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

译者蒋毅，毕业于亚洲顶尖的高级翻译学院，擅长翻译各种与破产与资产重组相关的法律文件。