Exploration Phase definition

Exploration Phase or “Phase” means any of the periods specified in Article 3 in which the Contractor is required to complete the Minimum Work Programme specified therein.

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Exploration Phase means the phase covered by an Exploration Authorisation and determined in accordance with the provisions of Article 4.1 of this Contract.

Exploration Phase shall cover those activities directed toward ascertaining the existence, location, quality or commercial value of deposits of Products. Such phase shall include all activities undertaken through the completion of the Feasibility Study, but shall not include construction of milling or processing facilities or commencement by commercial mining operations on the Properties.

Examples of Exploration Phase in a sentence

Where Concessionaire has no commitments for the drilling of an Exploration Commitment Well in a following Exploration Phase, Concessionaire has the conditional right to enter in the next Exploration Phase if Concessionaire commits to the drilling of at least one Exploration Commitment Well, and provides the applicable bank guarantee, for such Exploration Phase and has complied with the provisions of the current Exploration Phase.
If upon expiry of any Exploration Phase, any Exploration Well is being drilled, which was spudded at least ninety (90) consecutive days prior to the end of such phase, or which is a substitute Well pursuant to Article 5.6, Concessionaire shall be entitled to an extension of the then current Exploration Phase to complete such Exploration Well.
Concessionaire’s entitlement to automatic extension of into the second and third Exploration Phase where the Concessionaire has complied with the work commitments for the prior phase.
Concessionaire has the automatic right to conduct Exploration Operations during the first Exploration Phase.
Where during any Exploration Phase, the ▇▇▇▇▇ oil price drops below US $ 60 per barrel, the Exploration Phase shall be extended for the number of sequential or non-sequential days that this price is below this level, up to a total maximum period of two Years, resulting in a maximum duration of the Exploration Phase of five Years.

More Definitions of Exploration Phase

Exploration Phase means any of the Initial Licensing Period, the First Renewal Period and the Second Renewal Period including any extensions thereof, as the case may be.

Exploration Phase means Operations conducted to ascertain the existence, location, extent or quantity of any deposit of ore or mineral. The Exploration Phase shall cease when a commercially recoverable reserve is determined to exist.

Exploration Phase means the term defined for Exploration in the paragraph 5.1.

Exploration Phase means the period during which the Company’s activities are directed towards the finding and searching for petroleum on the Scheduled Lands and shall include the extended exploration phase as hereunder defined;

Exploration Phase. Means the exploration period foreseen in Article 11.2.

Exploration Phase. Means all exploration periods, the Initial Exploration Phase and the Exploration Extension Phase, provided in Article 11.

Exploration Phase means exploration and land disturbance activities to determine the financial viability of a site. The exploration phase is not considered part of "mining operations."

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