Work programs and E&P Plan
Model E&P Contract
Exploration
Exploration

A minimum work program (seismic) and any additional exploration program bid by the contractor for the first period of the exploration period is obligatory. The minimum work program must be covered 100% by a letter of credit or guarantee and the additional exploration program must be similarly covered to a 50% level. There must be a program for additional exploration if the area is to be retained beyond the six year term of the exploration period.

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