Common use of Initial Exploration Period Clause in Contracts

Initial Exploration Period. Commencing on the day on which the Exploration Licence is granted to TPDC pursuant to Article 3 and terminating on the fourth anniversary of that date: Description of Work: (To be specified in detail, however, the undertaking of 2D and 3D seismic surveys and at least one well commitment expected). Minimum Expenditure for this period: US$ [ ] million. Commencing on the day on which a first extension of the licence granted is issued to TPDC pursuant to Article 3 takes effect and terminating on the fourth anniversary of that date: Description of Work: (To be specified in detail, however, the undertaking of 2D and 3D seismic surveys and at least one well commitment expected). Minimum Expenditure for this period: US$ [ ] million. Commencing on the day on which a second extension of the licence granted to TPDC pursuant to Article 3 takes effect and terminating on the third anniversary of that dated: Description of Work: (To be specified in detail, however, the undertaking of 2D and 3D seismic surveys and at least one well commitment expected). Minimum Expenditure For this period : US$ [ ] million.