Mandatory and voluntary relinquishment

(1) A contractor shall, at such times and in such manner as may be provided in the contract, relinquish such part or parts of the contract area as provided therein and shall notify the Minister in writing not less than ninety days prior to the effective date of any such relinquishment of– (a) the description of the part or parts of the contract area to be relinquished; and (b) the description of the remaining contract area. 17 Petroleum (2) A contractor may, at such times and in such manner as may be provided in the contract, relinquish all or any part of the contract area by giving to the Minister not less than ninety days’ notice and shall, in the case of a relinquishment of part or parts of the contract area, include– (a) a description of the part or parts to be relinquished; and (b) a description of the remaining contract area. (3) The description of any area relinquished, or of the contract area remaining following such relinquishment, as referred to in subregulations (1) and (2) above shall be made by reference to the UTM grid. (4) Any notice of relinquishment given pursuant to subregulations (1) or (2) above shall be accompanied by– (a) full particulars of the petroleum operations carried out in the area to be relinquished; (b) an undertaking by the contractor that, prior to the effective date of such relinquishment, he shall carry out all clean-up operations and render the area safe and in a condition which is in accordance with accepted practices in the international petroleum industry; and (c) such other information as the Minister may reasonably require. (5) Where the entire contract area is relinquished pursuant to this regulation, the contract relating thereto shall terminate.