Common use of Minimum Exploration Program Clause in Contracts

Minimum Exploration Program. The Concessionaire shall perform the obligations related to the Minimum Exploration Program within the terms and under the conditions described in Annex II. The Concessionaire may develop exploratory activities in addition to those of the Minimum Exploration Program by submitting the additional work schedule to ANP before beginning of its implementation. ANP may approve changes in the Minimum Exploration Program upon request from the Concessionaire under the following conditions: if the Concessionaire technically demonstrates that this change is consistent with the Best Practices of the Oil Industry; and if the Concessionaire indicates the Prospecting that motivated the change request. Seismic Reprocessing may be converted into Units of Work for purposes of compliance with the Minimum Exploration Program. The conversion of Seismic Reprocessing into Units of Work is limited to a single version for each survey on seismic data. For purposes of conversion into Units of Work: the reprocessed seismic data shall be exclusively contained within the Concession Area; and the Seismic Reprocessing shall include pre-stack time migration (PSTM) or pre-stack depth migration (PSDM). The Concessionaire may contract, at its sole discretion, data acquisition companies (EAD) for the collection of exclusive data, as long as the requirements contained in the regulatory standards issued by ANP are previously met and as long as these companies are duly registered and in good standing with ANP. ANP shall issue a quality control report for return or acceptance of data received within one hundred and eighty (180) days of the date of the most recent delivery of accurate data by the Concessionaire. For purposes of performance of the Minimum Exploration Program, only data which acquisition, processing, reprocessing, and form have met all requirements defined in the regulatory rules and technical standards established by ANP shall be converted into Units of Work. The exploration work shall be converted into Units of Work for purposes of compliance with the Minimum Exploration Program, according to the criteria listed in Annex II. In case of full or partial default of the Minimum Exploration Program, the Concessionaire may not proceed with the Production Phase. Upon a substantiated request by the Concessionaire, ANP may exempt it from conversion of the remaining portion of the Minimum Exploration Program, without prejudice to the continuity of the Agreement. In consideration for such exemption, the Concessionaire shall pay an amount in cash corresponding to twice the total amount of the non-converted Units of Work, subject to inflation adjustment by the General Price Index – Internal Availability (IGP-DI) of Fundação Xxxxxxx Xxxxxx or another index that may replace it, pursuant to paragraph 6.2. Upon satisfaction of the conditions provided for above, the Minimum Exploration Program shall be deemed completed in full for all purposes of the Agreement.

Minimum Exploration Program. The Concessionaire shall perform the obligations related to the Minimum Exploration Program within the terms and under the conditions described in Annex II. The Concessionaire may develop exploratory activities in addition to those of the Minimum Exploration Program by submitting the additional work schedule to ANP before beginning of its implementation. ANP may approve changes in the Minimum Exploration Program upon request from the Concessionaire under the following conditions: if the Concessionaire technically demonstrates that this change is consistent with the Best Practices of the Oil Industry; and if the Concessionaire indicates the Prospecting that motivated the change request. Seismic Reprocessing may be converted into Units of Work for purposes of compliance with the Minimum Exploration Program. The conversion of Seismic Reprocessing into Units of Work is limited to a single version for each survey on seismic data. For purposes of conversion into Units of Work: the reprocessed seismic data shall be exclusively contained within the Concession Area; and the Seismic Reprocessing shall must include pre-stack time migration (PSTM) or pre-stack depth migration (PSDM). The Concessionaire may contract, at its sole discretion, data acquisition companies (EAD) for the collection of exclusive data, as long as the requirements contained in the regulatory standards issued by ANP are previously met and as long as these companies are duly registered and in good standing with ANP. ANP shall issue a quality control report for return or acceptance of data received within one hundred and eighty (180) days of the date of the most recent delivery of accurate data by the Concessionaire. For purposes of performance of compliance with the Minimum Exploration Program, only data which acquisition, processing, reprocessing, and form interpretation have met all requirements defined in the regulatory rules and technical standards established by ANP the Agency shall be converted into Units of Work. The exploration work shall be converted into Units of Work for purposes of compliance with the Minimum Exploration Program, according to the criteria listed in Annex II. In case of full or partial default of the Minimum Exploration Program, the Concessionaire may not proceed with the Production Phase. Upon a substantiated request by the Concessionaire, ANP may exempt it from conversion of compliance with the remaining portion of the Minimum Exploration Program, without prejudice to the continuity of the Agreement. In consideration for such exemptionof the exemption addressed in this paragraph, the Concessionaire shall pay an amount in cash corresponding to twice the total amount of the non-converted Units of Work, subject to inflation adjustment by the General Market Price Index – Internal Availability (IGP-DIM) of Fundação Xxxxxxx Xxxxxx or another index that may replace it, pursuant to paragraph 6.2from the date of the public session for submission of bids until the date of effective payment. Upon satisfaction of the conditions provided for above, the Minimum Exploration Program shall be deemed completed in full for all purposes of the Agreement.

Minimum Exploration Program. The Concessionaire shall perform the obligations related to the Minimum Exploration Program within the terms and under the conditions described in Annex II. The Concessionaire may develop exploratory activities in addition to those of the Minimum Exploration Program by submitting the additional work schedule to ANP before beginning of its implementation. ANP may approve changes in the Minimum Exploration Program upon request from the Concessionaire under the following conditions: if the Concessionaire technically demonstrates that this change is consistent with the Best Practices of the Oil Industry; and if the Concessionaire indicates the Prospecting that motivated the change request. Seismic Reprocessing may be converted into Units of Work for purposes of compliance with the Minimum Exploration Program. The conversion of Seismic Reprocessing into Units of Work is limited to a single version for each survey on seismic data. For purposes of conversion into Units of Work: the reprocessed seismic data shall be exclusively contained within the Concession Area; and the Seismic Reprocessing shall include pre-stack time migration (PSTM) or pre-stack depth migration (PSDM). The Concessionaire may contract, at its sole discretion, data acquisition companies (EAD) for the collection of exclusive data, as long as the requirements contained in the regulatory standards issued by ANP are previously met and as long as these companies are duly registered and in good standing with ANP. ANP shall issue a quality control report for return or acceptance of data received within one hundred and eighty (180) days of the date of the most recent delivery of accurate data by the Concessionaire. For purposes of performance of the Minimum Exploration Program, only data which acquisition, processing, reprocessing, and form have met all requirements defined in the regulatory rules and technical standards established by ANP shall be converted into Units of Work. The exploration work shall be converted into Units of Work for purposes of compliance with the Minimum Exploration Program, according to the criteria listed in Annex II. In case of full or partial default of the Minimum Exploration Program, the Concessionaire may not proceed with the Production Phase. Upon a substantiated request by the Concessionaire, ANP may exempt it from conversion of performing the remaining portion of the Minimum Exploration Program, without prejudice to the continuity of the Agreement. In consideration for such exemption, the Concessionaire shall pay an amount in cash corresponding to twice the total amount of the non-converted performed Units of Work, subject to inflation adjustment by the General Price Index – Internal Availability (IGP-DI) of Fundação Xxxxxxx Xxxxxx or another index that may replace it, pursuant to paragraph 6.26.9. The Agreement shall be automatically suspended if ANP does not resolve, before the end of the Exploration Phase, upon the request for exemption from compliance with the remaining portion of the Minimum Exploration Program. Upon satisfaction of the conditions provided for above, the Minimum Exploration Program shall be deemed completed in full for all purposes of the Agreement.

Minimum Exploration Program. The Concessionaire shall perform the obligations related to the Minimum Exploration Program within the terms and under the conditions described in Annex II. The Concessionaire may develop exploratory activities in addition to those of the Minimum Exploration Program by submitting the additional work schedule to as long as it informs ANP before beginning of its implementationabout all activities developed and their respective results. ANP may approve changes in the Minimum Exploration Program upon request from the Concessionaire under the following conditions: if the Concessionaire technically demonstrates that this change is consistent with the Best Practices of the Oil Industry; and if the Concessionaire indicates the Prospecting that motivated the change request. Seismic Reprocessing may be converted into Units of Work for purposes of compliance with the Minimum Exploration Program. The conversion of Seismic Reprocessing into Units of Work is limited to a single version for each survey on seismic data. For purposes of conversion into Units of Work: the reprocessed seismic data shall be exclusively contained within the Concession Area; and the Seismic Reprocessing shall include pre-stack time migration (PSTM) or pre-stack depth migration (PSDM). The Concessionaire may contract, at its sole discretionown account and risk, data acquisition collection companies (EAD) for the collection of exclusive data, as long as the requirements contained in the regulatory standards issued by ANP are previously met and as long as these companies are duly registered and in good standing with ANP. ANP shall issue a quality control report for return or acceptance of data received within one hundred and eighty (180) days of the date of the most recent delivery of accurate data by the Concessionaire. For purposes of performance of the Minimum Exploration Program, only data which acquisition, processing, reprocessing, and form have met all requirements defined in the regulatory rules and technical standards established by ANP shall be converted into Units of Work. The exploration work shall be converted into Units of Work for purposes of compliance with the Minimum Exploration Program, according to the criteria listed in Annex II. For purposes of compliance with the Minimum Exploration Program, only data which acquisition, processing, reprocessing, and form have been submitted to ANP may be converted into Units of Work. In case of full or partial default of the Minimum Exploration Program, the Concessionaire may not proceed with the Production Phase. Upon a substantiated request by the Concessionaire, ANP may exempt it from conversion of the remaining portion of the Minimum Exploration Program, without prejudice to the continuity of the Agreement. In consideration for such exemption, the Concessionaire shall pay an amount in cash corresponding to twice the total amount of the non-converted Units of Work, subject to inflation adjustment by the General Price Index – Internal Availability (IGP-DI) of Fundação Xxxxxxx Xxxxxx or another index that may replace it, pursuant to paragraph 6.26.9. The Agreement shall be automatically suspended if ANP does not resolve, before the end of the Exploration Phase, upon the request for exemption from compliance with the remaining portion of the Minimum Exploration Program. Upon satisfaction of the conditions provided for above, the Minimum Exploration Program shall be deemed completed in full for all purposes of the Agreement.

Minimum Exploration Program. The Concessionaire shall perform the obligations related to the Minimum Exploration Program within the terms and under the conditions described in Annex II. The Concessionaire may develop exploratory activities in addition to those of the Minimum Exploration Program by submitting the additional work schedule to ANP before beginning of its implementation. ANP may approve changes in the Minimum Exploration Program upon the Concessionaire’s request from the Concessionaire under the following conditions: if the Concessionaire technically demonstrates that this change is consistent with the Best Practices of the Oil Industry; and if the Concessionaire indicates the Prospecting Prospect that motivated the change requestrequest for change. Seismic Reprocessing may be converted into Units of Work for purposes of compliance with the Minimum Exploration Program. The conversion of Seismic Reprocessing into Units of Work is limited to a single version for each survey on seismic data. For purposes of conversion into Units of Work: the reprocessed seismic data shall be exclusively contained within the Concession AreaArea exclusively; and the Seismic Reprocessing shall include pre-stack time migration (PSTM) or pre-stack depth migration (PSDM)migration. The Concessionaire may contract, at its sole discretionown account and risk, data acquisition collection companies (EAD) for the collection of exclusive data, as long as the requirements contained in the regulatory standards issued by ANP are previously met and as long as these companies are duly registered and in good standing with ANP. ANP shall issue a quality control report for return or acceptance of data received within one hundred and eighty (180) days of the date of the most recent delivery of accurate data by the Concessionaire. For purposes of performance of compliance with the Minimum Exploration Program, only data which acquisition, processing, reprocessing, and form or reprocessing have met all requirements defined in the regulatory rules and technical standards established by been submitted to ANP for assessment shall be converted into Units of Work. The exploration work Exploration works shall be converted into Units of Work for purposes of compliance with the Minimum Exploration Program, according to the criteria listed in Annex II. In case of full total or partial default of failure to comply with the Minimum Exploration Program, the Concessionaire may not proceed with the Production Phase. Upon a substantiated request by the Concessionaire, ANP may exempt it from conversion of performing the remaining portion of the Minimum Exploration Program, without prejudice to the continuity of the Agreement. In consideration for such exemption, the Concessionaire shall pay an amount in cash corresponding to twice the total amount of the non-converted performed Units of Work, subject to inflation adjustment by the General Price Index – Internal Availability (IGP-DI) of Fundação Xxxxxxx Xxxxxx or another index that may replace it, pursuant to paragraph 6.26.9. The Agreement shall be automatically suspended if ANP does not resolve, before the end of the Exploration Phase, upon the request for exemption from compliance with the remaining portion of the Minimum Exploration Program. Upon satisfaction of the conditions provided for above, the Minimum Exploration Program shall be deemed completed in full for all purposes of the Agreement.

Minimum Exploration Program. The Concessionaire shall perform the obligations related to the Minimum Exploration Program within the terms and under the conditions described in Annex II. The Concessionaire may develop exploratory activities in addition to those of the Minimum Exploration Program by submitting the additional work schedule to ANP before beginning of its implementation. ANP may approve changes in the Minimum Exploration Program upon request from the Concessionaire under the following conditions: if the Concessionaire technically demonstrates that this change is consistent with the Best Practices of the Oil Industry; and if the Concessionaire indicates the Prospecting that motivated the change request. Seismic Reprocessing may be converted into Units of Work for purposes of compliance with the Minimum Exploration Program. The conversion of Seismic Reprocessing into Units of Work is limited to a single version for each survey on seismic data. For purposes of conversion into Units of Work: the reprocessed seismic data shall be exclusively contained within the Concession Area; and the Seismic Reprocessing shall include pre-stack time migration (PSTM) or pre-stack depth migration (PSDM). The Concessionaire may contract, at its sole discretion, data acquisition companies (EAD) for the collection of exclusive data, as long as the requirements contained in the regulatory standards issued by ANP are previously met and as long as these companies are duly registered and in good standing with ANP. ANP shall issue a quality control report for return or acceptance of data received within one hundred and eighty (180) days of the date of the most recent delivery of accurate data by the Concessionaire. For purposes of performance of the Minimum Exploration Program, only data which acquisition, processing, reprocessing, and form have met all requirements defined in the regulatory rules and technical standards established by ANP shall be converted into Units of Work. The exploration work shall be converted into Units of Work for purposes of compliance with the Minimum Exploration Program, according to the criteria listed in Annex II. In case of full or partial default of the Minimum Exploration Program, the Concessionaire may not proceed with the Production Phase. Upon a substantiated request by the Concessionaire, ANP may exempt it from conversion of the remaining portion of the Minimum Exploration Program, without prejudice to the continuity of the Agreement. In consideration for such exemption, the Concessionaire shall pay an amount in cash corresponding to twice the total amount of the non-converted Units of Work, subject to inflation adjustment by the General Price Index – Internal Availability (IGP-DI) of Fundação Xxxxxxx Xxxxxx or another index that may replace it, pursuant to paragraph 6.26.9. The Agreement shall be automatically suspended if ANP does not resolve, before the end of the Exploration Phase, upon the request for exemption from compliance with the remaining portion of the Minimum Exploration Program. Upon satisfaction of the conditions provided for above, the Minimum Exploration Program shall be deemed completed in full for all purposes of the Agreement. Annual Work and Budget Program of the Exploration PhaseThe Annual Budget and Work Programs of the Exploration Phase shall strictly correspond to the other approved plans and programs. The Concessionaire shall submit to ANP by October 31st of each year the Annual Work and Budget Program of the Exploration Phase under the Applicable Laws and Regulations. The first Annual Work and Budget Program of the Exploration Phase shall include the remainder of the current year and shall be submitted by the Concessionaire within sixty (60) days of the date of execution of this Agreement. The content and the procedures for submitting, reviewing, and changing the Annual Work and Budget Programs of the Exploration Phase are those defined in the guidelines provided by ANP and set forth in the Applicable Laws and Regulations.