period, each of two (2--) years respectively, shall be granted to CONTRACTOR at its option, upon not less than thirty (30) days prior written notice to EGPC, such notice to be given not later than the end of the then current Exploration period, as may be in case it is extended pursuant to the provisions of Article V (a), and subject only to its having fulfilled CONTRACTOR’s fulfillment of its obligations hereunder for that period. This Agreement shall be terminated if neither a Commercial Oil Discovery nor a Commercial Gas Discovery is established by the end of the seventh --- ---- (7th--) year of the Exploration period, as may be in case it is extended pursuant to Article V (a). The a).The election by EGPC to undertake a sole risk venture under paragraph (c) shall not extend the Exploration period nor affect the termination of this Agreement as to CONTRACTOR.

GRANT OF RIGHTS AND TERM. The GOVERNMENT hereby grants EGPC and CONTRACTOR subject to the terms, covenants and conditions set out in this Agreement, which insofar as they are contrary to to, or inconsistent with any provisions of Law No. 66 No.66 of 1953, as amended, shall have the force of Law, an exclusive concession in and to the Area described in Annexes "A" and "B". (a) The GOVERNMENT shall own and be entitled, as hereinafter provided to a royalty in cash or in kind of ten percent (10%) of the total quantity of Petroleum produced and saved from the Area during the development period including renewal. Said royalty shall be borne and paid by EGPC and shall not be the obligation of CONTRACTOR. The payment of royalties by EGPC shall not be deemed to result in income attributable to the CONTRACTOR. (b) An initial Exploration period Period of three (3) years shall start from the Effective Date. Two (2) successive extensions to the initial Exploration period, each period of three (3) years and two (2) years respectively, shall be granted to CONTRACTOR at its option, upon not less than thirty (30) days prior written notice to EGPC, such notice to be given not later than the end of the then current period, as may be extended pursuant to the provisions of Article V (a), and subject only to its having fulfilled its obligations hereunder for that period. This Agreement shall be terminated if neither a Commercial Oil Discovery nor a Commercial Gas Discovery is established by the end of the seventh eighth (7th8th) year of the Exploration period, as may be extended pursuant to Article V (a). ) The election by EGPC to undertake a sole risk venture under paragraph (c) below shall not extend the Exploration period Period nor affect the termination of this Agreement as to CONTRACTOR.

GRANT OF RIGHTS AND TERM. The GOVERNMENT hereby grants EGPC and CONTRACTOR subject to the terms, covenants and conditions set out in this Agreement, which insofar as they are contrary to or inconsistent with any provisions of Law No. 66 of 1953, as amended, shall have the force of Law, an exclusive concession in and to the Area described in Annexes "A" and "B". (a) The GOVERNMENT shall own and be entitled, as hereinafter provided to a royalty in cash or in kind of ten percent (10%) of the total quantity of Petroleum produced and saved from the Area during the development Development period including renewal. Said royalty shall be borne and paid by EGPC and shall not be the obligation of CONTRACTOR. The payment of royalties by EGPC shall not be deemed to result in income attributable to the CONTRACTOR. (b) An initial Exploration period of three ---------- (3----) years shall start from the Effective Date. Two (2) successive extensions to the initial Exploration period, each of two ------ (2----) years respectively, shall be granted to CONTRACTOR at its option, upon not less than thirty (30) days prior written notice to EGPC, such notice to be given not later than the end of the then current period, as may be extended pursuant to the provisions of Article V (a), and subject only to its having fulfilled its obligations hereunder for that period. This Agreement shall be terminated if neither a Commercial Oil Discovery nor a Commercial Gas Discovery is established by the end of the seventh -------------- (7th------) year of the Exploration period, as may be extended pursuant to Article V (a). The a).The election by EGPC to undertake a sole risk venture under paragraph (c) shall not extend the Exploration period nor affect the termination of this Agreement as to CONTRACTOR.