Common use of Annual Work and Budget Program Clause in Contracts

Annual Work and Budget Program. of the Exploration Phase 17 Extension of the Exploration Phase and Suspension of the Agreement 18 Options to End the Exploration Phase 19 Concessionaire’s Options after Completion of the Minimum Exploration Program 19 Relinquishment of the Concession Area at the End of the Exploration Xxxxx 00 0 SECTION SIX – COMPENSATORY PENALTY FOR DEFAULT OF THE MINIMUM EXPLORATION PROGRAM 20 Compensatory Penalty for Default of the Minimum Exploration Program and Financial Guarantee 20 Types of Financial Guarantees 20 Adjustment of the Financial Guarantees 20 Effectiveness of Financial Guarantees 21 Reduction in the Secured Amount 21 Return of the Financial Guarantees 22 Enforcement of the Compensatory Penalty 22 7 SECTION SEVEN – DISCOVERY AND ASSESSMENT 22 Notification of Discovery 22 Assessment, Discovery Assessment Plan, and Final Discovery Assessment Report 23 Assessment of New Reservoir 23 Discovery Assessment through Extended Well Test 23 8 SECTION EIGHT – DECLARATION OF COMMERCIAL FEASIBILITY 24 Declaration of Commercial Feasibility 24 Postponement of the Declaration of Commercial Feasibility 24 CHAPTER III – DEVELOPMENT AND PRODUCTION 26 9 SECTION NINE – PRODUCTION XXXXX 00 Start and Duration 26 Extension at the Concessionaire’s request 26 Extension by determination of ANP 26 Consequence of the Extension 26 Termination 27 Relinquishment of the Field 27 10 SECTION TEN – DEVELOPMENT PLAN 28 Deadlines 28 Development Area 28 Approval and Implementation of the Development Plan 29 Reviews and Amendments 30 Buildings, Facilities, and Equipment 30 11 SECTION ELEVEN – PRODUCTION START DATE AND ANNUAL PRODUCTION PROGRAMS 30 Start of Production 30 Annual Production Program 31 Approval of the Annual Production Program 31 Revision 31 Production Volume Variance 31 Temporary Interruption of Production 32 Annual Work and Budget Program of the Production Xxxxx 00 00 SECTION TWELVE – MEASUREMENT, MONTHLY REPORTS, AND PRODUCTION AVAILABILITY 32 Measurement 32 Monthly Production Reports 32 Production Availability 33 Free Use 33 Supply to the Domestic Market 33 Consumption in the Operations 33 Results of Test 34 Oil and Gas Losses and Burning of Natural Gas 34 13 SECTION THIRTEEN – INDIVIDUALIZATION OF PRODUCTION 34 Production Individualization Agreement 34 CHAPTER IV – EXECUTION OF OPERATIONS 35 14 SECTION FOURTEEN – EXECUTION BY THE CONCESSIONAIRE 35 Concessionaire’s Exclusivity 35 Indication of the Operator by the Concessionaire 35 Diligence to Conduct Operations 36 Licenses, Authorizations, and Permits 37 Free Access to the Concession Area 37 Drilling and Abandonment of Xxxxx 37 Additional Work Programs 38 Data Acquisition outside the Concession Area 38 15 SECTION FIFTEEN – CONTROL OF OPERATIONS AND ASSISTANCE BY ANP 38 Monitoring and Inspection by ANP 38 Access and Control 38 Assistance to the Concessionaire 39 Release from the Contracting Party’s and ANP’s responsibility 39 16 SECTION SIXTEEN – DATA AND INFORMATION 39 Supply by the Concessionaire 39 Processing or Analysis Abroad 40 17 SECTION SEVENTEEN – PROPERTIES 40 Properties, Equipment, Facilities, and Materials 40 Licenses, Authorizations, and Permits 41 Expropriations and Easements 41 Facilities or Equipment outside the Concession Area 41 Relinquishment of Areas and Reversal of Properties 41 Decommissioning and Abandonment Guarantees 42 Properties to be Reversed 42 Removal of Non-Reversed Properties 43 18 SECTION EIGHTEEN – PERSONNEL, SERVICES, AND SUBCONTRACTS 43 Staff 43 Services 43 19 SECTION NINETEEN – LOCAL CONTENT 44 Concessionaire’s Commitment with the Local Content 44 Evaluation of the Local Content 45 Excess Local Content 45 Penalty for Failure to Respect the Local Content 46 20 SECTION TWENTY – OPERATIONAL SAFETY AND ENVIRONMENT 46 Environmental Control 46 Social Responsibility 47 Liability for Damages and Losses 47 21 CLAUSE TWENTY-ONE – INSURANCE 48 Insurance 48 CHAPTER V – GOVERNMENT SHARES AND INVESTMENTS IN RESEARCH, DEVELOPMENT, AND INNOVATION 49 22 SECTION TWENTY–TWO – SHARES 49 Government and Third-Party Shares 49 23 SECTION TWENTY–THREE – FUNDS FOR RESEARCH, DEVELOPMENT, AND INNOVATION 49 24 SECTION TWENTY–FOUR – TAXES 50 Tax Regime 50 Certificates and Evidence of Regularity 50 25 SECTION TWENTY–FIVE – CURRENCY AND FOREIGN CURRENCY 51 Currency 51 Foreign Currency 51 26 SECTION TWENTY–SIX – ACCOUNTING AND FINANCIAL AUDIT BY ANP 51 Accounting 51 Audit 51 CHAPTER VI – GENERAL PROVISIONS 53 27 SECTION TWENTY–SEVEN– ASSIGNMENT OF THE AGREEMENT 53 Assignment 53 Undivided Share in Rights and Obligations 53 Partial Assignment of an Area during the Exploration Phase 53 Assignment of an Area in the Production Phase 54 Nullity of Assignment of Rights and Obligations and Need for Prior Express Approval 54 Approval of Assignment 54 Effectiveness and Efficacy of the Assignment 54 New Concession Agreement 55 28 SECTION TWENTY–EIGHT – RELATIVE DEFAULT AND PENALTIES 55 Legal and Contractual Sanctions 55 29 SECTION TWENTY-NINE – TERMINATION OF THE AGREEMENT 56 Lawful Termination 56 Rescission by will of the Parties: Bilateral and unilateral termination 56 Termination for Absolute Default 56 Consequences of Termination 57 30 SECTION THIRTY – ACT OF GOD, FORCE MAJEURE, AND SIMILAR CAUSES 57 Full or Partial Exemption 57 Amendment, Suspension, and Termination of the Agreement 58 Environmental Permitting 58 Losses 59 31 SECTION THIRTY–ONE – CONFIDENTIALITY 59 Obligation of the Concessionaire 59 ANP’s Commitment 60 32 SECTION THIRTY–TWO – NOTICES, REQUESTS, COMMUNICATIONS, AND REPORTS 60 Notices, Requests, Plans, Programs, Reports, and other Communications 60 Addresses 61 Validity and Efficacy 61 Amendments to the Acts of Incorporation 61 33 SECTION THIRTY-THREE – LEGAL REGIME 61 Governing Law 61 Reconciliation 61 Mediation 62 Independent Expert 62 Arbitration 62 Jurisdiction 64 Suspension of Activities 64 Justifications 64 Continuous Application 64 34 SECTION THIRTY-FOUR – FINAL PROVISIONS 65 Execution of the Agreement 65 Amendments and Addenda 65 Disclosure 65 ANNEX I – CONCESSION AREA ERRO! INDICADOR NÃO DEFINIDO. ANNEX II – MINIMUM EXPLORATION PROGRAM ERRO! INDICADOR NÃO DEFINIDO. ANNEX III – FINANCIAL GUARANTEE OF THE MINIMUM EXPLORATION PROGRAM ERRO! INDICADOR NÃO DEFINIDO. ANNEX IV – PERFORMANCE GUARANTEE ERRO! INDICADOR NÃO DEFINIDO. ANNEX V – GOVERNMENT AND THIRD-PARTY SHARES ERRO! INDICADOR NÃO DEFINIDO. ANNEX VI – PAYMENT OF THE SIGNATURE BONUS ERRO! INDICADOR NÃO DEFINIDO. ANNEX VII – INDICATION OF OPERATOR ERRO! INDICADOR NÃO DEFINIDO. ANNEX VIII – ADDRESS ERRO! INDICADOR NÃO DEFINIDO. CHAPTER I – BASIC PROVISIONS‌ SECTION ONE – DEFINITIONS Legal Definitions‌ 1.1. The definitions contained in art. 6 of Law No. 9,478/1997, in art. 2 of Law No. 12,351/2010, and in art. 3 of Decree No. 2,705/1998 are hereby incorporated into this Agreement and, consequently, are valid for all its purposes and effects whenever they are used herein, either in the singular or plural, in the masculine or feminine gender.

Annual Work and Budget Program. of the Exploration Phase 17 Extension of the Exploration Phase and Suspension of the Agreement 18 Options to End the Exploration Phase 19 Concessionaire’s Options after Completion of the Minimum Exploration Program 19 Relinquishment of the Concession Area at the End of the Exploration Xxxxx 00 0 SECTION SIX Section Six – COMPENSATORY PENALTY FOR DEFAULT OF THE MINIMUM EXPLORATION PROGRAM Compensatory Penalty for Default of the Minimum Exploration Program 20 Compensatory Penalty for Default of the Minimum Exploration Program and Financial Guarantee 20 Types of Financial Guarantees 20 Adjustment of the Financial Guarantees 20 21 Effectiveness of Financial Guarantees 21 Reduction in the Secured Amount 21 Return of the Financial Guarantees 22 Enforcement of the Compensatory Penalty 22 7 SECTION SEVEN Section Seven – DISCOVERY AND ASSESSMENT 22 Discovery and Assessment 23 Notification of Discovery 22 23 Assessment, Discovery Assessment Plan, and Final Discovery Assessment Report 23 Assessment of New Reservoir 23 Discovery Assessment through Extended Well Test 23 24 8 SECTION EIGHT Section Eight – DECLARATION OF COMMERCIAL FEASIBILITY Declaration of Commercial Feasibility 24 Declaration of Commercial Feasibility 24 Postponement of the Declaration of Commercial Feasibility 24 CHAPTER III – DEVELOPMENT AND PRODUCTION 26 9 SECTION NINE Section Nine – PRODUCTION XXXXX Production Xxxxx 00 Start and Duration 26 Extension at the Concessionaire’s request 26 Extension by determination of ANP 26 Consequence of the Extension 26 Termination 27 Relinquishment of the Field 27 10 SECTION TEN Section Ten – DEVELOPMENT PLAN Development Plan 28 Deadlines 28 Development Area 28 Approval and Implementation of the Development Plan 29 Reviews and Amendments 30 Buildings, Facilities, and Equipment 30 11 SECTION ELEVEN Section Eleven – PRODUCTION START DATE AND ANNUAL PRODUCTION PROGRAMS Production Start Date and Annual Production Programs 30 Start of Production 30 Annual Production Program 31 Approval of the Annual Production Program 31 Revision 31 Production Volume Variance 31 32 Temporary Interruption of Production 32 Annual Work and Budget Program of the Production Xxxxx 00 00 SECTION TWELVE Section Twelve – MEASUREMENTMeasurement, MONTHLY REPORTSMonthly Reports, AND PRODUCTION AVAILABILITY and Production Availability 32 Measurement 32 Monthly Production Reports 32 33 Production Availability 33 Free Use 33 Supply to the Domestic Market 33 Consumption in the Operations 33 34 Results of Test 34 Oil and Gas Losses and Burning of Natural Gas 34 13 SECTION THIRTEEN Section Thirteen – INDIVIDUALIZATION OF PRODUCTION 34 Individualization of Production 35 Production Individualization Agreement 34 35 CHAPTER IV – EXECUTION OF OPERATIONS 35 36 14 SECTION FOURTEEN Section Fourteen – EXECUTION BY THE CONCESSIONAIRE 35 Execution by the Concessionaire 36 Concessionaire’s Exclusivity 35 36 Indication of the Operator by the Concessionaire 35 36 Diligence to Conduct Operations 36 37 Licenses, Authorizations, and Permits 37 38 Free Access to the Concession Area 37 38 Drilling and Abandonment of Xxxxx 37 38 Additional Work Programs 38 39 Data Acquisition outside the Concession Area 38 39 15 SECTION FIFTEEN Section Fifteen – CONTROL OF OPERATIONS AND ASSISTANCE BY Control of Operations and Assistance by ANP 38 39 Monitoring and Inspection by ANP 38 39 Access and Control 38 39 Assistance to the Concessionaire 39 40 Release from the Contracting Party’s and ANP’s responsibility 39 40 16 SECTION SIXTEEN Section Sixteen – DATA AND INFORMATION 39 Data and Information 40 Supply by the Concessionaire 39 40 Processing or Analysis Abroad 40 41 17 SECTION SEVENTEEN Section Seventeen – PROPERTIES 40 Properties 42 Properties, Equipment, Facilities, and Materials 40 42 Licenses, Authorizations, and Permits 41 42 Expropriations and Easements 41 42 Facilities or Equipment outside the Concession Area 41 42 Relinquishment of Areas and Reversal of Properties 41 43 Decommissioning and Abandonment Guarantees 42 43 Properties to be Reversed 42 44 Removal of Non-Reversed Properties 43 44 18 SECTION EIGHTEEN Section Eighteen – PERSONNELPersonnel, SERVICESServices, AND SUBCONTRACTS 43 and Subcontracts 44 Staff 43 44 Services 43 45 19 SECTION NINETEEN Section Nineteen – LOCAL CONTENT 44 Local Content 45 Concessionaire’s Commitment with the Local Content 44 45 Evaluation of the Local Content 45 46 Excess Local Content 45 47 Penalty for Failure to Respect the Local Content 46 47 20 SECTION TWENTY Section Twenty – OPERATIONAL SAFETY AND ENVIRONMENT 46 Operational Safety and Environment 48 Environmental Control 46 48 Social Responsibility 47 49 Liability for Damages and Losses 47 49 21 CLAUSE TWENTYClause Twenty-ONE One – INSURANCE 48 Insurance 48 49 Insurance 49 CHAPTER V – GOVERNMENT SHARES AND INVESTMENTS IN RESEARCH, DEVELOPMENT, AND INNOVATION 49 51 22 SECTION TWENTYSection Twenty–TWO Two – SHARES 49 Shares 51 Government and Third-Party Shares 49 51 23 SECTION TWENTYSection Twenty–THREE Three – FUNDS FOR RESEARCHFunds for Research, DEVELOPMENTDevelopment, AND INNOVATION 49 and Innovation 51 24 SECTION TWENTY–FOUR Four – TAXES 50 52 Tax Regime 50 52 Certificates and Evidence of Regularity 50 52 25 SECTION TWENTYSection Twenty–FIVE Five – CURRENCY AND FOREIGN CURRENCY 51 Currency 51 and Foreign Currency 51 53 Currency 53 Foreign Currency 53 26 SECTION TWENTYSection Twenty–SIX Six – ACCOUNTING AND FINANCIAL AUDIT BY Accounting and Financial Audit by ANP 51 53 Accounting 51 53 Audit 51 53 CHAPTER VI – GENERAL PROVISIONS 53 55 27 SECTION TWENTYSection Twenty–SEVENSeven– ASSIGNMENT OF THE AGREEMENT 53 Assignment 53 of the Agreement 55 Assignment 55 Undivided Share in Rights and Obligations 53 55 Partial Assignment of an Area during the Exploration Phase 53 55 Assignment of an Area in the Production Phase 54 56 Nullity of Assignment of Rights and Obligations and Need for Prior Express Approval 54 56 Approval of Assignment 54 56 Effectiveness and Efficacy of the Assignment 54 56 New Concession Agreement 55 57 28 SECTION TWENTYSection Twenty–EIGHT Eight – RELATIVE DEFAULT AND PENALTIES 55 Relative Default and Penalties 57 Legal and Contractual Sanctions 55 57 29 SECTION TWENTYSection Twenty-NINE Nine – TERMINATION OF THE AGREEMENT 56 Termination of the Agreement 58 Lawful Termination 56 58 Rescission by will of the Parties: Bilateral and unilateral termination 56 58 Termination for Absolute Default 56 59 Consequences of Termination 57 59 30 SECTION THIRTY Section Thirty – ACT OF GODAct of God, FORCE MAJEUREForce Majeure, AND SIMILAR CAUSES 57 and Similar Causes 59 Full or Partial Exemption 57 59 Amendment, Suspension, and Termination of the Agreement 58 60 Environmental Permitting 58 60 Losses 59 61 31 SECTION THIRTYSection Thirty–ONE One – CONFIDENTIALITY 59 Confidentiality 61 Obligation of the Concessionaire 59 61 ANP’s Commitment 60 62 32 SECTION THIRTYSection Thirty–TWO Two – NOTICESNotices, REQUESTSRequests, COMMUNICATIONSCommunications, AND REPORTS 60 and Reports 63 Notices, Requests, Plans, Programs, Reports, and other Communications 60 63 Addresses 61 63 Validity and Efficacy 61 63 Amendments to the Acts of Incorporation 61 63 33 SECTION THIRTYSection Thirty-THREE Three – LEGAL REGIME 61 Legal Regime 63 Governing Law 61 63 Reconciliation 61 64 Mediation 62 64 Independent Expert 62 64 Arbitration 62 64 Jurisdiction 64 66 Suspension of Activities 64 66 Justifications 64 66 Continuous Application 64 66 34 SECTION THIRTYSection Thirty-FOUR Four – FINAL PROVISIONS 65 Final Provisions 67 Execution of the Agreement 65 67 Amendments and Addenda 65 67 Disclosure 65 67 ANNEX I – CONCESSION AREA ERRO! INDICADOR NÃO DEFINIDO. 68 ANNEX II – MINIMUM EXPLORATION PROGRAM ERRO! INDICADOR NÃO DEFINIDO. 69 ANNEX III – FINANCIAL GUARANTEE OF THE MINIMUM EXPLORATION PROGRAM ERRO! INDICADOR NÃO DEFINIDO. 71 ANNEX IV – PERFORMANCE GUARANTEE ERRO! INDICADOR NÃO DEFINIDO. 72 ANNEX V – GOVERNMENT AND THIRD-PARTY SHARES ERRO! INDICADOR NÃO DEFINIDO. 73 ANNEX VI – PAYMENT OF THE SIGNATURE BONUS ERRO! INDICADOR NÃO DEFINIDO. 74 ANNEX VII – INDICATION OF OPERATOR ERRO! INDICADOR NÃO DEFINIDO. 75 ANNEX VIII – ADDRESS ERRO! INDICADOR NÃO DEFINIDO. CHAPTER I – 76 BASIC PROVISIONS‌ PROVISIONS SECTION ONE – DEFINITIONS Legal Definitions‌ 1.1. Definitions The definitions contained in art. 6 of Law No. 9,478/1997, in art. 2 of Law No. 12,351/2010, and in art. 3 of Decree No. 2,705/1998 are hereby incorporated into this Agreement and, consequently, are valid for all its purposes and effects whenever they are used herein, either in the singular or plural, in the masculine or feminine gender.

Annual Work and Budget Program. of the Exploration Phase 17 Extension of the Exploration Phase and Suspension of the Agreement 18 Options to End the Exploration Phase 19 Concessionaire’s Options after Completion of the Minimum Exploration Program 19 Relinquishment of the Concession Area at the End of the Exploration Xxxxx 00 0 Phase 20 6 SECTION SIX – COMPENSATORY PENALTY FOR DEFAULT NON-PERFORMANCE OF THE MINIMUM EXPLORATION PROGRAM 20 Compensatory Penalty for Default Non-Performance of the Minimum Exploration Program and Provision of Financial Guarantee 20 Types of Financial Guarantees 20 Adjustment of the Financial Guarantees 20 21 Effectiveness of Financial Guarantees 21 Reduction in of the Amount Secured Amount 21 Return of the Financial Guarantees 22 Enforcement of the Compensatory Penalty 22 7 SECTION SEVEN – DISCOVERY AND ASSESSMENT 22 23 Notification of Discovery 22 23 Assessment, Discovery Assessment Plan, and Final Discovery Assessment Report 23 Assessment of New Reservoir 23 Discovery Assessment through Extended Well Test 23 24 8 SECTION EIGHT – DECLARATION OF COMMERCIAL FEASIBILITY 24 Declaration of Commercial Feasibility 24 Postponement of the Declaration of Commercial Feasibility 24 CHAPTER CAPÍTULO III – - DEVELOPMENT AND PRODUCTION 26 9 SECTION NINE – PRODUCTION XXXXX 00 PHASE 26 Start and Duration 26 Extension at the Concessionaire’s request 26 Extension by determination of ANP 26 Consequence of the Extension 26 Termination 27 Relinquishment of the Field 27 10 SECTION TEN – DEVELOPMENT PLAN 28 Deadlines Terms 28 Development Area 28 Approval and Implementation Execution of the Development Plan 29 Reviews Revisions and Amendments 30 29 Buildings, Facilities, and Equipment 30 11 SECTION ELEVEN – PRODUCTION START DATE AND ANNUAL PRODUCTION PROGRAMS 30 Start of Production 30 Annual Production Program 31 30 Approval of the Annual Production Program 31 Revision 31 Production Volume Variance 31 Temporary Interruption of Production 32 Annual Work and Budget Program of for the Production Xxxxx 00 00 Phase 32 12 SECTION TWELVE – MEASUREMENT, MONTHLY REPORTS, AND PRODUCTION AVAILABILITY 32 Measurement 32 Monthly Production Reports 32 33 Production Availability 33 Free Use 33 Supply to of the Domestic Market 33 Consumption in the Operations 33 Test Results of Test 34 Oil and Gas Losses and Burning of Natural Gas 34 13 SECTION THIRTEEN – INDIVIDUALIZATION OF PRODUCTION 34 35 Production Individualization Agreement 34 CHAPTER IV – EXECUTION OF OPERATIONS 35 14 SECTION FOURTEEN – DISCOVERY, ASSESSMENT, AND DEVELOPMENT OF NEW RESERVOIRS IN THE PRODUCTION PHASE 35 CAPÍTULO IV - EXECUTION OF OPERATIONS 36 15 SECTION FIFTEEN – EXECUTION BY THE CONCESSIONAIRE 35 36 Concessionaire’s Exclusivity 35 Indication 36 Appointment of the Operator by the Concessionaire 35 36 Diligence to Conduct Operations 36 37 Licenses, Authorizations, and Permits 37 38 Free Access to the Concession Area 37 38 Drilling and Abandonment of Xxxxx 37 38 Additional Work Programs 38 39 Acquisition of Data Acquisition outside Outside the Concession Area 38 15 39 16 SECTION FIFTEEN SIXTEEN – CONTROL OF OPERATIONS AND ASSISTANCE BY ANP 38 39 Monitoring and Inspection by ANP 38 39 Access and Control 38 39 Assistance to the Concessionaire 39 40 Release from the Contracting Party’s and of ANP’s responsibility 39 16 SECTION SIXTEEN – DATA AND INFORMATION 39 Supply by the Concessionaire 39 Processing or Analysis Abroad liability 40 17 SECTION SEVENTEEN – DATA AND INFORMATION 40 Supply by the Concessionaire 40 Processing or Analysis Abroad 41 18 SECTION EIGHTEEN – PROPERTIES 40 41 Properties, Equipment, Facilities, and Materials 40 41 Licenses, Authorizations, and Permits 41 Expropriations and Easements 41 Facilities or Equipment outside Outside the Concession Area 41 Relinquishment of Areas and Reversal Return of Properties 41 42 Decommissioning and Abandonment Guarantees 42 Properties to be Reversed 42 Returned 43 Removal of Non-Reversed Returned Properties 43 18 19 SECTION EIGHTEEN NINETEEN – PERSONNEL, SERVICES, AND SUBCONTRACTS 43 Staff Personnel 43 Services 43 19 44 20 SECTION NINETEEN TWENTY – LOCAL CONTENT 44 Concessionaire’s Commitment with the Local Content 44 Evaluation of the Local Content 45 Excess Local Content 45 46 Penalty for Failure to Respect the Local Content 46 20 21 SECTION TWENTY TWENTY–ONE – OPERATIONAL SAFETY AND ENVIRONMENT 46 47 Environmental Control 46 47 Social Responsibility 47 48 Liability for Damages and Losses 47 21 CLAUSE 48 22 SECTION TWENTY-ONE TWO – INSURANCE 48 Insurance 48 CHAPTER CAPÍTULO V – - GOVERNMENT SHARES AND INVESTMENTS IN RESEARCH, DEVELOPMENT, AND INNOVATION 49 22 .......................................................................................................................................................................50 23 SECTION TWENTY–TWO -THREE – SHARES 49 50 Government and Third-Party Shares 49 23 50 24 SECTION TWENTY–THREE -FOUR – FUNDS FOR RESEARCH, DEVELOPMENT, AND INNOVATION 49 24 50 25 SECTION TWENTY–FOUR -FIVE – TAXES 50 51 Tax Regime 50 51 Certificates and Evidence of Regularity 50 25 SECTION TWENTY–FIVE – CURRENCY AND FOREIGN CURRENCY 51 Currency 51 Foreign Currency Compliance 51 26 SECTION TWENTY–-SIX – CURRENCY 52 Currency 52 27 SECTION TWENTY-SEVEN – ACCOUNTING AND FINANCIAL AUDIT BY ANP 51 52 Accounting 51 52 Audit 51 CHAPTER 52 CAPÍTULO VI – GENERAL PROVISIONS 53 27 - MISCELLANEOUS 54 28 SECTION TWENTY–SEVEN-EIGHT– ASSIGNMENT OF THE AGREEMENT 53 54 Assignment 53 54 Undivided Share in Rights and Obligations 53 54 Partial Assignment of an Area during the Exploration Phase 53 54 Assignment of an Area in the Production Phase 54 55 Nullity of Assignment of Rights and Obligations and Need for Prior Express Approval 54 55 Approval of Assignment 54 55 Effectiveness and Efficacy of the Assignment 54 55 New Concession Agreement 55 28 SECTION TWENTY–EIGHT – RELATIVE DEFAULT AND PENALTIES 55 Legal and Contractual Sanctions 55 56 29 SECTION TWENTY-NINE – RELATIVE DEFAULT AND PENALTIES 56 Legal and Contractual Sanctions 56 30 SECTION THIRTY – TERMINATION OF THE AGREEMENT 56 57 Lawful Termination 56 57 Rescission by will of the Parties: Bilateral and unilateral termination 56 Termination 57 Extinction for Absolute Default 56 Default: Termination 57 Consequences of Termination 57 30 58 31 SECTION THIRTY THIRTY-ONE – ACT OF GOD, FORCE MAJEURE, AND SIMILAR CAUSES 57 58 Full or Partial Exemption 57 58 Amendment, Suspension, and Termination of the Agreement 58 59 Environmental Permitting 58 59 Losses 59 31 60 32 SECTION THIRTY–ONE -TWO – CONFIDENTIALITY 59 60 Obligation of the Concessionaire 59 60 ANP’s Commitment 60 32 61 33 SECTION THIRTY–TWO -THREE – NOTICES, REQUESTS, COMMUNICATIONS, AND REPORTS 60 62 Notices, Requests, Plans, Programs, Reports, and other Communications 60 62 Addresses 61 62 Validity and Efficacy 61 62 Amendments to the Acts of Incorporation 61 33 SECTION THIRTY-THREE – LEGAL REGIME 61 Governing Law 61 Reconciliation 61 Mediation 62 Independent Expert 62 Arbitration 62 Jurisdiction 64 Suspension of Activities 64 Justifications 64 Continuous Application 64 34 SECTION THIRTY-FOUR – LEGAL REGIME 62 Governing Law 62 Reconciliation 63 Mediation 63 Independent Expert 63 Arbitration 63 Jurisdiction 65 Suspension of Activities 65 Justifications 65 Continuous Application 65 35 SECTION THIRTY-FIVE – CONTRIBUTION TO THE INTERNATIONAL MARITIME ORGANIZATION 66 36 SECTION THIRTY-SIX – FINAL PROVISIONS 65 Execution 66 Performance of the Agreement 65 66 Amendments and Addenda 65 66 Disclosure 65 66 ANNEX I – CONCESSION AREA ERRO! INDICADOR NÃO DEFINIDO. 69 ANNEX II – MINIMUM EXPLORATION PROGRAM ERRO! INDICADOR NÃO DEFINIDO. 70 ANNEX III – FINANCIAL GUARANTEE OF FOR THE MINIMUM EXPLORATION PROGRAM ERRO! INDICADOR NÃO DEFINIDO. ANNEX IV 72 XXXXX XX – PERFORMANCE GUARANTEE ERRO! INDICADOR NÃO DEFINIDO. ANNEX V 73 XXXXX X – GOVERNMENT AND THIRD-PARTY SHARES ERRO! INDICADOR NÃO DEFINIDO. 74 ANNEX VI – PAYMENT OF THE SIGNATURE BONUS ERRO! INDICADOR NÃO DEFINIDO. 75 ANNEX VII – INDICATION OF OPERATOR ERRO! INDICADOR NÃO DEFINIDO. ANNEX VIII 76 XXXXX XXXX – ADDRESS ERRO! INDICADOR NÃO DEFINIDO. CHAPTER 77 CAPÍTULO I – - BASIC PROVISIONS‌ PROVISIONS SECTION ONE – DEFINITIONS Legal Definitions‌ 1.1. The definitions contained in art. 6 of Law No. 9,478/1997, in art. 2 of Law No. 12,351/2010, and in art. 3 of Decree No. 2,705/1998 are hereby incorporated into this Agreement and, consequently, are valid for all its purposes and effects whenever they are used herein, either in the singular or plural, in the masculine or feminine gender.Definitions

Annual Work and Budget Program. of the Exploration Phase 17 Extension of the Exploration Phase and Suspension of the Agreement 18 Options to End the Exploration Phase 19 Concessionaire’s Options after Completion of the Minimum Exploration Program 19 Relinquishment of the Concession Area at the End of the Exploration Xxxxx 00 0 SECTION SIX Section Six – COMPENSATORY PENALTY FOR DEFAULT OF THE MINIMUM EXPLORATION PROGRAM Compensatory Penalty for Default of the Minimum Exploration Program 20 Compensatory Penalty for Default of the Minimum Exploration Program and Financial Guarantee 20 Types of Financial Guarantees 20 Adjustment of the Financial Guarantees 20 Effectiveness of Financial Guarantees 21 Reduction in the Secured Amount 21 Return of the Financial Guarantees 22 Enforcement of the Compensatory Penalty 22 7 SECTION SEVEN Section Seven – DISCOVERY AND ASSESSMENT Discovery and Assessment 22 Notification of Discovery 22 Assessment, Discovery Assessment Plan, and Final Discovery Assessment Report 23 Assessment of New Reservoir 23 Discovery Assessment through Extended Well Test 23 8 SECTION EIGHT Section Eight – DECLARATION OF COMMERCIAL FEASIBILITY Declaration of Commercial Feasibility 24 Declaration of Commercial Feasibility 24 Postponement of the Declaration of Commercial Feasibility 24 CHAPTER III – DEVELOPMENT AND PRODUCTION 26 9 SECTION NINE Section Nine – PRODUCTION XXXXX Production Xxxxx 00 Start and Duration 26 Extension at the Concessionaire’s request 26 Extension by determination of ANP 26 Consequence of the Extension 26 Termination 27 Relinquishment of the Field 27 10 SECTION TEN Section Ten – DEVELOPMENT PLAN Development Plan 28 Deadlines 28 Development Area 28 Approval and Implementation of the Development Plan 29 Reviews and Amendments 30 Buildings, Facilities, and Equipment 30 11 SECTION ELEVEN Section Eleven – PRODUCTION START DATE AND ANNUAL PRODUCTION PROGRAMS Production Start Date and Annual Production Programs 30 Start of Production 30 Annual Production Program 31 Approval of the Annual Production Program 31 Revision 31 Production Volume Variance 31 Temporary Interruption of Production 32 Annual Work and Budget Program of the Production Xxxxx 00 00 SECTION TWELVE Section Twelve – MEASUREMENTMeasurement, MONTHLY REPORTSMonthly Reports, AND PRODUCTION AVAILABILITY and Production Availability 32 Measurement 32 Monthly Production Reports 32 Production Availability 33 Free Use 33 Supply to the Domestic Market 33 Consumption in the Operations 33 Results of Test 34 Oil and Gas Losses and Burning of Natural Gas 34 13 SECTION THIRTEEN Section Thirteen – INDIVIDUALIZATION OF PRODUCTION Individualization of Production 34 Production Individualization Agreement 34 CHAPTER IV – EXECUTION OF OPERATIONS 35 14 SECTION FOURTEEN Section Fourteen – EXECUTION BY THE CONCESSIONAIRE Execution by the Concessionaire 35 Concessionaire’s Exclusivity 35 Indication of the Operator by the Concessionaire 35 Diligence to Conduct Operations 36 Licenses, Authorizations, and Permits 37 Free Access to the Concession Area 37 Drilling and Abandonment of Xxxxx 37 Additional Work Programs 38 Data Acquisition outside the Concession Area 38 15 SECTION FIFTEEN – CONTROL OF OPERATIONS AND ASSISTANCE BY ANP 38 Monitoring and Inspection by ANP 38 Access and Control 38 Assistance to the Concessionaire 39 Release from the Contracting Party’s and ANP’s responsibility 39 16 SECTION SIXTEEN Section Sixteen – DATA AND INFORMATION Data and Information 39 Supply by the Concessionaire 39 Processing or Analysis Abroad 40 17 SECTION SEVENTEEN Section Seventeen – PROPERTIES Properties 40 Properties, Equipment, Facilities, and Materials 40 Licenses, Authorizations, and Permits 41 Expropriations and Easements 41 Facilities or Equipment outside the Concession Area 41 Relinquishment of Areas and Reversal of Properties 41 Decommissioning and Abandonment Guarantees 42 Properties to be Reversed 42 Removal of Non-Reversed Properties 43 18 SECTION EIGHTEEN Section Eighteen – PERSONNELPersonnel, SERVICESServices, AND SUBCONTRACTS and Subcontracts 43 Staff 43 Services 43 19 SECTION NINETEEN Section Nineteen – LOCAL CONTENT Local Content 44 Concessionaire’s Commitment with the Local Content 44 Evaluation of the Local Content 45 Excess Local Content 45 Penalty for Failure to Respect the Local Content 46 20 SECTION TWENTY Section Twenty – OPERATIONAL SAFETY AND ENVIRONMENT Operational Safety and Environment 46 Environmental Control 46 Social Responsibility 47 Liability for Damages and Losses 47 21 CLAUSE TWENTYClause Twenty-ONE One – INSURANCE Insurance 48 Insurance 48 CHAPTER V – GOVERNMENT SHARES AND INVESTMENTS IN RESEARCH, DEVELOPMENT, AND INNOVATION 49 22 SECTION TWENTYSection Twenty–TWO Two – SHARES Shares 49 Government and Third-Party Shares 49 23 SECTION TWENTYSection Twenty–THREE Three – FUNDS FOR RESEARCHFunds for Research, DEVELOPMENTDevelopment, AND INNOVATION and Innovation 49 24 SECTION TWENTY–FOUR – TAXES 50 Tax Regime 50 Certificates and Evidence of Regularity 50 25 SECTION TWENTYSection Twenty–FIVE Five – CURRENCY AND FOREIGN CURRENCY Currency and Foreign Currency 51 Currency 51 Foreign Currency 51 26 SECTION TWENTY–SIX – ACCOUNTING AND FINANCIAL AUDIT BY ANP 51 Accounting 51 Audit 51 CHAPTER VI – GENERAL PROVISIONS 53 27 SECTION TWENTYSection Twenty–SEVENSeven– ASSIGNMENT OF THE AGREEMENT Assignment of the Agreement 53 Assignment 53 Undivided Share in Rights and Obligations 53 Partial Assignment of an Area during the Exploration Phase 53 Assignment of an Area in the Production Phase 54 Nullity of Assignment of Rights and Obligations and Need for Prior Express Approval 54 Approval of Assignment 54 Effectiveness and Efficacy of the Assignment 54 New Concession Agreement 55 28 SECTION TWENTYSection Twenty–EIGHT Eight – RELATIVE DEFAULT AND PENALTIES Relative Default and Penalties 55 Legal and Contractual Sanctions 55 29 SECTION TWENTYSection Twenty-NINE Nine – TERMINATION OF THE AGREEMENT Termination of the Agreement 56 Lawful Termination 56 Rescission by will of the Parties: Bilateral and unilateral termination 56 Termination for Absolute Default 56 Consequences of Termination 57 30 SECTION THIRTY Section Thirty – ACT OF GODAct of God, FORCE MAJEUREForce Majeure, AND SIMILAR CAUSES and Similar Causes 57 Full or Partial Exemption 57 Amendment, Suspension, and Termination of the Agreement 58 Environmental Permitting 58 Losses 59 31 SECTION THIRTYSection Thirty–ONE One – CONFIDENTIALITY Confidentiality 59 Obligation of the Concessionaire 59 ANP’s Commitment 60 32 SECTION THIRTYSection Thirty–TWO Two – NOTICESNotices, REQUESTSRequests, COMMUNICATIONSCommunications, AND REPORTS and Reports 60 Notices, Requests, Plans, Programs, Reports, and other Communications 60 Addresses 61 Validity and Efficacy 61 Amendments to the Acts of Incorporation 61 33 SECTION THIRTYSection Thirty-THREE Three – LEGAL REGIME Legal Regime 61 Governing Law 61 Reconciliation 61 Mediation 62 Independent Expert 62 Arbitration 62 Jurisdiction 64 Suspension of Activities 64 Justifications 64 Continuous Application 64 34 SECTION THIRTYSection Thirty-FOUR Four – FINAL PROVISIONS Final Provisions 65 Execution of the Agreement 65 Amendments and Addenda 65 Disclosure 65 ANNEX I – CONCESSION AREA ERRO! INDICADOR NÃO DEFINIDO. ANNEX II – MINIMUM EXPLORATION PROGRAM ERRO! INDICADOR NÃO DEFINIDO. ANNEX III – FINANCIAL GUARANTEE OF THE MINIMUM EXPLORATION PROGRAM ERRO! INDICADOR NÃO DEFINIDO. ANNEX IV – PERFORMANCE GUARANTEE ERRO! INDICADOR NÃO DEFINIDO. ANNEX V – GOVERNMENT AND THIRD-PARTY SHARES ERRO! INDICADOR NÃO DEFINIDO. ANNEX VI – PAYMENT OF THE SIGNATURE BONUS ERRO! INDICADOR NÃO DEFINIDO. ANNEX VII – INDICATION OF OPERATOR ERRO! INDICADOR NÃO DEFINIDO. ANNEX VIII – ADDRESS ERRO! INDICADOR NÃO DEFINIDO. CHAPTER I – BASIC PROVISIONS‌ SECTION ONE – DEFINITIONS Legal Definitions‌ 1.1. The definitions contained in art. 6 of Law No. 9,478/1997, in art. 2 of Law No. 12,351/2010, and in art. 3 of Decree No. 2,705/1998 are hereby incorporated into this Agreement and, consequently, are valid for all its purposes and effects whenever they are used herein, either in the singular or plural, in the masculine or feminine gender.