Common use of Relinquishments Clause in Contracts

Relinquishments. 5.1 At the end of the Initial Exploration Period, the Contractor shall have option to relinquish the entire area after completion of Minimum Work Program or to proceed to the Subsequent Exploration Period relinquishing fifty percent (50%) of the Contract Area in a single portion. The entire area (excluding Appraisal and Development area) shall be relinquished at the end of and nine (9) consecutive years of the Exploration Period. Contractor shall relinquish all of the Contract Area if the Contractor does not commit to drill an exploration well after completion of Geological and Geophysical survey during the first four (4) years of the Initial Exploration Period. If the Contractor commits to drill exploration well(s), the relinquishment shall be in accordance with this Article. 5.2 In the event of extension under Article

Relinquishments. 5.1 At the end of the Initial Exploration Period, the Contractor shall have option to relinquish the entire area after completion of Minimum Work Program or to proceed to the Subsequent Exploration Period relinquishing fifty percent (50%) of the Contract Area in a single portion. The entire area (excluding Appraisal and Development area) shall be relinquished at the end of and nine eight (9) 8) consecutive years of the Exploration Period. Contractor shall relinquish all of the Contract Area if the Contractor does not commit to drill an exploration well after completion of Geological and Geophysical survey during the first four three (43) years of the Initial Exploration Period. If the Contractor commits to drill exploration well(s), the relinquishment shall be in accordance with this Article. 5.2 In the event of extension under Article