TERM AND EXPLORATION WORK PROGRAMME Clause Samples

TERM AND EXPLORATION WORK PROGRAMME. 3.1 The following provisions establish the term (the "Term") of this Agreement, the Licence and any Lease that is granted pursuant to this Agreement in accordance with the Rules: (a) this Agreement and the Licence shall be valid for an Initial Term of five (5) Contract Years, and subject to Article 3.1(b) and Contractor meeting the requirements under this Agreement and the Rules, shall be renewed, for two (2) renewal periods of one Contract Year each (hereinafter called the First Renewal and the Second Renewal respectively or Renewal(s) collectively) provided Contractor requests such a renewal in writing at least ninety (90) Days prior to expiry of the Initial Term or the First Renewal period. The Initial Term shall be divided into two phases (each referred to as a "Phase"), the first having a duration of three Contract Years and the second having a duration of two Contract Years. (b) Contractor shall be entitled to First Renewal or Second Renewal if Contractor: (i) has complied with the Minimum Work during the Initial Term or First Renewal as the case may be, and all other obligations under this Agreement; (ii) has committed himself to the Minimum Work for the subsequent period as per the Rules; (iii) has provided the related guarantees contemplated by Article XXVI of this Agreement; and (iv) has made the mandatory relinquishments contemplated by this Agreement and the Rules. (c) this Agreement and the Licence may be extended as it relates to an Appraisal Area for the purpose of carrying out an Appraisal Programme for a period of one (1) Contract Year as provided in the Rules provided the Contractor has complied with the Minimum Work and other obligations under this Agreement. (d) the Initial Term or First Renewal or Second Renewal may be extended for drilling an Exploration Well in progress for a period as may be approved by the DGPC, in accordance with the Rules. Upon completion of such Exploration Well, credit will be given to the Minimum Work obligation related to the Phase or Renewal that was extended. (e) pursuant to Article 5.9 hereof, the duration of this Agreement and the Licence for any Significant Gas Discovery Area shall be extended up to a period equal to the applicable Retention Period. (f) if a Commercial Discovery is made during the Initial Term, First Renewal, Second Renewal or the extension contemplated under Article 3.1(c) for which a Lease has been granted, this Agreement shall remain valid for a period not exceeding twenty-five (25) C...
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Related to TERM AND EXPLORATION WORK PROGRAMME

  • Work Progress The Developer and Connecting Transmission Owner will keep each other, and NYISO, advised periodically as to the progress of their respective design, procurement and construction efforts. Any Party may, at any time, request a progress report from the Developer or Connecting Transmission Owner. If, at any time, the Developer determines that the completion of the Connecting Transmission Owner’s Attachment Facilities will not be required until after the specified In-Service Date, the Developer will provide written notice to the Connecting Transmission Owner and NYISO of such later date upon which the completion of the Connecting Transmission Owner’s Attachment Facilities will be required.

  • PROJECT WORK PLAN The Statement of Work is the formal document incorporated into the Grant. The Project Work Plan documents how the Grantee will achieve the performance measures outlined in the Grant. Changes to the Statement of Work require an amendment. Project Work Plans may be changed with written approval from DFPS and the Grantee.

  • Feasibility Study Buyer is granted the right to conduct engineering and/or market and economic feasibility studies of the Property and a physical inspection of the Property, including studies or inspections to determine the existence of any environmental hazards or conditions (collectively, the “Feasibility Study”) during the period (the “Feasibility Period”) commencing on the Effective Date and ending at 5:00 p.m., Central Time, on the June 3, 2010. With Seller’s permission, after Seller has received advance notice sufficient to permit it to schedule in an orderly manner Buyer’s examination of the Property and to provide at least 24-hours’ advance written notice to any affected tenants, Buyer or its designated agents may enter upon the Property during normal business hours for purposes of analysis or other tests and inspections which may be deemed necessary by Buyer for the Feasibility Study. Buyer or its designated representative must be accompanied by a designated representative of Seller or have received Seller’s written permission prior to entering upon the Property in connection with Buyer’s Feasibility Study; provided, however, Buyer may not enter into any space leased by any tenant without being accompanied by a designated representative of Seller. Seller agrees to make its representative reasonably available during normal business hours. Buyer will not alter the physical condition of the Property or conduct invasive testing without notifying Seller of its requested tests, and obtaining the written consent of Seller to any physical alteration of the Property or invasive testing. Buyer will utilize commercially reasonable diligence to conduct or cause to be conducted all inspections and tests in a manner and at times which will not unreasonably interfere with any tenant’s use and occupancy of the Property. If Buyer determines, in its sole judgment, that the Property is not suitable for any reason for Buyer’s intended use or purpose, or is not in satisfactory condition, then Buyer may terminate this Contract by written notice to Seller prior to expiration of the Feasibility Period, in which case the ▇▇▇▇▇▇▇ Money (other than the Option Money) will be returned to Buyer, and neither party shall have any further right or obligation hereunder other than as set forth herein with respect to rights or obligations which survive termination. If this Contract is not terminated pursuant to this Section 5(a), then after expiration of the Feasibility Period, after Seller has received advance notice sufficient to permit it to schedule in an orderly manner Buyer’s examination of the Property and to provide at least 24-hours’ advance written notice to any affected tenants, Buyer or its designated agents may enter upon the Property during normal business hours. Buyer or its designated representative must be accompanied by a designated representative of Seller or have received Seller’s written permission prior to entering upon the Property; provided, however, Buyer may not enter into any space leased by any tenant without being accompanied by a designated representative of Seller. If this Contract is not timely terminated pursuant to this Section 5(a), Buyer’s right to terminate this Contract pursuant to this Section 5(a) and any and all objections with respect to the Feasibility Study will be deemed to have been waived by Buyer for all purposes.

  • Work Plan [Procuring Entity shall provide main features of the work plan that the Tenderer should provide in the tender for carrying out the contract, from beginning to the end].

  • Development Activities The Development activities referred to in item “b” of paragraph 3.1 include: studies and projects of implementation of the Production facilities; drilling and completion of the Producing and injection ▇▇▇▇▇; and installation of equipment and vessels for extraction, collection, Treatment, storage, and transfer of Oil and Gas. The installation referred to in item “c” includes, but is not limited to, offshore platforms, pipelines, Oil and Gas Treatment plants, equipment and facilities for measurement of the inspected Production, wellhead equipment, production pipes, flow lines, tanks, and other facilities exclusively intended for extraction, as well as oil and gas pipelines for Production Outflow and their respective compressor and pumping stations.