Common use of Relinquishments Clause in Contracts

Relinquishments. 7.1 Subject to the provisions of Articles 7.2 and 7.3, the CONTRACTOR shall surrender portions of the Contract Area as follows: (a) at the end of the initial term of the Exploration Period referred to in Article 6.2, twenty five per cent (25%) of the net area determined by subtracting the Production Areas from the initial Contract Area; (b) at the end of the first extension period entered into under this Contract after the end of the initial term of the Exploration Period referred to in Article 6.2, an additional twenty five per cent (25%) of the net area determined by subtracting the Production Areas from the remaining part of the Contract Area; and (c) at the end of the Exploration Period (including all extensions thereof), all of the remaining area that is not in a Production Area. 7.2 For the application of Article 7.1: (a) any areas already relinquished pursuant to Article 7.4 shall be deducted from areas to be surrendered; and (b) the CONTRACTOR shall have the right to determine the area, shape and location of the Contract Area to be kept, provided that such surrendered portions of the Contract Area shall be in contiguous blocks. 7.3 If the relinquishment referred to in Article 7.1 can only be achieved by including part of an Appraisal Area, then these percentages shall be reduced to exclude such Appraisal Area. 7.4 During the Exploration Period, the CONTRACTOR may at the end of each Contract Year surrender all or any part of the Contract Area by written notice sent to the GOVERNMENT at least thirty (30) days in advance of the proposed date of surrender, subject to the provisions of this Article 7.

Relinquishments. 7.1 Subject to the provisions of Articles 7.2 and 7.3, the CONTRACTOR shall surrender portions of the Contract Area as follows: (a) twenty five percent (25%) of the initial Contract Area, excluding any Production Areas, at the end of the initial term of the Exploration Period referred to in Article 6.2, ; and (b) an additional twenty five per cent percent (25%) of that part of the net area determined by subtracting the Production Areas from the initial Contract Area; (b) , excluding any Production Areas, remaining at the end of the first each extension period entered into under this Contract after at the end of the initial term of the Exploration Period referred to in Article 6.2, an additional twenty five per cent (25%) of the net area determined by subtracting the Production Areas from the remaining part of the Contract Area; and (c) at the end of the Exploration Period (including all extensions thereof), all of the remaining area that is not in a Production Area. 7.2 For the application of Article 7.1: (a) any areas already relinquished pursuant to Article 7.4 below shall be deducted from areas to be surrendered; and (b) the CONTRACTOR shall have the right to determine the area, shape and location of the Contract Area to be kept, provided that such surrendered the portions of the Contract Area surrendered shall be in contiguous blockscontiguous. 7.3 If the relinquishment referred to in Article 7.1 can only be achieved by including part of an Appraisal Areathe area of a Discovery, then these percentages shall be reduced to exclude such Appraisal Area.the Discovery area.i 7.4 During the Exploration Period, the CONTRACTOR may at the end of each Contract Year surrender iisurrender all or any part of the Contract Area by written notice sent to the GOVERNMENT at least thirty (30) days in advance of the proposed date of surrender, subject to the provisions of this Article 7.