lf ECOPETROL Sample Clauses

lf ECOPETROL continues to reject the existence of a Commercial Field after the additional work referred to in Clause 9 (numeral 9.3) has been carried out, THE ASSOCIATE may go ahead with the work it deems necessary to exploit such field and reimburse itself for two hundred percent (200%) of the total cost of the work performed at its own risk and account in the respective Field and up to fifty percent (50%) of the Drect Exploration Costs it incurred prior to submitting commerciality studies for such Field. For the purposes of this Clause, the reimbursement will be made with the value of Hydrocarbons produced, less the royalties established in Clause 13, deducting production, collection, transportation and sales costs. lf THE ASSOCIATE avails itself of the sole risk modality, it is understood that the exploitation term begins on the date ECOPETROL notifies it that commerciality is rejected. The dollar equivalence of disbursements made in pesos will be calculated using the market representative rate certified by the Banking Superintendency, or entity replacing same, for the date THE ASSOCIATE made such disbursements. For the purposes of this clause, the value of each barrel of Hydrocarbon produced in said Field during a calendar month, shall be the average price per barrel received by THE ASSOCIATE for the sale of its share in the Hydrocarbons produced in the Contract area during the same month. The contents of the paragraph of Clause 9 (numeral 9.2.3.) shall apply to reimbursement of Direct Exploration Costs.