Common use of Minimum Exploration Program Clause in Contracts

Minimum Exploration Program. The Consortium Members shall perform the obligations related to the Minimum Exploration Program within the terms and conditions described in Annex II. In order to comply with the Minimum Exploration Program, the ▇▇▇▇▇ drilled must achieve the exploratory objective, at a depth sufficient to establish their potential in Oil and Natural Gas, as defined in Annex II. ANP may accept other exploratory objectives with Prospectuses, upon presentation of technical justification. The partial or complete non-performance of the Minimum Exploration Program implies the termination of the Agreement and the execution of the compensatory liquidated damages clause provided for in Clause Eleven, and no other penalties are applicable due to said non-performance. Except for the provision above, the Development Areas eventually retained by the Consortium Members. In case of non-compliance with the Minimum Exploration Program, the Contractors may not proceed to the Production Phase.

Minimum Exploration Program. The Consortium Members Contracted Parties shall perform the obligations related to the Minimum Exploration Program within the terms and under the conditions described in Annex II. In order to comply with the Minimum Exploration Program, the ▇▇▇▇▇ drilled must achieve reach the exploratory objective, at a depth sufficient to establish their potential in Oil and Natural Gas, as defined in Annex II. The ANP may accept other exploratory objectives with Prospectuses, upon presentation of a technical justification. The partial or complete non-performance of the Minimum Exploration Program implies the full termination of the Agreement and the execution of the compensatory liquidated damages penalty clause provided for in Clause Eleven, and no other penalties are applicable due to said non-performance. Except for the provision above, the The Development Areas eventually retained by the Consortium MembersMembers are excluded from the above provision. In case of non-compliance with the Minimum Exploration Program, the Contractors may Contracted Parties will not be able to proceed to the Production Phase.