Relinquishments. 4.4.1 The Contractor shall, by written notice to the Minister: (i) at the end of the Initial Licensing Period relinquish not less than twenty five percent (25%) of the Original Contract Area; (ii) at the end of the First Renewal Period relinquish an additional portion of the Contract Area not less than twenty five percent (25%) of the Original Contract Area; (iii) at the end of the Second Renewal Period relinquish the remaining portion of the Contract Area. 4.4.2 Notwithstanding Article 4.4.1 above, the Contractor shall not be required to relinquish any part of the Contract Area which has been made subject to an Appraisal Area or an Exploitation Area. 4.4.3 The Contractor may at any time with at least two (2) months’ prior written notice to the Minister relinquish all or part of the Contract Area. Any area so relinquished will be credited against the next relinquishment obligation of the Contractor under Article 4.4.1. Any such voluntary relinquishment of part of the Contract Area during the Exploration Period shall not reduce the Exploration Work Obligations set forth in Annex D, nor the amount of the corresponding guarantee. 4.4.4 The Contractor shall propose the size, shape and location of the portion of the Contract Area which it intends to relinquish pursuant to the provisions of this Contract. 4.4.5 The notice submitted by the Contractor in accordance with Article 4.4.1 or
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Sources: Exploration and Production Sharing Contract, Exploration and Production Sharing Contract, Model Exploration and Production Sharing Contract
Relinquishments. 4.4.1 The Contractor shall, by written notice to the Minister:
(i) at the end of the Initial Licensing Period relinquish not less than twenty five percent (25%) of the Original Contract Area;
(ii) at the end of the First Renewal Period relinquish an additional portion of the Contract Area not less than twenty five percent (25%) of the Original Contract Area;
(iiii i) at the end of the Second Renewal Period relinquish the remaining portion of the Contract Area.
4.4.2 Notwithstanding Article 4.4.1 above, the Contractor shall not be required to relinquish any part of the Contract Area which has been made subject to an Appraisal Area or an Exploitation Area.
4.4.3 The Contractor may at any time with at least two (2) months’ prior written notice to the Minister relinquish all or part of the Contract Area. Any area so relinquished will be credited against the next relinquishment obligation of the Contractor under ArticleArticle 4.4.
4.4.11. Any such voluntary relinquishment of part of the Contract Area during the Exploration Period shall not reduce the Exploration Work Obligations set forth in Annex D, nor the amount of the corresponding guaranteeBank Guarantee.
4.4.4 The Contractor shall propose the size, shape and location of the portion of the Contract Area which it intends to relinquish pursuant to the provisions of this Contract.
4.4.5 The notice submitted by the Contractor in accordance with Article 4.4.1 oror Article
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