Common use of EXPLORATION WORK COMMITMENTS Clause in Contracts

EXPLORATION WORK COMMITMENTS. 4.1 The Contractor, during the second exploration period defined in Article 3.1, shall carry out a minimum work program at a cost of no less than ten million Dollars (US$10,000,000) including a thorough analysis in accordance with Good International Petroleum Industry Practice of the three dimensional seismic data licensed by the contractor under the Original Contract in order to fulfill the first exploration period minimum work program under the Original Contract and a commitment to drill one (1) exploration well. 4.2 The Contractor, during the third exploration period defined in Article 3.1, shall carry out a minimum work program at a cost of no less than ten million Dollars (US$10,000,000) including a thorough analysis in accordance with Good International Petroleum Industry Practice of all data obtained from the work done through the second exploration period, to the extent not theretofore completed, and a commitment to drill one (1) exploration well. 4.3 Each of the exploratory ▇▇▇▇▇ shall be drilled to a minimum depth of two thousand (2,000) meters, after deduction of the water depth, or to a lesser depth if the continuation of drilling performed in accordance with Good International Petroleum Industry Practice is prevented for any of the following reasons: (a) the basement is encountered at a lesser depth than the minimum contractual depth; (b) continuation of drilling presents an obvious danger due to the existence of abnormal formation pressure; (c) rock formations are encountered the hardness of which prevents, in practice, the continuation of drilling by the use of appropriate equipment; or (d) Petroleum formations are encountered the crossing of which requires, for their protection, the laying of casings preventing the minimum contractual depth from being reached. In the event that any of the above reasons occurs, the exploratory well shall be deemed to have been drilled to the minimum contractual depth. Notwithstanding any provision in this Article 4 to the contrary, NOCAL and the Contractor may, at any time, for good cause shown agree to abandon the drilling of a well at a lesser depth than the minimum contractual depth. 4.4 The Contractor will make the expenditure necessary in order to carry out the exploration drilling defined in Articles 4.1 and 4.2 and the related work programs in the best technical conditions in accordance with Good International Petroleum Industry Practice without regard to the expenditure amounts referred to in Articles 4.1 and 4.2. 4.5 If during the exploration period the Contractor has performed its work commitments for an amount lesser than the amount specified above, it shall be deemed to have fulfilled its investment obligations relating to that period. Conversely, the Contractor shall perform the entirety of its work commitments set forth in respect of an exploration period even if it results in exceeding the amount specified above for that period. 4.6 If at the expiration of any of the two (2) exploration periods defined in Article 3 or upon the date of surrender of the whole Delimited Area, or upon the date of termination of this Contract, whichever is earlier, the Contractor has not fulfilled its applicable work commitments set forth in this Article, it shall pay as compensation to NOCAL, within thirty (30) days after that date of expiration, surrender or termination, the unspent balance of the minimum exploration work commitments amount above-defined for the current exploration period. 4.7 If the number of exploration ▇▇▇▇▇ drilled by the Contractor and/or the amount of seismic and other data and samples acquired and analyzed or reanalyzed or reprocessed during any exploration period in accordance with an approved Annual Work Program or otherwise approved by NOCAL exceed the number of ▇▇▇▇▇ and/or the amount of seismic and other data and samples provided for in the work commitment for that period, as specified in this Article 4, the number of additional exploration ▇▇▇▇▇ drilled and/or the amount of seismic data acquired and analyzed or reanalyzed or reprocessed by the Contractor during such exploration period may be carried forward and treated as a credit towards work undertaken in discharge of the Contractor’s commitment for any following exploration period to drill exploration ▇▇▇▇▇ or to acquire and analyze or reanalyze or reprocess seismic and other data and samples acquired.

EXPLORATION WORK COMMITMENTS. 4.1 The Contractor shall commence the geological and seismic work within three months from the Effective Date. 4.2 The Contractor, during the first exploration period defined in Article 3.1, shall carry out a minimum work programme at a cost of no less than __ _ million Dollars which includes a 3D Seismic Survey of _ square km and the drilling of _ exploration well. 4.3 The Contractor, during the second exploration period defined in Article 3.1, shall carry out a minimum work program programme at a cost of no less than ten __ million Dollars (US$10,000,000) including a thorough analysis in accordance with Good International Petroleum Industry Practice of the three dimensional seismic data licensed by the contractor under the Original Contract in order to fulfill the first exploration period minimum work program under the Original Contract and a commitment to drill one _ exploration well (1s) exploration well. 4.2 4.4 The Contractor, during the third exploration period defined in Article 3.1, shall carry out a minimum work program programme at a cost of no less than ten _ _ million Dollars (US$10,000,000) including a thorough analysis in accordance with Good International Petroleum Industry Practice of all data obtained from the work done through the second exploration period, to the extent not theretofore completed, and a commitment to drill one exploration well (1) exploration wells). 4.3 4.5 Each of the exploratory ▇▇▇▇▇ shall be drilled to a minimum depth of two thousand (2,000) meters, after deduction of the water depth, or to a lesser depth if the continuation of drilling performed in accordance with Good International Petroleum Industry Practice is prevented for any of the following reasons:of (a) the The basement is encountered at a lesser depth than the minimum contractual depth; (b) continuation Continuation of drilling presents an obvious danger due to the existence of abnormal formation pressure; (c) rock Rock formations are encountered the hardness of which prevents, in practice, the continuation of drilling by the use of appropriate equipment; or; (d) Petroleum formations are encountered the crossing of which requires, for their protection, the laying of casings casing preventing the minimum contractual depth from being reached. In the event that any of the above reasons occurs, the exploratory well shall be deemed to have been drilled to the minimum contractual depth. Notwithstanding any provision in this Article 4 to the contrary, NOCAL and the Contractor may, at any time, for good cause shown agree to abandon the drilling of a well at a lesser depth than the minimum contractual depth. 4.4 The Contractor will make the expenditure necessary in . In order to carry out the exploration drilling defined in Articles 4.1 Article 4.3 and 4.2 and the related work programs 4.4 in the best technical conditions in accordance with Good International Petroleum Industry Practice without regard good international petroleum industry practice, the Contractor undertakes to make the expenditure amounts referred required to in Articles 4.1 meet the objectives of the well work programme which will include drilling and 4.2as appropriate, testing. 4.5 4.6 If during the exploration period the Contractor has performed its work commitments for an amount lesser than the amount specified above, it shall be deemed to have fulfilled its investment obligations relating to that period. Conversely, the Contractor shall perform the entirety of its work commitments set forth in respect of an exploration period even if it results in exceeding the amount specified above for that period. 4.6 4.7 If at the expiration of any of the two three (23) exploration periods defined in Article 3 Articles 3.1, 3.2 and 3.3 or upon the date of surrender of the whole Delimited Area, or upon the date of termination of this Contract, whichever is earlier, the Contractor has not fulfilled its applicable work commitments set forth in this Article, it shall pay as compensation to NOCAL, within thirty (30) days after that date of expiration, surrender or termination, the unspent balance of the minimum exploration work commitments amount above-defined for the current exploration period. 4.7 If the number of exploration ▇▇▇▇▇ drilled by the Contractor and/or the amount of seismic and other data and samples acquired and analyzed or reanalyzed or reprocessed during any exploration period in accordance with an approved Annual Work Program or otherwise approved by NOCAL exceed the number of ▇▇▇▇▇ and/or the amount of seismic and other data and samples provided for in the work commitment for that period, as specified in this Article 4, the number of additional exploration ▇▇▇▇▇ drilled and/or the amount of seismic data acquired and analyzed or reanalyzed or reprocessed by the Contractor during such exploration period may be carried forward and treated as a credit towards work undertaken in discharge of the Contractor’s commitment for any following exploration period to drill exploration ▇▇▇▇▇ or to acquire and analyze or reanalyze or reprocess seismic and other data and samples acquired.