Common use of Initial Exploration Period Clause in Contracts

Initial Exploration Period. The Initial Exploration Period shall have duration of up to four (4) Years from the Exploration Plan approval. The Contractor shall be required to complete, at least, the corresponding Minimum Work Program and the Minimum Program Increase during the Initial Exploration Period. Notwithstanding the obligations to access to the First Additional Exploration Period, the Contractor may conduct the Work Units equivalent to one (1) Well during the First Additional Exploration Period, in the event that it has committed to perform the Work Units equivalent to two (2) ▇▇▇▇▇ as Minimum Program Increase. The Contractor may request, by written notice to the CNH with at least sixty