Common use of MINIMUM WORK PROGRAM AND BUDGET Clause in Contracts

MINIMUM WORK PROGRAM AND BUDGET. 7.1 Within two (2) months after the Effective Date and thereafter at least three (3) months prior to the beginning of each Calendar Year, the Contractor shall prepare and submit for the approval of the National Petroleum Agency, a Work Program and Budget for the Contract Area setting forth the Petroleum Operations which the Contractor proposes to carry out during the ensuing Year, or in case of the first Work Program and Budget, during the remainder of the current Year. 7.2 The minimum Work Program for each phase of the Exploration Period is as follows (the "Minimum Work Obligations"): Phase I: The Contractor shall: · purchase and reprocess all existing 2D seismic within the block; · carry out Geological & Geophysical studies (including AVO, geochemical studies, sequence stratigraphy); · carry out environmental studies; · acquire of magnetic and gravity surveys covering the full block; · acquire, process and interpret a minimum of 2.500 km 2D seismic; · hand over full documentation of the interpretation and an extensive evaluation report covering all relevant stratigraphic levels in the full block, based on all existing 2D data and newly acquired 2D data - to ANP-STP no later than 3 months before the expiry of phase I. Phase II: If the Contractor elects to enter phase II, then during such phase II of the Exploration Period the Contractor shall: · carry out environmental studies; · acquire, process and interpret 1100 km2 3D seismic data covering all identified prospects in the area; · drill one (1) Exploration Well to a minimum TVD up to the reservoir top; · carry out technical and economical evaluation studies of discoveries and remaining ▇▇▇▇▇▇▇▇▇▇▇▇▇ ▇▇▇▇▇ ▇▇▇: If the Contractor elects to enter phase III of the Exploration Period, then during such phase III the Contractor shall: · carry out environmental studies; · drill one (1) Exploration Well to a minimum TVD up to the reservoir top; · carry out technical and economical evaluation studies of discoveries and remaining prospectivity.

MINIMUM WORK PROGRAM AND BUDGET. 7.1 Within two (2) months after the Effective Date and thereafter at least three (3) months prior to the beginning of each Calendar Year, the Contractor shall prepare and submit for the approval of the National Petroleum Agency, a Work Program and Budget for the Contract Area setting forth the Petroleum Operations which the Contractor proposes to carry out during the ensuing Year, or in case of the first Work Program and Budget, during the remainder of the current Year. 7.2 The minimum Work Program for each phase of the Exploration Period is as follows (the "Minimum Work Obligations"): Phase I: The Contractor shall: · purchase and reprocess all existing 2D seismic within the block; · carry out Geological & Geophysical studies (including AVO, geochemical studies, sequence stratigraphy); · carry out environmental studies; · acquire of magnetic and gravity surveys covering the full block; · acquire, process and interpret a minimum of 2.500 km 2D seismic; · hand over full documentation of the interpretation and an extensive evaluation report covering all relevant stratigraphic levels in the full block, based on all existing 2D data and newly acquired 2D data - to ANP-STP no later than 3 months before the expiry of phase I. I. Phase II: If the Contractor elects to enter phase II, then during such phase II of the Exploration Period the Contractor shall: · carry out environmental studies; · acquire, process and interpret 1100 km2 3D seismic data covering all identified prospects in the area; · drill one (1) Exploration Well to a minimum TVD up to the reservoir top; · carry out technical and economical evaluation studies of discoveries and remaining ▇▇▇▇▇▇▇▇▇▇▇▇▇ ▇ ▇▇▇▇▇ ▇▇▇: If the Contractor elects to enter phase III of the Exploration Period, then during such phase III the Contractor shall: · carry out environmental studies; · drill one (1) Exploration Well to a minimum TVD up to the reservoir top; · carry out technical and economical evaluation studies of discoveries and remaining prospectivity.

MINIMUM WORK PROGRAM AND BUDGET. 7.1 Within two (2) months after the Effective Date and thereafter at least three (3) months prior to the beginning of each Calendar Year, the Contractor shall prepare and submit for the approval of the National Petroleum Agency, a Work Program and Budget for the Contract Area setting forth the Petroleum Operations which the Contractor proposes to carry out during the ensuing Year, or in case of the first Work Program and Budget, during the remainder of the current Year. 7.2 The minimum Work Program for each phase of the Exploration Period is as follows (the "Minimum Work Obligations"): (a) Phase I: The Contractor shall: · purchase and reprocess • Reprocess all existing 2D seismic within the block; · carry • Carry out Geological geological & Geophysical geophysical studies (including AVO, geochemical studies, sequence stratigraphy, etc); · carry • Carry out environmental studies; · acquire • Acquire, process and interpret a minimum of 2,000 km2 of 3D seismic; • Acquire magnetic and gravity surveys covering the full block; · acquire, process and interpret • Carry out a minimum of 2.500 km 2D seismic; · hand over full documentation of the interpretation and an extensive evaluation report covering all relevant stratigraphic levels in the full block, entire block based on all existing 2D data and a copy of the newly acquired 2D 3D data - shall be handed over to ANP-STP ANP no later than 3 three (3) months before the expiry of phase I. the first exploration phase. (b) Phase II: If the Contractor elects to enter phase II, then during such phase II of the Exploration Period period the Contractor shall: · carry • Carry out environmental studies; · acquire, process and interpret 1100 km2 3D seismic data covering all identified prospects in the area; · drill • Drill one (1) Exploration Well to a minimum TVD up to the reservoir topexploration well; · carry • Carry out technical and economical evaluation studies of discoveries and remaining ▇▇▇▇▇▇▇▇▇▇▇▇▇ ▇▇▇▇▇ ▇▇▇prospectivity. (c) Phase III: If the Contractor elects to enter phase III of the Exploration Period, then during such phase III the Contractor shall: · carry • Carry out environmental studies; · drill • Drill one (1) Exploration Well to a minimum TVD up to the reservoir topexploration well; · carry • Carry out technical and economical evaluation studies of discoveries and remaining prospectivity.

MINIMUM WORK PROGRAM AND BUDGET. 7.1 Within two (2) months after the Effective Date and thereafter at least three (3) months prior to the beginning of each Calendar Year, the Contractor shall prepare and submit for the approval of the National Petroleum Agency, a Work Program and Budget for the Contract Area setting forth the Petroleum Operations which the Contractor proposes to carry out during the ensuing Year, or in case of the first Work Program and Budget, during the remainder of the current Year. 7.2 The minimum Work Program for each phase of the Exploration Period is as follows (the "Minimum Work Obligations"): Phase I: The Contractor shall: · purchase and  reprocess all existing 2D two dimensional seismic data (20) within the block; ·  carry out Geological & Geophysical studies (including AVO, geochemical Geochemical studies, sequence stratigraphy); ·  carry out environmental studies; ·  acquire, process and interpret a minimum of two thousand five hundred line kilometres of two dimensional seismic data (2500 km of 20) within two (2) years after the Effective Date;  acquire of magnetic and gravity surveys covering the full block; ·  acquire, process and interpret a minimum of 2.500 km 2D seismicone thousand square kilometres of three dimensional seismic data (1000 km2 of 30) within three (3) years after the Effective Date; ·  hand over full documentation of the interpretation and an extensive evaluation report covering all relevant stratigraphic levels in the full block, based on all existing 2D two dimensional seismic data (20) and newly acquired 2D two dimensional seismic data - (20) and three dimensional seismic data (30) to ANP-STP the National Petroleum Agency no later than 3 six (6) months before the expiry of phase I. I; Phase II: If the Contractor elects to enter phase II, then during such phase II of the Exploration Period period the Contractor shall: ·  carry out environmental studies; · acquire, process and interpret 1100 km2 3D seismic data covering all identified prospects in the area; ·  drill one (1) Exploration Well to a minimum T/D of 5500 meters TVD up to subsea on the reservoir topContract area; · and  carry out technical and economical evaluation studies of discoveries and remaining ▇▇▇▇▇▇▇▇▇▇▇▇▇ ▇▇▇▇▇ ▇▇▇prospectivity; Phase III: If the Contractor elects to enter phase III of the Exploration Period, then during such phase III the Contractor shall: ·  carry out environmental studies; ·  drill one (1) Exploration Well to a minimum TVD up to the reservoir topor Appraisal Well; ·  drill one (1) optional Exploration Well or Appraisal Well;  carry out technical and economical evaluation studies of discoveries and remaining prospectivity. In case of a Commercial Discovery, submit a declaration of a Commercial Discovery and submit a Field Development Program.