Common use of EXPLORATION WORK COMMITMENTS Clause in Contracts

EXPLORATION WORK COMMITMENTS. 4.1. The Contractor shall begin the geological and geophysical work provided for in article 4.2 below, within three (3) months from the Effective Date. 4.2. During the first exploration period defined in article 3.1, the Contractor shall perform at least the following work in the Delimited Region: • Acquisition, processing and interpretation of new 3D seismic covering a minimum of three thousand one hundred km² (3,100 km²). 4.3. During the second exploration period defined in article 3.2, the Contractor shall perform at least the following work in the Delimited Region: • Geological, geophysical (G&G) and engineering studies; • One (1) exploration well, firm. 4.4. During the third exploration period defined in article 3.3., the Contractor shall perform at least the following work in the Delimited Region: • Geological, geophysical (G&G) and engineering studies; (1) exploration well, firm. 4.5. Each of the exploration ▇▇▇▇▇ provided for in articles 4.3 and 4.4 shall reach the lesser of either: - at least one hundred (100) meters into the Albian; or - at least two-thousand five hundred metres (2,500), minimum depth, below the mud-line In all cases, the exploration well can be stopped at a lesser depth if: a) the base is at a depth that is less than the minimum contractual depth; b) drilling the well presents an obvious danger; c) rocky formations are found, the hardness of which does not allow, in practice, the well to be drilled, or d) petroleum formations are found that, in order to be crossed, require casings to be installed for their protection, that do not allow for the minimum contractual depth to be reached. If any of the reasons listed above exists, the exploration well shall be considered to have been drilled to the minimum contractual depth. Notwithstanding any provision to the contrary in this Agreement, for the purposes of this article 4, exploratory drilling shall be any drilling executed in the Delimited Region outside any Appraisal Perimeter or any Production Perimeter existing on the date on which the drilling operations begin. The wellbores drilled within the context of an exclusive appraisal permit shall not be considered as exploration ▇▇▇▇▇ and shall be governed by the provisions of article 11. 4.6. In order to perform the exploration work defined in articles 4.2 to 4.4 under the Best Industry Practice, the Contractor agrees to invest at least the following amounts: a) Seven million Dollars (US $7,000,000) during the first exploration period defined in article 3.1; b) Eighteen million Dollars (US $ 18,000,000) during the second exploration period defined in article 3.2; c) Eighteen million Dollars (US $ 18,000,000) during the third exploration period defined in article 3.3. Notwithstanding the foregoing, if the Contractor, in an exploration period, has performed its work commitments for an amount less than that indicated above, it shall be considered as having performed its investment obligations for said period. On the other hand, the Contractor shall perform all of the work commitments specified for a given exploration period even if it requires an investment greater than that specified above for said period. 4.7. In the event that the Contractor, during a given exploration period, drills one or more additional exploration ▇▇▇▇▇, this or these additional exploration ▇▇▇▇▇ may be carried forward to the period immediately thereafter if an application is filed by the Contractor at the time of renewal of said exploration period as specified in articles 3.2 and 3.3 above. This request, which will not be refused without reasonable grounds, must be accompanied by the work program that it agrees to perform during the exploration period subject to the carried forward, and shall indicate the estimated and related costs. 4.8. Each entity constituting the Contractor, except PETROCI, shall provide the Government with irrevocable bank guarantees that are acceptable to the Government, corresponding to the investments stipulated in article 4.6 proportionally to their participation and to their obligation to contribute to the Initial Participation of PETROCI, covering the performance of the minimum exploration work programs indicated in articles 4.2, 4.3 and 4.4, as follows: a) Within no more than sixty (60) days after the Effective Date, the Contractor shall provide a bank guarantee in the amount of seven million Dollars (US$ 7,000,000) to guarantee performance of the minimum exploration work program for the first exploration period in accordance with article 4. 2. The amount of the bank guarantee shall be reduced by: - fifty percent (50%) of the original amount, i.e., three and a half million Dollars (US $3,500,000) following delivery by the Operator to the Government of a copy of the contract for seismic data acquisition; - twenty-five percent (25%) of the original amount, i.e. one million and seven hundred and fifty thousand Dollars (US $1,750,000) following the start of said acquisition work; - twenty-five percent (25%)of the original amount, i.e. one million and seven hundred and fifty thousand Dollars (US $1,750,000) following completion of said acquisition work and after the Operator sends the Government all reports and documents derived from performance of the minimum exploration work program for the first exploration period.

EXPLORATION WORK COMMITMENTS. 4.1. The Contractor shall begin the geological and geophysical work provided for in article 4.2 below, within three (3) months from the Effective Date. 4.2. During the first exploration period defined in article 3.1, the Contractor shall perform at least the following work in the Delimited Region: • Acquisition, processing and interpretation of new 3D seismic covering a minimum of three thousand one hundred km² (3,100 3,000 km²). 4.3. During the second exploration period defined in article 3.2, the Contractor shall perform at least the following work in the Delimited Region: • Geological, geophysical (G&G) and engineering studies; • One (1) exploration well, firm. 4.4. During the third exploration period defined in article 3.3., the Contractor shall perform at least the following work in the Delimited Region: • Geological, geophysical (G&G) and engineering studies; (1) exploration well, firm. 4.5. Each of the exploration ▇▇▇▇▇ provided for in articles 4.3 and 4.4 shall reach the lesser of either: - at least one hundred (100) meters into the Albian; or - at least two-thousand five hundred metres (2,500), minimum depth, below the mud-line In all cases, the exploration well can be stopped at a lesser depth if: a) the base is at a depth that is less than the minimum contractual depth; b) drilling the well presents an obvious danger; c) rocky formations are found, the hardness of which does not allow, in practice, the well to be drilled, or d) petroleum formations are found that, in order to be crossed, require casings to be installed for their protection, that do not allow for the minimum contractual depth to be reached. If any of the reasons listed above exists, the exploration well shall be considered to have been drilled to the minimum contractual depth. Notwithstanding any provision to the contrary in this Agreement, for the purposes of this article 4, exploratory drilling shall be any drilling executed in the Delimited Region outside any Appraisal Perimeter or any Production Perimeter existing on the date on which the drilling operations begin. The wellbores drilled within the context of an exclusive appraisal permit shall not be considered as exploration ▇▇▇▇▇ and shall be governed by the provisions of article 11. 4.6. In order to perform the exploration work defined in articles 4.2 to 4.4 under the Best Industry Practice, the Contractor agrees to invest at least the following amounts: a) Seven Six million Dollars (US $7,000,0006,000,000) during the first exploration period defined in article 3.1; b) Eighteen million Dollars (US $ 18,000,000) during the second exploration period defined in article 3.2; c) Eighteen million Dollars (US $ 18,000,000) during the third exploration period defined in article 3.3. Notwithstanding the foregoing, if the Contractor, in an exploration period, has performed its work commitments for an amount less than that indicated above, it shall be considered as having performed its investment obligations for said period. On the other hand, the Contractor shall perform all of the work commitments specified for a given exploration period even if it requires an investment greater than that specified above for said period. 4.7. In the event that the Contractor, during a given exploration period, drills one or more additional exploration ▇▇▇▇▇, this or these additional exploration ▇▇▇▇▇ may be carried forward to the period immediately thereafter if an application is filed by the Contractor at the time of renewal of said exploration period as specified in articles 3.2 and 3.3 above. This request, which will not be refused without reasonable grounds, must be accompanied by the work program that it agrees to perform during the exploration period subject to the carried forward, and shall indicate the estimated and related costs. 4.8. Each entity constituting the Contractor, except PETROCI, shall provide the Government with irrevocable bank guarantees that are acceptable to the Government, corresponding to the investments stipulated in article 4.6 proportionally to their participation and to their obligation to contribute to the Initial Participation of PETROCI, covering the performance of the minimum exploration work programs indicated in articles 4.2, 4.3 and 4.4, as follows: a) Within no more than sixty thirty (6030) days after the Effective Date, the Contractor shall provide a bank guarantee in the amount of seven six million Dollars (US$ 7,000,0006,000,000) to guarantee performance of the minimum exploration work program for the first exploration period in accordance with article 4. 2. The amount of the bank guarantee shall be reduced by: - fifty percent (50%) of the original amount, i.e., three and a half million Dollars (US $3,500,0003,000,000) following delivery by the Operator to the Government of a copy of the contract for seismic data acquisition; - twenty-five percent (25%) of the original amount, i.e. one million and seven five hundred and fifty thousand Dollars (US $1,750,0001,500,000) following the start of said acquisition work; - twenty-five percent (25%)of the original amount, i.e. one million and seven five hundred and fifty thousand Dollars (US $1,750,0001,500,000) following completion of said acquisition work and after the Operator sends the Government all reports and documents derived from performance of the minimum exploration work program for the first exploration period.

EXPLORATION WORK COMMITMENTS. 4.1. The Contractor shall begin the geological and geophysical work provided for in article 4.2 below, within three (3) months from the Effective Date. 4.2. During the first exploration period defined in article 3.1, the Contractor shall perform at least the following work in the Delimited Region: • Acquisition, processing and interpretation of new 3D seismic covering a minimum of three two thousand one five hundred km² (3,100 2,500 km²). 4.3. During the second exploration period defined in article 3.2, the Contractor shall perform at least the following work in the Delimited Region: • Geological, geophysical (G&G) and engineering studies; • One (1) exploration well, firm. 4.4. During the third exploration period defined in article 3.3., the Contractor shall perform at least the following work in the Delimited Region: • Geological, geophysical (G&G) and engineering studies; (1) exploration well, firm. 4.5. Each of the exploration ▇▇▇▇▇ provided for in articles 4.3 and 4.4 shall reach the lesser of either: - at least one hundred (100) meters into the Albian; or - at least two-thousand five hundred metres (2,500), minimum depth, below the mud-line In all cases, the exploration well can be stopped at a lesser depth if: a) the base is at a depth that is less than the minimum contractual depth; b) drilling the well presents an obvious danger; c) rocky formations are found, the hardness of which does not allow, in practice, the well to be drilled, or d) petroleum formations are found that, in order to be crossed, require casings to be installed for their protection, that do not allow for the minimum contractual depth to be reached. If any of the reasons listed above exists, the exploration well shall be considered to have been drilled to the minimum contractual depth. Notwithstanding any provision to the contrary in this Agreement, for the purposes of this article 4, exploratory drilling shall be any drilling executed in the Delimited Region outside any Appraisal Perimeter or any Production Perimeter existing on the date on which the drilling operations begin. The wellbores drilled within the context of an exclusive appraisal permit shall not be considered as exploration ▇▇▇▇▇ and shall be governed by the provisions of article 11. 4.6. In order to perform the exploration work defined in articles 4.2 to 4.4 under the Best Industry Practice, the Contractor agrees to invest at least the following amounts: a) Seven Five million Dollars (US $7,000,0005,000,000) during the first exploration period defined in article 3.1; b) Eighteen million Dollars (US $ 18,000,000) during the second exploration period defined in article 3.2; c) Eighteen million Dollars (US $ 18,000,000) during the third exploration period defined in article 3.3. Notwithstanding the foregoing, if the Contractor, in an exploration period, has performed its work commitments for an amount less than that indicated above, it shall be considered as having performed its investment obligations for said period. On the other hand, the Contractor shall perform all of the work commitments specified for a given exploration period even if it requires an investment greater than that specified above for said period. 4.7. In the event that the Contractor, during a given exploration period, drills one or more additional exploration ▇▇▇▇▇, this or these additional exploration ▇▇▇▇▇ may be carried forward to the period immediately thereafter if an application is filed by the Contractor at the time of renewal of said exploration period as specified in articles 3.2 and 3.3 above. This request, which will not be refused without reasonable grounds, must be accompanied by the work program that it agrees to perform during the exploration period subject to the carried forward, and shall indicate the estimated and related costs. 4.8. Each entity constituting the Contractor, except PETROCI, shall provide the Government with irrevocable bank guarantees that are acceptable to the Government, corresponding to the investments stipulated in article 4.6 proportionally to their participation and to their obligation to contribute to the Initial Participation of PETROCI, covering the performance of the minimum exploration work programs indicated in articles 4.2, 4.3 and 4.4, as follows: a) Within no more than sixty thirty (6030) days after the Effective Date, the Contractor shall provide a bank guarantee in the amount of seven five million Dollars (US$ 7,000,0005,000,000) to guarantee performance of the minimum exploration work program for the first exploration period in accordance with article 4. 2. The amount of the bank guarantee shall be reduced by: - fifty percent (50%) of the original amount, i.e., three and a half million Dollars (US $3,500,000) following delivery by the Operator to the Government of a copy of the contract for seismic data acquisition; - twenty-five percent (25%) of the original amount, i.e. one million and seven hundred and fifty thousand Dollars (US $1,750,000) following the start of said acquisition work; - twenty-five percent (25%)of the original amount, i.e. one million and seven hundred and fifty thousand Dollars (US $1,750,000) following completion of said acquisition work and after the Operator sends the Government all reports and documents derived from performance of the minimum exploration work program for the first exploration period.

EXPLORATION WORK COMMITMENTS. 4.1. The Contractor shall begin the geological and geophysical work provided for in article 4.2 below, within three (3) months from the Effective Date. 4.2. During the first exploration period defined in article 3.1, the Contractor shall perform at least the following work in the Delimited Region: • Acquisition, processing and interpretation of new 3D seismic covering a minimum of three two thousand one hundred km² (3,100 2,000 km²). 4.3. During the second exploration period defined in article 3.2, the Contractor shall perform at least the following work in the Delimited Region: • Geological, geophysical (G&G) and engineering studies; • One (1) exploration well, firm. 4.4. During the third exploration period defined in article 3.3., the Contractor shall perform at least the following work in the Delimited Region: • Geological, geophysical (G&G) and engineering studies; (1) exploration well, firm. 4.5. Each of the exploration ▇▇▇▇▇ provided for in articles 4.3 and 4.4 shall reach the lesser of either: - at least one hundred (100) meters into the Albian; or - at least two-thousand five hundred metres (2,500), minimum depth, below the mud-line In all cases, the exploration well can be stopped at a lesser depth if: a) the base is at a depth that is less than the minimum contractual depth; b) drilling the well presents an obvious danger; c) rocky formations are found, the hardness of which does not allow, in practice, the well to be drilled, or d) petroleum formations are found that, in order to be crossed, require casings to be installed for their protection, that do not allow for the minimum contractual depth to be reached. If any of the reasons listed above exists, the exploration well shall be considered to have been drilled to the minimum contractual depth. Notwithstanding any provision to the contrary in this Agreement, for the purposes of this article 4, exploratory drilling shall be any drilling executed in the Delimited Region outside any Appraisal Perimeter or any Production Perimeter existing on the date on which the drilling operations begin. The wellbores drilled within the context of an exclusive appraisal permit shall not be considered as exploration ▇▇▇▇▇ and shall be governed by the provisions of article 11. 4.6. In order to perform the exploration work defined in articles 4.2 to 4.4 under the Best Industry Practice, the Contractor agrees to invest at least the following amounts: a) Seven Four million Dollars (US $7,000,0004,000,000) during the first exploration period defined in article 3.1; b) Eighteen million Dollars (US $ 18,000,000) during the second exploration period defined in article 3.2; c) Eighteen million Dollars (US $ 18,000,000) during the third exploration period defined in article 3.3. Notwithstanding the foregoing, if the Contractor, in an exploration period, has performed its work commitments for an amount less than that indicated above, it shall be considered as having performed its investment obligations for said period. On the other hand, the Contractor shall perform all of the work commitments specified for a given exploration period even if it requires an investment greater than that specified above for said period. 4.7. In the event that the Contractor, during a given exploration period, drills one or more additional exploration ▇▇▇▇▇, this or these additional exploration ▇▇▇▇▇ may be carried forward to the period immediately thereafter if an application is filed by the Contractor at the time of renewal of said exploration period as specified in articles 3.2 and 3.3 above. This request, which will not be refused without reasonable grounds, must be accompanied by the work program that it agrees to perform during the exploration period subject to the carried forward, and shall indicate the estimated and related costs. 4.8. Each entity constituting the Contractor, except PETROCI, shall provide the Government with irrevocable bank guarantees that are acceptable to the Government, corresponding to the investments stipulated in article 4.6 proportionally to their participation and to their obligation to contribute to the Initial Participation of PETROCI, covering the performance of the minimum exploration work programs indicated in articles 4.2, 4.3 and 4.4, as follows: a) Within no more than sixty thirty (6030) days after the Effective Date, the Contractor shall provide a bank guarantee in the amount of seven four million Dollars (US$ 7,000,0004,000,000) to guarantee performance of the minimum exploration work program for the first exploration period in accordance with article 4. 2. The amount of the bank guarantee shall be reduced by: - fifty percent (50%) of the original amount, i.e., three and a half million Dollars (US $3,500,000) following delivery by the Operator to the Government of a copy of the contract for seismic data acquisition; - twenty-five percent (25%) of the original amount, i.e. one million and seven hundred and fifty thousand Dollars (US $1,750,000) following the start of said acquisition work; - twenty-five percent (25%)of the original amount, i.e. one million and seven hundred and fifty thousand Dollars (US $1,750,000) following completion of said acquisition work and after the Operator sends the Government all reports and documents derived from performance of the minimum exploration work program for the first exploration period.

EXPLORATION WORK COMMITMENTS. 4.1. The Contractor shall begin the geological and geophysical work provided for in article 4.2 below, within three (3) months from the Effective Date. 4.2. During the first exploration period defined in article 3.1, the Contractor shall perform at least the following work in the Delimited Region: • Acquisition, processing and interpretation of new 3D seismic covering a minimum of three one thousand one four hundred km² (3,100 1,400 km²). 4.3. During the second exploration period defined in article 3.2, the Contractor shall perform at least the following work in the Delimited Region: • Geological, geophysical (G&G) and engineering studies; • One (1) exploration well, firm. 4.4. During the third exploration period defined in article 3.3., the Contractor shall perform at least the following work in the Delimited Region: • Geological, geophysical (G&G) and engineering studies; (1) exploration well, firm. 4.5. Each of the exploration ▇▇▇▇▇ provided for in articles 4.3 and 4.4 shall reach the lesser of either: - at least one hundred (100) meters into the Albian; or - at least two-thousand five hundred metres (2,500), minimum depth, below the mud-line In all cases, the exploration well can be stopped at a lesser depth if: a) the base is at a depth that is less than the minimum contractual depth; b) drilling the well presents an obvious danger; c) rocky formations are found, the hardness of which does not allow, in practice, the well to be drilled, or d) petroleum formations are found that, in order to be crossed, require casings to be installed for their protection, that do not allow for the minimum contractual depth to be reached. If any of the reasons listed above exists, the exploration well shall be considered to have been drilled to the minimum contractual depth. Notwithstanding any provision to the contrary in this Agreement, for the purposes of this article 4, exploratory drilling shall be any drilling executed in the Delimited Region outside any Appraisal Perimeter or any Production Perimeter existing on the date on which the drilling operations begin. The wellbores drilled within the context of an exclusive appraisal permit shall not be considered as exploration ▇▇▇▇▇ and shall be governed by the provisions of article 11. 4.6. In order to perform the exploration work defined in articles 4.2 to 4.4 under the Best Industry Practice, the Contractor agrees to invest at least the following amounts: a) Seven Three million Dollars (US $7,000,0003,000,000) during the first exploration period defined in article 3.1; b) Eighteen million Dollars (US $ 18,000,000) during the second exploration period defined in article 3.2; c) Eighteen million Dollars (US $ 18,000,000) during the third exploration period defined in article 3.3. Notwithstanding the foregoing, if the Contractor, in an exploration period, has performed its work commitments for an amount less than that indicated above, it shall be considered as having performed its investment obligations for said period. On the other hand, the Contractor shall perform all of the work commitments specified for a given exploration period even if it requires an investment greater than that specified above for said period. 4.7. In the event that the Contractor, during a given exploration period, drills one or more additional exploration ▇▇▇▇▇, this or these additional exploration ▇▇▇▇▇ may be carried forward to the period immediately thereafter if an application is filed by the Contractor at the time of renewal of said exploration period as specified in articles 3.2 and 3.3 above. This request, which will not be refused without reasonable grounds, must be accompanied by the work program that it agrees to perform during the exploration period subject to the carried forward, and shall indicate the estimated and related costs. 4.8. Each entity constituting the Contractor, except PETROCI, shall provide the Government with irrevocable bank guarantees that are acceptable to the Government, corresponding to the investments stipulated in article 4.6 proportionally to their participation and to their obligation to contribute to the Initial Participation of PETROCI, covering the performance of the minimum exploration work programs indicated in articles 4.2, 4.3 and 4.4, as follows: a) Within no more than sixty thirty (6030) days after the Effective Date, the Contractor shall provide a bank guarantee in the amount of seven three million Dollars (US$ 7,000,0003,000,000) to guarantee performance of the minimum exploration work program for the first exploration period in accordance with article 4. 2. The amount of the bank guarantee shall be reduced by: - fifty percent (50%) of the original amount, i.e., three and a half one million five hundred Dollars (US $3,500,0001,500,000) following delivery by the Operator to the Government of a copy of the contract for seismic data acquisition; - twenty-five percent (25%) of the original amount, i.e. one million and seven hundred and fifty thousand Dollars (US $1,750,000750,000) following the start of said acquisition work; - twenty-five percent (25%)of the original amount, i.e. one million and seven hundred and fifty thousand Dollars (US $1,750,000750,000) following completion of said acquisition work and after the Operator sends the Government all reports and documents derived from performance of the minimum exploration work program for the first exploration period.