Common use of Extension of the Exploration Phase Clause in Contracts

Extension of the Exploration Phase. The Exploration Phase may be extended at the Contracting Party’s discretion, based on ANP’s opinion. In consideration for the extension of the Exploration Phase provided for in paragraph 10.12, the development of exploration activities additional to the Minimum Exploration Program may be required from the Consortium Members. The Consortium Members shall propose, upon at least one hundred and twenty (120)-day notice from the end of the Exploration Phase, a revision of the Exploration Plan in which the exploration activities additional to the Minimum Exploration Program, required by ANP as consideration for the extension of the Exploration Phase, are explained and justified. ANP shall have a sixty (60)-day period to assess and express its opinion about the proposal presented by the Consortium Members. In case the revision of the Exploration Plan referred to in paragraph 10.12.2 is not approved, the Exploration Phase shall be completed without the requested extension. In case the proposed development of exploration activities additional to the Minimum Exploration Program is approved as consideration for the extension of the Exploration Phase, the Contractor shall provide the corresponding financial guarantees, as stipulated in Section Eleven. If, at the end of the Exploration Phase, the Consortium Members start drilling the last exploratory well of the Exploration Plan without having completed the Well Assessment, the Exploration Phase shall be extended until the Well Completion date, with an addition of sixty (60) days to submit any proposed Discovery Assessment Plan. The event provided for in paragraph 10.13 shall be informed by the Consortium Members to ANP by the end of the Exploration Phase. If the Consortium Members make a Discovery during the Exploration Phase when it is not possible to perform the Discovery Assessment before the end of this phase, the Exploration Phase may be extended for the term required to perform the Assessment and issue any Declaration of Commercial Feasibility according to a Discovery Assessment Plan approved by ANP. The extension referred to in paragraph 10.14 is limited exclusively to the area covered by the Discovery Assessment Plan approved by ANP. For the Exploration Phase to be extended, pursuant to paragraph 10.14, the time elapsed between the notification of Discovery referred to in paragraph 12.1 and submission by the Consortium Members of the proposed Discovery Assessment Plan to ANP may not exceed six (6) months, except for exceptional events previously authorized by the Contracting Party, based on ANP’s opinion. Contractors’ Options after Completion of the Exploration Phase After the Exploration Phase is completed and the activities regarding the Minimum Exploration Program are developed, the Contractors may: retain the Development Areas; fully relinquish the Contract Area.

Extension of the Exploration Phase. The Exploration Phase may be extended at ANP’s discretion. If the extension of the Exploration Phase is approved, ANP shall inform the Contracting Party’s discretion, based Party on ANP’s opinionthe decision. In consideration for the extension of the Exploration Phase provided for in paragraph 10.1210.14, the development of exploration activities additional to the Minimum Exploration Program may be required from the Consortium Members. The Consortium Members shall propose, upon at least one hundred and twenty (120)-day notice from the end of the Exploration Phase, a revision of the Exploration Plan in which the exploration activities additional to the Minimum Exploration Program, required by ANP as consideration for the extension of the Exploration Phase, are explained and justified. ANP shall have a sixty (60)-day period to assess and express its opinion about on the proposal presented by the Consortium Members. In case the revision of the Exploration Plan referred to in paragraph 10.12.2 10.14.3 is not approved, the Exploration Phase shall be completed without the requested extension. In case the proposed proposal for development of exploration activities additional to the Minimum Exploration Program is approved as consideration for the extension of the Exploration Phase, the Contractor Contracted Party shall provide the corresponding financial guarantees, as stipulated in pursuant to Section Eleven. If, at the end of the Exploration Phase, the Consortium Members start have started drilling the last exploratory well of the Exploration Plan without having completed the Well Assessment, the Exploration Phase shall be extended until the Well Completion date, with an addition of sixty (60) days to submit any proposed proposals for a Discovery Assessment Plan. The event provided for in paragraph 10.13 10.15 shall be informed by the Consortium Members to ANP by the end of the Exploration Phase. If the Consortium Members make a Discovery during the Exploration Phase when it is not possible to perform the Discovery Assessment before the end of this phase, the Consortium Members may request ANP to extend the Exploration Phase may be extended for to the term required to perform the Assessment and issue any Declaration of Commercial Feasibility Feasibility, according to a Discovery Assessment Plan approved by ANP. The extension referred to in paragraph 10.14 10.16 is limited exclusively to the area covered by the Discovery Assessment Plan approved by ANP. For the Exploration Phase to be extended, pursuant to paragraph 10.1410.16, the time elapsed between the notification of Discovery referred to in paragraph 12.1 and submission by the Consortium Members of the proposed proposal for a Discovery Assessment Plan to ANP may not exceed six (6) months, except for exceptional events previously authorized by the Contracting Party, based on ANP’s opinion. ContractorsContracted Parties’ Options after Completion of the Exploration Phase After the Exploration Phase is completed and the activities regarding the Minimum Exploration Program are developed, the Contractors Contracted Parties may: retain the Development Areas; fully relinquish the Contract Area.

Extension of the Exploration Phase. The Exploration Phase may be extended at the Contracting Party’s discretion, based on ANP’s opinion. In consideration for the extension of the Exploration Phase provided for in paragraph 10.1210.11, the development of exploration activities additional to the Minimum Exploration Program may be required from the Consortium Members. The Consortium Members shall propose, upon at least one hundred and twenty (120)-day notice from the end of the Exploration Phase, a revision of the Exploration Plan in which the exploration activities additional to the Minimum Exploration Program, required by ANP as consideration for the extension of the Exploration Phase, are explained and justified. ANP shall have a sixty (60)-day period to assess and express its opinion about the proposal presented by the Consortium Members. In case the revision of the Exploration Plan referred to in paragraph 10.12.2 10.11.2 is not approved, the Exploration Phase shall be completed without the requested extension. In case the proposed development of exploration activities additional to the Minimum Exploration Program is approved as consideration for the extension of the Exploration Phase, the Contractor shall provide the corresponding financial guarantees, as stipulated in Section Eleven. If, at the end of the Exploration Phase, the Consortium Members start drilling the last exploratory well of the Exploration Plan without having completed the Well Assessment, the Exploration Phase shall be extended until the Well Completion date, with an addition of sixty (60) days to submit any proposed Discovery Assessment Plan. The event provided for in paragraph 10.13 10.12 shall be informed by the Consortium Members to ANP by the end of the Exploration Phase. If the Consortium Members make a Discovery during the Exploration Phase when it is not possible to perform the Discovery Assessment before the end of this phase, the Consortium Members may requested ANP to extend the Exploration Phase may be extended for the term required to perform the Assessment and issue any Declaration of Commercial Feasibility Feasibility, according to a Discovery Assessment Plan approved by ANP. The extension referred to in paragraph 10.14 10.13 is limited exclusively to the area covered by the Discovery Assessment Plan approved by ANP. For the Exploration Phase to be extended, pursuant to paragraph 10.1410.13, the time elapsed between the notification of Discovery referred to in paragraph 12.1 and submission by the Consortium Members of the proposed Discovery Assessment Plan to ANP may not exceed six (6) months, except for exceptional events previously authorized by the Contracting Party, based on ANP’s opinion. Contractors’ Options after Completion of the Exploration Phase After the Exploration Phase is completed and the activities regarding the Minimum Exploration Program are developed, the Contractors may: retain the Development Areas; fully relinquish the Contract Area.

Extension of the Exploration Phase. The Exploration Phase may be extended at ANP discretion. If the extension of the Exploration Phase is approved, ANP shall notify the Contracting Party’s discretion, based on ANP’s opinionpart of the decision. In consideration for the extension of the Exploration Phase provided for in paragraph 10.1210.11, the development of exploration activities additional to the Minimum Exploration Program may be required from the Consortium Members. The Consortium Members shall propose, upon at least one hundred and hundred-twenty (120)-day notice from the end of the Exploration Phase, a revision of the Exploration Plan in which the exploration activities additional to the Minimum Exploration Program, Program required by ANP as consideration for the extension of the Exploration Phase, are explained and justified. ANP shall have a sixty (60)-day period to assess and express its opinion about the proposal presented by the Consortium Members. In case the revision of the Exploration Plan referred to in paragraph 10.12.2 10.11.2 is not approved, the Exploration Phase shall be completed without the requested extension. In case the proposed development of exploration activities additional to the Minimum Exploration Program is approved as consideration for the extension of the Exploration Phase, the Contractor shall provide the corresponding financial guarantees, as stipulated in guarantee pursuant to Section Eleven. If, at the end of the Exploration Phase, the Consortium Members start drilling the last exploratory well of the Exploration Plan without having completed the Well Assessment, the Exploration Phase shall be extended until the Well Completion date, with an addition of sixty (60) days to submit any proposed Discovery Assessment Plan. The event provided for in paragraph 10.13 10.12 shall be informed by the Consortium Members to ANP by the end of the Exploration Phase. If the Consortium Members make a Discovery during the Exploration Phase when it is not possible to perform the Discovery Assessment before the end of this phase, the Consortium Members may requested ANP to extend the Exploration Phase may be extended for the term required to perform the Assessment and issue any Declaration of Commercial Feasibility Feasibility, according to a Discovery Assessment Plan approved by ANP. The extension referred to in paragraph 10.14 10.13 is limited exclusively to the area covered by the Discovery Assessment Plan approved by ANP. For the Exploration Phase to be extended, pursuant to paragraph 10.1410.13, the time elapsed between the notification of Discovery referred to in paragraph 12.1 and submission by the Consortium Members of the proposed Discovery Assessment Plan to ANP may not exceed six (6) months, except for exceptional events previously authorized by the Contracting Party, based on ANP’s opinion. Contractors’ Options after Completion of the Exploration Phase After the Exploration Phase is completed and the activities regarding the Minimum Exploration Program are developed, the Contractors may: retain the Development Areas; fully relinquish the Contract Area.

Extension of the Exploration Phase. The Exploration Phase may be extended at ANP discretion. If the extension of the Exploration Phase is approved, ANP shall notify the Contracting Party’s discretion, based on ANP’s opinionpart of the decision. In consideration for the extension of the Exploration Phase provided for in paragraph 10.1210.11, the development of exploration activities additional to the Minimum Exploration Program may be required from the Consortium Members. The Consortium Members shall propose, upon at least one hundred and twenty (120)-day notice from the end of the Exploration Phase, a revision of the Exploration Plan in which the exploration activities additional to the Minimum Exploration Program, required by ANP as consideration for the extension of the Exploration Phase, are explained and justified. ANP shall have a sixty (60)-day period to assess and express its opinion about the proposal presented by the Consortium Members. In case the revision of the Exploration Plan referred to in paragraph 10.12.2 10.11.2 is not approved, the Exploration Phase shall be completed without the requested extension. In case the proposed development of exploration activities additional to the Minimum Exploration Program is approved as consideration for the extension of the Exploration Phase, the Contractor shall provide the corresponding financial guarantees, as stipulated in guarantee pursuant Section Eleven. If, at the end of the Exploration Phase, the Consortium Members start drilling the last exploratory well of the Exploration Plan without having completed the Well Assessment, the Exploration Phase shall be extended until the Well Completion date, with an addition of sixty (60) days to submit any proposed Discovery Assessment Plan. The event provided for in paragraph 10.13 10.12 shall be informed by the Consortium Members to ANP by the end of the Exploration Phase. If the Consortium Members make a Discovery during the Exploration Phase when it is not possible to perform the Discovery Assessment before the end of this phase, the Consortium Members may requested ANP to extend the Exploration Phase may be extended for the term required to perform the Assessment and issue any Declaration of Commercial Feasibility Feasibility, according to a Discovery Assessment Plan approved by ANP. The extension referred to in paragraph 10.14 10.13 is limited exclusively to the area covered by the Discovery Assessment Plan approved by ANP. For the Exploration Phase to be extended, pursuant to paragraph 10.1410.13, the time elapsed between the notification of Discovery referred to in paragraph 12.1 and submission by the Consortium Members of the proposed Discovery Assessment Plan to ANP may not exceed six (6) months, except for exceptional events previously authorized by the Contracting Party, based on ANP’s opinion. Contractors’ Options after Completion of the Exploration Phase After the Exploration Phase is completed and the activities regarding the Minimum Exploration Program are developed, the Contractors may: retain the Development Areas; fully relinquish the Contract Area.

Extension of the Exploration Phase. The Exploration Phase may be extended at the discretion of the ANP. If the extension of the Exploration Phase is approved, the ANP will inform the Contracting Party’s discretion, based on ANP’s opinionParty of the decision. In consideration for As a counterpart to the extension of the Exploration Phase provided for in paragraph 10.1210.15, the development of exploration Consortium Members may be required to carry out exploratory activities additional in addition to the Minimum Exploration Program may be required from the Consortium MembersProgram. The Consortium Members shall must propose, upon at least 120 (one hundred and twenty (120)-day notice from twenty) days prior to the end of the Exploration Phase, a revision review of the Exploration Exploratory Work Plan in which the exploration exploratory activities additional to the Minimum Exploration Program, Program required by the ANP as consideration are explained and justified in return for the extension of the Exploration Phase, are explained and justified. ANP shall have a sixty (60)-day period to assess and express its opinion about the proposal presented by the Consortium Members. In case If the revision of the Exploration Exploratory Work Plan referred to in paragraph 10.12.2 10.15.3 is not approved, the Exploration Phase shall will be completed terminated without the requested extension. In case Once the proposed development of exploration proposal to carry out additional exploratory activities additional to the Minimum Exploration Program is approved as consideration for a counterpart to the extension of the Exploration Phase, the Contractor shall provide Contractors must present the corresponding financial guarantees, as stipulated in Section guarantees under the terms of Clause Eleven. If, at the end of the Exploration Phase, the Consortium Members start drilling the last an exploratory well of the Exploration Plan is being drilled without having completed the Well AssessmentAssessment having been completed, the Exploration Phase shall will be extended until the Well Completion date, date with an addition of sixty 60 (60sixty) days to submit for submission any proposed Discovery proposal for an Assessment PlanPlan for Oil or Natural Gas Discoveries. The event hypothesis provided for in paragraph 10.13 shall 10.16 must be informed communicated by the Consortium Members to the ANP by until the end of the Exploration Phase. If the Consortium Members make carry out a late Discovery during the Exploration Phase when at a time such that it is was not possible for them to perform carry out the Discovery Assessment before the end of this phase, the Consortium Members may request the ANP to extend the Exploration Phase may be extended for the term required period necessary to perform carry out the Assessment Evaluation stage and issue any eventual Declaration of Commercial Feasibility Commerciality, according to a Discovery Assessment an Evaluation Plan for Oil or Natural Gas Discoveries approved by the ANP. The extension referred to in paragraph 10.14 10.17 is limited exclusively to the retention area covered by of the Petroleum or Natural Gas Discovery Assessment Plan approved by the ANP. For As a condition for the Exploration Phase to be extended, extended pursuant to paragraph 10.1410.17, the time elapsed between the Discovery notification of Discovery referred to in paragraph 12.1 and submission the submission, by the Consortium Members Members, of the proposed Oil or Gas Discovery Assessment Plan Natural to the ANP may not exceed six 6 (6six) months, except for in exceptional events cases previously authorized by the Contracting Party, based on after hearing the ANP’s opinion. Contractors’ Options after Completion of the Exploration Phase After the Exploration Phase is completed and the activities regarding the Minimum Exploration Program are developed, the Contractors may: retain the Development Areas; fully relinquish the Contract Area.