Extensions to either (or both) Terms would not be necessary in future. However, they will be considered, on a case by case basis, and a charge applies. Within the Initial Term potentially comprising three Phases, each Phase can be of a maximum length of 4 years, but should ideally fit within the maximum Initial Term of 6 years (see above). Examples may be (but not limited to): Phase A 2 years (Before the end of which Commit to new shoot seismic) Phase B 2 years (Before the end of which Commit to a well to move into Phase C or drop the Licence) Phase C 2 years OR Phase A 1 year (Before the end of which Commit to new shoot seismic, or - subject to any Contingency Commit to drill a Firm well with no Phase B necessary) – Phase B 2 years (Before the end of which Commit to a well to move into Phase C or drop the Licence) Phase C 3 years OR Phase A 1 year (Before the end of which Commit to a well to move into Phase C or drop the Licence) Phase B N/A if no new seismic is proposed Phase C 4 years OR Phase A N/A if no studies proposed Phase B 3 years (Firm new seismic) Phase C 3 years OR Phase A N/A Phase B N/A Phase C 4 years (Firm well commitment; well to be drilled within 4 years where well planning is the only outstanding work) LARRY LQ1: [Blank] LA1: [Blank]
Extensions to either (or both) Terms would not be necessary in future. However, they will be considered, on a case by case basis, and a charge applies. Within the Initial Term potentially comprising three Phases, each Phase can be of a maximum length of 4 years, but should ideally fit within the maximum Initial Term of 6 years (see above). Examples may be (but not limited to): Phase A 2 years (Before the end of which Commit to new shoot seismic) Phase B 2 years (Before the end of which Commit to a well to move into Phase C or drop the Licence) Phase C 2 years OR Phase A 1 year (Before the end of which Commit to new shoot seismic, or - subject to any Contingency – Commit to drill a Firm well with no Phase B necessary) Phase B 2 years (Before the end of which Commit to a well to move into Phase C or drop the Licence) Phase C 3 years OR Phase A 1 year (Before the end of which Commit to a well to move into Phase C or drop the Licence) Phase B N/A if no new seismic is proposed Phase C 4 years OR Phase A N/A if no studies proposed Phase B 3 years (Firm new seismic) Phase C 3 years OR Phase A N/A Phase B N/A Phase C 4 years (Firm well commitment; well to be drilled within 4 years where well planning is the only outstanding work) LARRY LQ1: [Blank] LA1: [Blank]