further exploration covenant

further-exploration covenant. Oil & gas. In an oil-and-gas lease, an implied promise that once production has been obtained from the leased property, the lessee will continue to explore other parts of the property and other formations under it. • Some jurisdictions hold that the covenant for further exploration does not exist independently of the covenant for reasonable development. See also REASONABLE-DEVELOPMENT COVENANT; REASONABLY-PRUDENT-OPERATOR STANDARD D.

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词条贡献者

法律翻译Jack，毕业于一所旨在培养高级翻译专业人才的翻译院校，专注翻译各类与重大诉讼案件有关的法律文件。