Micro, here's the text for 428 license 2.
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Posted On: 12/01/2021 10:07:58 AM
Micro, here's the text for 428 license
2. License Period
2.1 The license period is the period of 6 months as specified in the second appendix to this license, (respectively “The Second Addendum”, “The Original Period).
2.2 The license period can be extended for only one additional period of an additional 6 months subject to the compliance of provisions of the law, regulations and all the following conditions:
2.2.1 The licensee shall carry out with due diligence in the Original Period the work plan set forth in the Second Schedule in accordance with the schedule in the Second Schedule, or as extended by the approval of the Commissioner.
2.2.2 The licensee drilled one exploratory well and undertook a work plan which will be approved by the Commissioner.
2.2.3 Application for extension of the license period for the additional period after the end of the Original Period if the Licensee has not had a discovery in the area of the license, shall be submitted at least one month prior to the end of the Original Period, and will include the details required by the Law and Petroleum Regulations, including details regarding the technical and financial capacity of the licensee to meet the proposed work plan.
2.3 Notwithstanding the provisions of section 2.2 of this license, if the licensee has a discovery in the area of the license, the license period may be extended for a period of up to two years, in accordance with the provisions of section 18 (b) (2) of the Law.
2. License Period
2.1 The license period is the period of 6 months as specified in the second appendix to this license, (respectively “The Second Addendum”, “The Original Period).
2.2 The license period can be extended for only one additional period of an additional 6 months subject to the compliance of provisions of the law, regulations and all the following conditions:
2.2.1 The licensee shall carry out with due diligence in the Original Period the work plan set forth in the Second Schedule in accordance with the schedule in the Second Schedule, or as extended by the approval of the Commissioner.
2.2.2 The licensee drilled one exploratory well and undertook a work plan which will be approved by the Commissioner.
2.2.3 Application for extension of the license period for the additional period after the end of the Original Period if the Licensee has not had a discovery in the area of the license, shall be submitted at least one month prior to the end of the Original Period, and will include the details required by the Law and Petroleum Regulations, including details regarding the technical and financial capacity of the licensee to meet the proposed work plan.
2.3 Notwithstanding the provisions of section 2.2 of this license, if the licensee has a discovery in the area of the license, the license period may be extended for a period of up to two years, in accordance with the provisions of section 18 (b) (2) of the Law.
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