WORKING INTEREST OWNERSHIP. Article V15 The following new article shall be inserted at the end of Article V as Article [5.7] [5.8]16.
WORKING INTEREST OWNERSHIP. 5.1 As of the Effective Date and during the validity of this Agreement, the Working Interests throughout the Area will be as under: Local Working Interest Owners including GHPL (ABC) (if applicable) 12.5% (Zone-I and Zone-1F) 17.5% (Zone-II) 22.5% (Zone-III) Foreign Working Interest Owners (XYZ) 85% (Zone-I and Zone-1F) 80% (Zone-II) 75% (Zone-III) PHC[of the province(s) in which block is located] 2.5% Provided, however, that during the exploration phase and upto each Date of Commercial Discovery in the Area, XYZ/ABC shall carry 2.50% Working Interest of the PHC subject to the provisions of Article 5.2 hereof. This will also apply to Petroleum exploration operations within a Lease Area. The expenditure incurred during exploration phase/operations will be reimbursed by the PHC in installments from the proceeds of Commercial production over a 5 years period starting from effective date of Declaration of Commerciality. Provided further that the PHC shall, within thirty days of the Declaration of Commerciality, exercise its right to take its decision for full participation which decision shall be conveyed to ABC/XYZ and the DGPC. For the purpose of this Article 5, the Local Working Interest Owners shall mean companies existing under the laws of Pakistan with more than 50% shares held by Pakistanis. The working Interest Owner shall offer two and half percent (2.5%) working interest to the GHPL on full participation basis. The GHPL shall exercise such right by a notice to the Operator within thirty (30) days of the date of receipt of the notice from the Operator.
WORKING INTEREST OWNERSHIP. 5.1 As of the Effective Date and during the validity of this Agreement, the Working Interests throughout the Area will be as under: Local Company (ABC) and /or GHPL (if applicable): 15% (Zone-I) : 20% (Zone-II) : 25% (Zone-III) XYZ : 85% (Zone-I) : 80% (Zone-II) : 75% (Zone-III) For the purpose of this Article 5, the Local Company means a company existing under the laws of Pakistan with more than 50% shares held by Pakistanis.
WORKING INTEREST OWNERSHIP. 5.1 As of the Effective Date, the Working Interests throughout the Area will be as under: Local Company(ABC)/GHPL (if applicable) : 15% (Zone-I) : 20% (Zone-II) : 25% (Zone-III) XYZ : 85% (Zone-I) : 80% (Zone-II) : 75% (Zone-III)
WORKING INTEREST OWNERSHIP. 5.1 As of the Effective Date and during the validity of this Agreement, the Working Interests throughout the Area will be as under: Local Working Interest Owners (ABC) (if applicable) 15% (Zone-I) 20% (Zone-II) 25% (Zone-III) XYZ (Foreign Working Interest Owners) 85% (Zone-I) 80% (Zone-II) 75% (Zone-III) GHPL/PHC 5% (2.5% each) For the purpose of this Article 5, the Local Working Interest Owners shall mean companies existing under the laws of Pakistan with more than 50% shares held by Pakistanis. The working Interest Owner shall offer two and half percent (2.5%) working interest to each of the GHPL and the PHC on full participation basis. The GHPL and the PHC shall exercise such right by a notice to the Operator within thirty (30) days of the date of receipt of the notice from the Operator.
WORKING INTEREST OWNERSHIP
