Common use of Development and Exploitation Phase Clause in Contracts

Development and Exploitation Phase. 4.2.1 The initial period of the Development and Exploitation Phase is ------- years for Crude Petroleum, starting from the date of granting of the Exploitation Authorisation. 4.2.2 The initial period of the Development and Exploitation Phase referred to in Article 4.2.1 above may be renewed one time for an additional period of years, pursuant to the Petroleum Legislation. The renewal shall be granted if the CONTRACTOR has fulfilled its obligations for such initial period and can demonstrate the possibility of continuing commercial Hydrocarbons production beyond the current validity period. 4.2.3 In the event of Discovery and Exploitation of Non-Associated Natural Gas, the term of the initial period of the Development and Exploitation Phase shall be ------ years. This period can be renewed one time for an additional term of years pursuant to the provisions of Section 38 (2) of the Petroleum Code.

Development and Exploitation Phase. 4.2.1 The initial period of the Development and Exploitation Phase is ------- years for Crude Petroleum, starting from the date of granting of the Exploitation Authorisation. 4.2.2 The initial period of the Development and Exploitation Phase referred to in Article Article 4.2.1 above may be renewed one time for an additional period of years, pursuant to the Petroleum Legislation. The renewal shall be granted if the CONTRACTOR has fulfilled its obligations for such initial period and can demonstrate the possibility of continuing commercial Hydrocarbons production beyond the current validity period. 4.2.3 In the event of Discovery and Exploitation of Non-Associated Natural Gas, the term of the initial period of the Development and Exploitation Phase shall be ------ years. This period can be renewed one time for an additional term of years pursuant to the provisions of Section 38 (2) of the Petroleum Code.

Development and Exploitation Phase. 4.2.1 The initial period of the Development and Exploitation Phase is ------- twenty (20) years for Crude Petroleum, starting from the date of granting of the Exploitation Authorisation. 4.2.2 The initial period of the Development and Exploitation Phase referred to in Article Article 4.2.1 above may be renewed one time for an additional period of often (10) years, pursuant to the Petroleum Legislation. The renewal shall be granted if the CONTRACTOR has fulfilled its obligations for such initial period and can demonstrate the possibility of continuing commercial Hydrocarbons production beyond the current validity period. 4.2.3 In the event of Discovery and Exploitation of Non-Associated Non­Associated Natural Gas, the term of the initial period of the Development and Exploitation Phase shall be ------ twenty­five (25) years. This period can be renewed one time for an additional term of often (10) years pursuant to the provisions of Section 38 (2) of the Petroleum Code.

Development and Exploitation Phase. 4.2.1 The initial period of the Development and Exploitation Phase is ------- twenty (20) years for Crude Petroleum, starting from the date of granting of the Exploitation Authorisation. 4.2.2 The initial period of the Development and Exploitation Phase referred to in Article Article 4.2.1 above may be renewed one time for an additional period of often (10) years, pursuant to the Petroleum Legislation. The renewal shall be granted if the CONTRACTOR has fulfilled its obligations for such initial period and can demonstrate the possibility of continuing commercial Hydrocarbons production beyond the current validity period. 4.2.3 In the event of Discovery and Exploitation of Non-Associated Natural Gas, the term of the initial period of the Development and Exploitation Phase shall be ------ twenty-five (25) years. This period can be renewed one time for an additional term of often (10) years pursuant to the provisions of Section 38 (2) of the Petroleum Code.