Common use of TERM OF THIS CONTRACT Clause in Contracts

TERM OF THIS CONTRACT. 2.1. Subject to the provisions of this Section and Section 13, the term of this contract shall be thirty (30) years as from the effective date. 2.2. If at the end of the initial six (6) years as from the effective date, no petroleum is discovered in commercial quantities in the contract area, the contractor shall have the option either to terminate this contract or to request the Joint Authority, by means of a sixty (60) days written notice prior to the end of the initial six (6) years, to extend this contract to the end of the tenth year from the effective date. Where a discovery is made but has not been appraised before the end of the tenth contract year, the Joint Authority shall extend the term of this contract so as to allow completion of an expeditious appraisal of the discovery, or if necessary in the case of a natural gas discovery, until marketing arrangements and sales contracts are completed. The extension shall be promptly granted, without prejudice to the provisions of Section 13 of this contract relating to termination, provided a work program and expenditures are agreed in accordance with subsection 3 of Section 4 of this contract. 2.3. If, at the end of the term of this contract as extended under subsection 2 of this Section, no petroleum is discovered in commercial quantities in the contract area, this contract shall automatically terminate in its entirety. 2.4. If petroleum is discovered in any block or blocks of the contract area within the initial six (6) year period or any extension pursuant to subsection 2 of this Section, which the Joint Authority and the contract operator agree can be produced commercially, based on the consideration of all pertinent operating and financial data, then as to that particular block or blocks of the contract area the Joint Authority shall declare a discovery area and the contract operator shall commence development. In other blocks in the contract area, the contract operator shall continue exploration without prejudice to the provisions of Section 3 regarding the relinquishment of blocks. 2.5. If petroleum production has not ceased permanently in and from the contract area by the end of the thirtieth contract year, the Joint Authority shall give sympathetic consideration to extending the term of this contract beyond the thirtieth contract year until production ceases permanently. In the case of a natural gas project, the contract term shall be automatically extended to the end of the term of the natural gas sales contract. 2.6. If petroleum production has ceased permanently in and from the contract area before the end of the thirtieth contract year, then this contract shall be terminated upon the permanent cessation of production.

TERM OF THIS CONTRACT. 2.1. 2.1 Subject to the provisions of this Section and Section 13, the term of this contract shall be thirty commence on the effective date of the Treaty, being 20 May 2002, (30) years as from the effective date. 2.2) and shall expire on the last moment of 6 February 2022 (the expiration date). If at Notwithstanding the end foregoing, all work programmes, expenditures and approvals, including but not limited to decisions, notices, returns and audits related thereto and all correspondence (written or oral), results and submissions in support of such work programmes, expenditures, approvals, decisions, notices, returns and audits under the initial six (6) years as from the effective date, no petroleum is discovered in commercial quantities in the previous contract area, shall be deemed to have occurred under this contract and the contractor shall be entitled to rely upon such. Information supplied by the Contractor under the previous contract is deemed to have the option either to terminate this contract or to request the Joint Authority, by means of a sixty (60) days written notice prior to the end of the initial six (6) years, to extend this contract to the end of the tenth year from the effective date. Where a discovery is made but has not been appraised before the end of the tenth contract year, the Joint Authority shall extend the term of this contract so as to allow completion of an expeditious appraisal of the discovery, or if necessary in the case of a natural gas discovery, until marketing arrangements and sales contracts are completed. The extension shall be promptly granted, without prejudice to the provisions of Section 13 of this contract relating to termination, provided a work program and expenditures are agreed in accordance with subsection 3 of Section 4 of supplied under this contract.. [2.2 – paragraph deliberately omitted] [2.3 – paragraph deliberately omitted] 2.3. If, at the end of the term of this contract as extended under subsection 2 of this Section, no petroleum is discovered in commercial quantities in the contract area, this contract shall automatically terminate in its entirety. 2.4. 2.4 If petroleum is discovered in any block or blocks of the contract area within the initial six (6) year period or any extension pursuant to subsection 2 of this Section, which the Joint Designated Authority and the contract operator agree can be produced commercially, based on the consideration of all pertinent operating and financial data, then as to that particular block or blocks of the contract area the Joint Designated Authority shall declare a discovery area and the contract operator shall commence development. In other blocks in the contract area, the contract operator shall continue exploration without prejudice to the provisions of Section 3 regarding the relinquishment of blocksexploration. 2.5. 2.5 If petroleum production has not ceased permanently in and from the contract area by the end of the thirtieth contract yearexpiration date, the Joint Designated Authority shall give sympathetic consideration to extending the term of this contract beyond the thirtieth contract year until production ceases permanently. In the case of a natural gas project, the contract term shall be automatically extended to the end of the term of the natural gas sales contract. 2.6. 2.6 If petroleum production has ceased permanently in and from the contract area before the end of the thirtieth contract yearexpiration date, then this contract shall be terminated upon the permanent cessation of production.production.‌

TERM OF THIS CONTRACT. 2.1. 2.1 Subject to the provisions of this Section and Section 13, the term of this contract shall be thirty commence on the effective date of the Treaty, being 20 May 2002, (30) years as from the effective date. 2.2) and shall expire on the last moment of 16 December 2021 (the expiration date). If at Notwithstanding the end foregoing, all work programmes, expenditures and approvals, including but not limited to decisions, notices, returns and audits related thereto and all correspondence (written or oral), results and submissions in support of such work programmes, expenditures, approvals, decisions, notices, returns and audits under the initial six (6) years as from the effective date, no petroleum is discovered in commercial quantities in the previous contract area, shall be deemed to have occurred under this contract and the contractor shall be entitled to rely upon such. Information supplied by the Contractor under the previous contract is deemed to have the option either to terminate this contract or to request the Joint Authority, by means of a sixty (60) days written notice prior to the end of the initial six (6) years, to extend this contract to the end of the tenth year from the effective date. Where a discovery is made but has not been appraised before the end of the tenth contract year, the Joint Authority shall extend the term of this contract so as to allow completion of an expeditious appraisal of the discovery, or if necessary in the case of a natural gas discovery, until marketing arrangements and sales contracts are completed. The extension shall be promptly granted, without prejudice to the provisions of Section 13 of this contract relating to termination, provided a work program and expenditures are agreed in accordance with subsection 3 of Section 4 of supplied under this contract.. [2.2 – paragraph deliberately omitted] [2.3 – paragraph deliberately omitted] 2.3. If, at the end of the term of this contract as extended under subsection 2 of this Section, no petroleum is discovered in commercial quantities in the contract area, this contract shall automatically terminate in its entirety. 2.4. 2.4 If petroleum is discovered in any block or blocks of the contract area within the initial six (6) year period or any extension pursuant to subsection 2 of this Section, which the Joint Designated Authority and the contract operator agree can be produced commercially, based on the consideration of all pertinent operating and financial data, then as to that particular block or blocks of the contract area the Joint Designated Authority shall declare a discovery area and the contract operator shall commence development. In other blocks in the contract area, the contract operator shall continue exploration without prejudice to the provisions of Section 3 regarding the relinquishment of blocksexploration. 2.5. 2.5 If petroleum production has not ceased permanently in and from the contract area by the end of the thirtieth contract yearexpiration date, the Joint Designated Authority shall give sympathetic consideration to extending the term of this contract beyond the thirtieth contract year until production ceases permanently. In the case of a natural gas project, the contract term shall be automatically extended to the end of the term of the natural gas sales contract. 2.6. 2.6 If petroleum production has ceased permanently in and from the contract area before the end of the thirtieth contract yearexpiration date, then this contract shall be terminated upon the permanent cessation of production.production.‌

TERM OF THIS CONTRACT. 2.1. Subject to the provisions of this Section and Section 13, the term of this contract shall be thirty (30) years as from the effective date. 2.2. If at the end of the initial six (6) years as from the effective date, no petroleum is discovered in commercial quantities in the contract area, the contractor shall have the option either to terminate this contract or to request the Joint Authority, by means of a sixty (60) days written notice prior to the end of the initial six (6) years, to extend this contract to the end of the tenth year from the effective date. Where a discovery is made but has not been appraised before the end of the tenth contract year, the Joint Authority shall extend the term of this contract so as to allow completion of an expeditious appraisal of the discovery, or if necessary in the case of a natural gas discovery, until marketing arrangements and sales contracts are completed. The extension shall be promptly granted, without prejudice to the provisions of Section 13 of this contract relating to termination, provided a work program and expenditures are agreed in accordance with subsection 3 of Section 4 of this contract. 2.3. If, at the end of the term of this contract as extended under subsection 2 of this Section, no petroleum is discovered in commercial quantities in the contract area, this contract shall automatically terminate in its entirety. 2.4. If petroleum is discovered in any block or blocks of the contract area within the initial six (6) year period or any extension pursuant to subsection 2 of this Section, which the Joint Authority and the contract operator agree can be produced commercially, based on the consideration of all pertinent operating and financial data, then as to that particular block or blocks of the contract area the Joint Authority shall declare a discovery area and the contract operator shall commence development. In other blocks in the contract area, the contract operator shall continue exploration without prejudice to the provisions of Section 3 regarding the relinquishment of blocks. 2.5. If petroleum production has not ceased permanently in and from the contract area by the end of the thirtieth contract year, the Joint Authority shall give sympathetic consideration to extending the term of this contract beyond the thirtieth contract year until production ceases permanently. In the case of a natural gas project, the contract term shall be automatically extended to the end of the term of the natural gas sales contract. 2.6. If petroleum production has ceased permanently in and from the contract area before the end of the thirtieth contract year, then this contract shall be terminated upon the permanent cessation of production.