Common use of Extension of the Exploration Phase Clause in Contracts

Extension of the Exploration Phase. 25 Contracted Parties’ Options after Completion of the Exploration Phase 26 Relinquishment of the Contract Area at the End of the Exploration Phase 26 11 SECTION ELEVEN – COMPENSATORY PENALTY FOR DEFAULT OF THE MINIMUM EXPLORATION PROGRAM 26 Compensatory Penalty for Default of the Minimum Exploration Program and Provision of Financial Guarantee 26 Types of Financial Guarantees 27 Adjustment of the Financial Guarantees 27 Effectiveness of Financial Guarantees 27 Reduction of the Amount Secured 28 Return of the Financial Guarantees 28 Enforcement of the Compensatory Penalty 28 12 SECTION TWELVE – DISCOVERY AND ASSESSMENT 29 Notification of Discovery 29 Assessment, Discovery Assessment Plan, and Final Discovery Assessment Report 29 Assessment of New Reservoir 30 Discovery Assessment through Extended Well Test 30 13 SECTION THIRTEEN – DECLARATION OF COMMERCIAL FEASIBILITY 30 Declaration of Commercial Feasibility 30 Postponement of the Declaration of Commercial Feasibility 31 CHAPTER IV – DEVELOPMENT AND PRODUCTION 32 14 SECTION FOURTEEN – PRODUCTION XXXXX 00 Start and Duration 32 Relinquishment of the Contract Area 32 15 SECTION FIFTEEN – DEVELOPMENT PLAN 33 Deadlines 33 Development Area 33 Approval and Implementation of the Development Plan 34 Reviews and Amendments 35 Buildings, Facilities, and Equipment 35 16 SECTION SIXTEEN – PRODUCTION START DATE AND ANNUAL PROGRAMS 35 Production Start Date 35 Annual Production Program 36 Approval of the Annual Production Program 36 Revision 36 Production Volume Variance 37 Temporary Interruption of Production 37 Annual Work and Budget Program of the Production Xxxxx 00 00 SECTION SEVENTEEN – MEASUREMENT AND AVAILABILITY OF THE PRODUCTION SHARING 37 Measurement 37 Sharing Point 38 Monthly Production Reports 38 Production Availability 38 Supply to the Domestic Market 38 Consumption in the Operations 39 Test Results 39 Oil and Gas Losses and burning of Natural Gas 39 18 SECTION EIGHTEEN – INDIVIDUALIZATION OF PRODUCTION 40 Individualization of Production 40 CHAPTER V – EXECUTION OF OPERATIONS AND JOINT OPERATIONS 41 19 SECTION NINETEEN – EXECUTION OF OPERATIONS BY THE CONSORTIUM MEMBERS 41 Indication of the Operator by the Contracted Parties 41 Diligence to Conduct Operations 42 Licenses, Authorizations, and Permits 43 Free Access to the Contract Area 43 Drilling and Abandonment of Xxxxx 43 Additional Work Programs 44 Data Acquisition outside the Contract Area 44 20 SECTION TWENTY – CONTROL OF THE OPERATIONS AND ASSISTANCE BY ANP AND THE CONTRACTING PARTY 44 Monitoring and Inspection by ANP 44 Monitoring by the Contracting Party 44 Access and Control 44 Assistance to the Contracted Party 45 Release from Contracting Party’s and ANP’s responsibility 45 21 SECTION TWENTY-ONE – DATA AND INFORMATION 45 Supply by the Consortium Members 45 Processing or Analysis Abroad 46 22 SECTION TWENTY-TWO – PROPERTIES 46 Properties, Equipment, Facilities, and Materials 46 Facilities or Equipment outside the Xxxxxxxx Xxxx 00 Relinquishment of Areas 47 Decommissioning and Abandonment Guarantees 47 Properties to be Returned 48 Removal of Non-Returned Properties 48 23 SECTION TWENTY–THREE – PERSONNEL, SERVICES, AND SUBCONTRACTS 49 Personnel 49 Services 49 24 SECTION TWENTY–FOUR – LOCAL CONTENT 50 Contracted Party’s Commitment to Local Content 50 25 SECTION TWENTY-FIVE – OPERATIONAL SAFETY AND ENVIRONMENT 50 Environmental Control 50 Social Responsibility 51 26 SECTION TWENTY-SIX – INSURANCE 51 Insurance 51 CHAPTER VI – GENERAL PROVISIONS 53 27 SECTION TWENTY-SEVEN – CURRENCY AND FOREIGN CURRENCY 53 Currency 53 28 SECTION TWENTY-EIGHT – ACCOUNTING AND FINANCIAL AUDIT BY ANP 53 Accounting 53 Audit 53 29 SECTION TWENTY-NINE – ASSIGNMENT OF THE AGREEMENT 54 Assignment 54 Undivided Share in Rights and Obligations 54 Partial Assignment of Areas during the Exploration Phase 55

Extension of the Exploration Phase. 25 Contracted Parties’ Options after Completion of the Exploration Phase 26 Relinquishment of the Contract Area at the End of the Exploration Phase 26 11 SECTION ELEVEN – COMPENSATORY PENALTY FOR DEFAULT OF THE MINIMUM EXPLORATION PROGRAM 26 Compensatory Penalty for Default of the Minimum Exploration Program and Provision of Financial Guarantee 26 Types of Financial Guarantees 27 Adjustment of the Financial Guarantees 27 Effectiveness of Financial Guarantees 27 Reduction of the Amount Secured 28 Return of the Financial Guarantees 28 Enforcement of the Compensatory Penalty 28 12 SECTION TWELVE – DISCOVERY AND ASSESSMENT 29 Notification of Discovery 29 Assessment, Discovery Assessment Plan, and Final Discovery Assessment Report 29 Assessment of New Reservoir 30 Discovery Assessment through Extended Well Test 30 13 SECTION THIRTEEN – DECLARATION OF COMMERCIAL FEASIBILITY 30 Declaration of Commercial Feasibility 30 Postponement of the Declaration of Commercial Feasibility 31 CHAPTER IV – DEVELOPMENT AND PRODUCTION 32 14 SECTION FOURTEEN – PRODUCTION XXXXX 00 Start and Duration 32 Relinquishment of the Contract Area 32 15 SECTION FIFTEEN – DEVELOPMENT PLAN 33 Deadlines 33 Development Area 33 Approval and Implementation of the Development Plan 34 Reviews and Amendments 35 Buildings, Facilities, and Equipment 35 16 SECTION SIXTEEN – PRODUCTION START DATE AND ANNUAL PROGRAMS 35 Production Start Date 35 Annual Production Program 36 Approval of the Annual Production Program 36 Revision 36 Production Volume Variance 37 Temporary Interruption of Production 37 Annual Work and Budget Program of the Production Xxxxx 00 00 SECTION SEVENTEEN – MEASUREMENT AND AVAILABILITY OF THE PRODUCTION SHARING 37 Measurement 37 Sharing Point 38 Monthly Production Reports 38 Production Availability 38 Supply to the Domestic Market 38 Consumption in the Operations 39 Test Results 39 Oil and Gas Losses and burning of Natural Gas 39 18 SECTION EIGHTEEN – INDIVIDUALIZATION OF PRODUCTION 40 Individualization of Production 40 CHAPTER V – EXECUTION OF OPERATIONS AND JOINT OPERATIONS 41 19 SECTION NINETEEN – EXECUTION OF OPERATIONS BY THE CONSORTIUM MEMBERS 41 Indication of the Operator by the Contracted Parties 41 Diligence to Conduct Operations 42 Licenses, Authorizations, and Permits 43 Free Access to the Contract Area 43 Drilling and Abandonment of Xxxxx 43 Additional Work Programs 44 Data Acquisition outside the Contract Area 44 20 SECTION TWENTY – CONTROL OF THE OPERATIONS AND ASSISTANCE BY ANP AND THE CONTRACTING PARTY 44 Monitoring and Inspection by ANP 44 Monitoring by the Contracting Party 44 Access and Control 44 Assistance to the Contracted Party 45 Release from Contracting Party’s and ANP’s responsibility 45 21 SECTION TWENTY-ONE – DATA AND INFORMATION 45 Supply by the Consortium Members 45 Processing or Analysis Abroad 46 22 SECTION TWENTY-TWO – PROPERTIES 46 Properties, Equipment, Facilities, and Materials 46 Facilities or Equipment outside the Xxxxxxxx Xxxx 00 Relinquishment of Areas 47 Decommissioning and Abandonment Guarantees 47 Properties to be Returned 48 Removal of Non-Returned Properties 48 23 SECTION TWENTY–THREE – PERSONNEL, SERVICES, AND SUBCONTRACTS 49 Personnel 49 Services 49 24 SECTION TWENTY–FOUR – LOCAL CONTENT 50 Contracted Party’s Commitment to Local Content 50 Evaluation of the Local Content 51 Excess Local Content 51 Penalty for Failure to Respect the Local Content 52 25 SECTION TWENTY-FIVE – OPERATIONAL SAFETY AND ENVIRONMENT 50 52 Environmental Control 50 52 Social Responsibility 51 53 26 SECTION TWENTY-SIX – INSURANCE 51 54 Insurance 51 54 CHAPTER VI – GENERAL PROVISIONS 53 55 27 SECTION TWENTY-SEVEN – CURRENCY AND FOREIGN CURRENCY 53 55 Currency 53 55 28 SECTION TWENTY-EIGHT – ACCOUNTING AND FINANCIAL AUDIT BY ANP 53 55 Accounting 53 55 Audit 53 55 29 SECTION TWENTY-NINE – ASSIGNMENT OF THE AGREEMENT 54 56 Assignment 54 56 Undivided Share in Rights and Obligations 54 56 Partial Assignment of Areas during the Exploration Phase 5557

Extension of the Exploration Phase. 25 26 Contracted Parties’ Options after Completion of the Exploration Phase 26 27 Relinquishment of the Contract Area at the End of the Exploration Phase 26 27 11 SECTION ELEVEN – COMPENSATORY PENALTY FOR DEFAULT OF THE MINIMUM EXPLORATION PROGRAM 26 27 Compensatory Penalty for Default of the Minimum Exploration Program and Provision of Financial Guarantee 26 27 Types of Financial Guarantees 27 28 Adjustment of the Financial Guarantees 27 28 Effectiveness of Financial Guarantees 27 28 Reduction of the Amount Secured 28 29 Return of the Financial Guarantees 28 29 Enforcement of the Compensatory Penalty 28 29 12 SECTION TWELVE – DISCOVERY AND ASSESSMENT 29 30 Notification of Discovery 29 30 Assessment, Discovery Assessment Plan, and Final Discovery Assessment Report 29 30 Assessment of New Reservoir 30 31 Discovery Assessment through Extended Well Test 30 31 13 SECTION THIRTEEN – DECLARATION OF COMMERCIAL FEASIBILITY 30 31 Declaration of Commercial Feasibility 30 31 Postponement of the Declaration of Commercial Feasibility 31 32 CHAPTER IV – DEVELOPMENT AND PRODUCTION 32 33 14 SECTION FOURTEEN – PRODUCTION XXXXX 00 Start and Duration 32 33 Relinquishment of the Contract Area 32 33 15 SECTION FIFTEEN – DEVELOPMENT PLAN 33 34 Deadlines 33 34 Development Area 33 34 Approval and Implementation of the Development Plan 34 35 Reviews and Amendments 35 36 Buildings, Facilities, and Equipment 35 36 16 SECTION SIXTEEN – PRODUCTION START DATE AND ANNUAL PROGRAMS 35 36 Production Start Date 35 36 Annual Production Program 36 37 Approval of the Annual Production Program 36 37 Revision 36 37 Production Volume Variance 37 38 Temporary Interruption of Production 37 38 Annual Work and Budget Program of the Production Xxxxx 00 00 SECTION SEVENTEEN – MEASUREMENT AND AVAILABILITY OF THE PRODUCTION SHARING 37 38 Measurement 37 38 Sharing Point 38 39 Monthly Production Reports 38 39 Production Availability 38 39 Supply to the Domestic Market 38 39 Consumption in the Operations 39 40 Test Results 39 40 Oil and Gas Losses and burning of Natural Gas 39 40 18 SECTION EIGHTEEN – INDIVIDUALIZATION OF PRODUCTION 40 41 Individualization of Production 40 41 CHAPTER V – EXECUTION OF OPERATIONS AND JOINT OPERATIONS 41 42 19 SECTION NINETEEN – EXECUTION OF OPERATIONS BY THE CONSORTIUM MEMBERS 41 42 Indication of the Operator by the Contracted Parties 41 42 Diligence to Conduct Operations 42 Licenses, Authorizations, and Permits 43 Free Access to the Contract Area 43 Drilling and Abandonment of Xxxxx 43 44 Additional Work Programs 44 Data Acquisition outside the Contract Area 44 20 SECTION TWENTY – CONTROL OF THE OPERATIONS AND ASSISTANCE BY ANP AND THE CONTRACTING PARTY 44 Monitoring and Inspection by ANP 44 Monitoring by the Contracting Party 44 45 Access and Control 44 45 Assistance to the Contracted Party 45 Release from Contracting Party’s and ANP’s responsibility 45 21 SECTION TWENTY-ONE – DATA AND INFORMATION 45 Supply by the Consortium Members 45 Processing or Analysis Abroad 46 22 SECTION TWENTY-TWO – PROPERTIES 46 47 Properties, Equipment, Facilities, and Materials 46 47 Facilities or Equipment outside the Xxxxxxxx Xxxx 00 Relinquishment of Areas 47 Decommissioning and Abandonment Guarantees 47 48 Properties to be Returned 48 Removal of Non-Returned Properties 48 49 23 SECTION TWENTY–THREE – PERSONNEL, SERVICES, AND SUBCONTRACTS 49 Personnel 49 Services 49 50 24 SECTION TWENTY–FOUR – LOCAL CONTENT 50 Contracted Party’s Commitment to Local Content 50 Evaluation of the Local Content 51 Excess Local Content 52 Penalty for Failure to Respect the Local Content 52 25 SECTION TWENTY-FIVE – OPERATIONAL SAFETY AND ENVIRONMENT 50 53 Environmental Control 50 53 Social Responsibility 51 54 26 SECTION TWENTY-SIX – INSURANCE 51 54 Insurance 51 54 CHAPTER VI – GENERAL PROVISIONS 53 56 27 SECTION TWENTY-SEVEN – CURRENCY AND FOREIGN CURRENCY 53 56 Currency 53 56 28 SECTION TWENTY-EIGHT – ACCOUNTING AND FINANCIAL AUDIT BY ANP 53 56 Accounting 53 56 Audit 53 56 29 SECTION TWENTY-NINE – ASSIGNMENT OF THE AGREEMENT 54 57 Assignment 54 57 Undivided Share in Rights and Obligations 54 58 Partial Assignment of Areas during the Exploration Phase 5558

Extension of the Exploration Phase. 25 26 Contracted Parties’ Options after Completion of the Exploration Phase 26 27 Relinquishment of the Contract Area at the End of the Exploration Phase 26 27 11 SECTION ELEVEN – COMPENSATORY PENALTY FOR DEFAULT OF THE MINIMUM EXPLORATION PROGRAM 26 27 Compensatory Penalty for Default of the Minimum Exploration Program and Provision of Financial Guarantee 26 27 Types of Financial Guarantees 27 28 Adjustment of the Financial Guarantees 27 28 Effectiveness of Financial Guarantees 27 28 Reduction of the Amount Secured 28 29 Return of the Financial Guarantees 28 29 Enforcement of the Compensatory Penalty 28 29 12 SECTION TWELVE – DISCOVERY AND ASSESSMENT 29 30 Notification of Discovery 29 30 Assessment, Discovery Assessment Plan, and Final Discovery Assessment Report 29 30 Assessment of New Reservoir 30 31 Discovery Assessment through Extended Well Test 30 31 13 SECTION THIRTEEN – DECLARATION OF COMMERCIAL FEASIBILITY 30 31 Declaration of Commercial Feasibility 30 31 Postponement of the Declaration of Commercial Feasibility 31 32 CHAPTER IV – DEVELOPMENT AND PRODUCTION 32 33 14 SECTION FOURTEEN – PRODUCTION XXXXX 00 Start and Duration 32 33 Relinquishment of the Contract Area 32 33 15 SECTION FIFTEEN – DEVELOPMENT PLAN 33 34 Deadlines 33 34 Development Area 33 34 Approval and Implementation of the Development Plan 34 35 Reviews and Amendments 35 36 Buildings, Facilities, and Equipment 35 36 16 SECTION SIXTEEN – PRODUCTION START DATE AND ANNUAL PROGRAMS 35 36 Production Start Date 35 36 Annual Production Program 36 37 Approval of the Annual Production Program 36 37 Revision 36 37 Production Volume Variance 37 38 Temporary Interruption of Production 37 38 Annual Work and Budget Program of the Production Xxxxx 00 00 SECTION SEVENTEEN – MEASUREMENT AND AVAILABILITY OF THE PRODUCTION SHARING 37 38 Measurement 37 38 Sharing Point 38 39 Monthly Production Reports 38 39 Production Availability 38 39 Supply to the Domestic Market 38 39 Consumption in the Operations 39 40 Test Results 39 40 Oil and Gas Losses and burning of Natural Gas 39 40 18 SECTION EIGHTEEN – INDIVIDUALIZATION OF PRODUCTION 40 41 Individualization of Production 40 41 CHAPTER V – EXECUTION OF OPERATIONS AND JOINT OPERATIONS 41 42 19 SECTION NINETEEN – EXECUTION OF OPERATIONS BY THE CONSORTIUM MEMBERS 41 42 Indication of the Operator by the Contracted Parties 41 42 Diligence to Conduct Operations 42 Licenses, Authorizations, and Permits 43 Free Access to the Contract Area 43 Drilling and Abandonment of Xxxxx 43 44 Additional Work Programs 44 Data Acquisition outside the Contract Area 44 20 SECTION TWENTY – CONTROL OF THE OPERATIONS AND ASSISTANCE BY ANP AND THE CONTRACTING PARTY 44 Monitoring and Inspection by ANP 44 Monitoring by the Contracting Party 44 45 Access and Control 44 45 Assistance to the Contracted Party 45 Release from Contracting Party’s and ANP’s responsibility 45 21 SECTION TWENTY-ONE – DATA AND INFORMATION 45 Supply by the Consortium Members 45 Processing or Analysis Abroad 46 22 SECTION TWENTY-TWO – PROPERTIES 46 47 Properties, Equipment, Facilities, and Materials 46 47 Facilities or Equipment outside the Xxxxxxxx Xxxx 00 Relinquishment of Areas 47 Decommissioning and Abandonment Guarantees 47 48 Properties to be Returned 48 Removal of Non-Returned Properties 48 49 23 SECTION TWENTY–THREE – PERSONNEL, SERVICES, AND SUBCONTRACTS 49 Personnel 49 Services 49 50 24 SECTION TWENTY–FOUR – LOCAL CONTENT 50 Contracted Party’s Commitment to Local Content 50 25 SECTION TWENTY-FIVE – OPERATIONAL SAFETY AND ENVIRONMENT 50 Environmental Control 50 Social Responsibility 51 52 26 SECTION TWENTY-SIX – INSURANCE 51 52 Insurance 51 52 CHAPTER VI – GENERAL PROVISIONS 53 27 SECTION TWENTY-SEVEN – CURRENCY AND FOREIGN CURRENCY 53 Currency 53 28 SECTION TWENTY-EIGHT – ACCOUNTING AND FINANCIAL AUDIT BY ANP 53 Accounting 53 Audit 53 29 SECTION TWENTY-NINE – ASSIGNMENT OF THE AGREEMENT 54 Assignment 54 Undivided Share in Rights and Obligations 54 55 Partial Assignment of Areas during the Exploration Phase 55