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 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 – Discovery and Assessment 23 Notification of Discovery 23 Assessment, Discovery Assessment Plan, and Final Discovery Assessment Report 23 Assessment of New Reservoir 23 Discovery Assessment through Extended Well Test 24 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 32 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 33 Production Availability 33 Free Use 33 Supply to the Domestic Market 33 Consumption in the Operations 34 Results of Test 34 Oil and Gas Losses and Burning of Natural Gas 34 13 Section Thirteen – Individualization of Production 35 Production Individualization Agreement 35 CHAPTER IV – EXECUTION OF OPERATIONS 36 14 Section Fourteen – Execution by the Concessionaire 36 Concessionaire’s Exclusivity 36 Indication of the Operator by the Concessionaire 36 Diligence to Conduct Operations 37 Licenses, Authorizations, and Permits 38 Free Access to the Concession Area 38 Drilling and Abandonment of Xxxxx 38 Additional Work Programs 39 Data Acquisition outside the Concession Area 39 15 Section Fifteen – Control of Operations and Assistance by ANP 39 Monitoring and Inspection by ANP 39 Access and Control 39 Assistance to the Concessionaire 40 Release from the Contracting Party’s and ANP’s responsibility 40 16 Section Sixteen – Data and Information 40 Supply by the Concessionaire 40 Processing or Analysis Abroad 41 17 Section Seventeen – Properties 42 Properties, Equipment, Facilities, and Materials 42 Licenses, Authorizations, and Permits 42 Expropriations and Easements 42 Facilities or Equipment outside the Concession Area 42 Relinquishment of Areas and Reversal of Properties 43 Decommissioning and Abandonment Guarantees 43 Properties to be Reversed 44 Removal of Non-Reversed Properties 44 18 Section Eighteen – Personnel, Services, and Subcontracts 44 Staff 44 Services 45 19 Section Nineteen – Local Content 45 Concessionaire’s Commitment with the Local Content 45 Evaluation of the Local Content 46 Excess Local Content 47 Penalty for Failure to Respect the Local Content 47 20 Section Twenty – Operational Safety and Environment 48 Environmental Control 48 Social Responsibility 49 Liability for Damages and Losses 49 21 Clause Twenty-One – Insurance 49 Insurance 49 CHAPTER V – GOVERNMENT SHARES AND INVESTMENTS IN RESEARCH, DEVELOPMENT, AND INNOVATION 51 22 Section Twenty–Two – Shares 51 Government and Third-Party Shares 51 23 Section Twenty–Three – Funds for Research, Development, and Innovation 51 24 SECTION TWENTY–Four – TAXES 52 Tax Regime 52 Certificates and Evidence of Regularity 52 25 Section Twenty–Five – Currency and Foreign Currency 53 Currency 53 Foreign Currency 53 26 Section Twenty–Six – Accounting and Financial Audit by ANP 53 Accounting 53 Audit 53 CHAPTER VI – GENERAL PROVISIONS 55 27 Section Twenty–Seven– Assignment of the Agreement 55 Assignment 55 Undivided Share in Rights and Obligations 55 Partial Assignment of an Area during the Exploration Phase 55 Assignment of an Area in the Production Phase 56 Nullity of Assignment of Rights and Obligations and Need for Prior Express Approval 56 Approval of Assignment 56 Effectiveness and Efficacy of the Assignment 56 New Concession Agreement 57 28 Section Twenty–Eight – Relative Default and Penalties 57 Legal and Contractual Sanctions 57 29 Section Twenty-Nine – Termination of the Agreement 58 Lawful Termination 58 Rescission by will of the Parties: Bilateral and unilateral termination 58 Termination for Absolute Default 59 Consequences of Termination 59 30 Section Thirty – Act of God, Force Majeure, and Similar Causes 59 Full or Partial Exemption 59 Amendment, Suspension, and Termination of the Agreement 60 Environmental Permitting 60 Losses 61 31 Section Thirty–One – Confidentiality 61 Obligation of the Concessionaire 61 ANP’s Commitment 62 32 Section Thirty–Two – Notices, Requests, Communications, and Reports 63 Notices, Requests, Plans, Programs, Reports, and other Communications 63 Addresses 63 Validity and Efficacy 63 Amendments to the Acts of Incorporation 63 33 Section Thirty-Three – Legal Regime 63 Governing Law 63 Reconciliation 64 Mediation 64 Independent Expert 64 Arbitration 64 Jurisdiction 66 Suspension of Activities 66 Justifications 66 Continuous Application 66 34 Section Thirty-Four – Final Provisions 67 Execution of the Agreement 67 Amendments and Addenda 67 Disclosure 67 ANNEX I – CONCESSION AREA 68 ANNEX II – MINIMUM EXPLORATION PROGRAM 69 ANNEX III – FINANCIAL GUARANTEE OF THE MINIMUM EXPLORATION PROGRAM 71 ANNEX IV – PERFORMANCE GUARANTEE 72 ANNEX V – GOVERNMENT AND THIRD-PARTY SHARES 73 ANNEX VI – PAYMENT OF THE SIGNATURE BONUS 74 ANNEX VII – INDICATION OF OPERATOR 75 ANNEX VIII – ADDRESS 76 BASIC PROVISIONS SECTION ONE – DEFINITIONS Legal 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 Section Six Phase 20 6 SECTION SIX – Compensatory Penalty for Default of the Minimum Exploration Program COMPENSATORY PENALTY FOR 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 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 SECTION SEVEN – Discovery and Assessment DISCOVERY AND ASSESSMENT 23 Notification of Discovery 23 Assessment, Discovery Assessment Plan, and Final Discovery Assessment Report 23 Assessment of New Reservoir 23 Discovery Assessment through Extended Well Test 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 CAPÍTULO III – - DEVELOPMENT AND PRODUCTION 9 SECTION NINE – PRODUCTION PHASE 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 SECTION TEN – Development Plan 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 SECTION ELEVEN – Production Start Date and Annual Production Programs PRODUCTION START DATE AND ANNUAL PROGRAMS 30 Start of Production 30 Annual Production Program 31 30 Approval of the Annual Production Program 31 Revision 31 Production Volume Variance 32 31 Temporary Interruption of Production 32 Annual Work and Budget Program of for the Production Xxxxx 00 00 Section Twelve Phase 32 12 SECTION TWELVE – MeasurementMEASUREMENT, Monthly ReportsMONTHLY REPORTS, and Production Availability AND PRODUCTION AVAILABILITY 32 Measurement 32 Monthly Production Reports 33 Production Availability 33 Free Use 33 Supply to of the Domestic Market 33 Consumption in the Operations 34 33 Test 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 35 Production Individualization Agreement 35 CHAPTER 14 SECTION FOURTEEN – DISCOVERY, ASSESSMENT, AND DEVELOPMENT OF NEW RESERVOIRS IN THE PRODUCTION PHASE 35 CAPÍTULO IV – - EXECUTION OF OPERATIONS 36 14 Section Fourteen 15 SECTION FIFTEEN – Execution by the Concessionaire EXECUTION BY THE CONCESSIONAIRE 36 Concessionaire’s Exclusivity 36 Indication Appointment of the Operator by the Concessionaire 36 Diligence to Conduct Operations 37 Licenses, Authorizations, and Permits 38 Free Access to the Concession Area 38 Drilling and Abandonment of Xxxxx 38 Additional Work Programs 39 Acquisition of Data Acquisition outside Outside the Concession Area 39 15 Section Fifteen 16 SECTION SIXTEEN – Control of Operations and Assistance by CONTROL OF OPERATIONS AND ASSISTANCE BY ANP 39 Monitoring and Inspection by ANP 39 Access and Control 39 Assistance to the Concessionaire 40 Release from the Contracting Party’s and of ANP’s responsibility liability 40 16 Section Sixteen 17 SECTION SEVENTEEN – Data and Information DATA AND INFORMATION 40 Supply by the Concessionaire 40 Processing or Analysis Abroad 41 17 Section Seventeen 18 SECTION EIGHTEEN – Properties 42 PROPERTIES 41 Properties, Equipment, Facilities, and Materials 42 41 Licenses, Authorizations, and Permits 42 41 Expropriations and Easements 42 41 Facilities or Equipment outside Outside the Concession Area 42 41 Relinquishment of Areas and Reversal Return of Properties 43 42 Decommissioning and Abandonment Guarantees 43 42 Properties to be Reversed 44 Returned 43 Removal of Non-Reversed Returned Properties 43 19 SECTION NINETEEN – PERSONNEL, SERVICES, AND SUBCONTRACTS 43 Personnel 43 Services 44 18 Section Eighteen 20 SECTION TWENTY – Personnel, Services, and Subcontracts LOCAL CONTENT 44 Staff 44 Services 45 19 Section Nineteen – Local Content 45 Concessionaire’s Commitment with the Local Content 45 44 Evaluation of the Local Content 46 45 Excess Local Content 47 46 Penalty for Failure to Respect the Local Content 46 21 SECTION TWENTY–ONE – OPERATIONAL SAFETY AND ENVIRONMENT 47 20 Section Twenty – Operational Safety and Environment 48 Environmental Control 48 47 Social Responsibility 49 48 Liability for Damages and Losses 49 21 Clause Twenty48 22 SECTION TWENTY-One TWO – INSURANCE 48 Insurance 49 Insurance 49 CHAPTER 48 CAPÍTULO V – - GOVERNMENT SHARES AND INVESTMENTS IN RESEARCH, DEVELOPMENT, AND INNOVATION 51 22 Section Twenty–Two .......................................................................................................................................................................50 23 SECTION TWENTY-THREE – Shares 51 SHARES 50 Government and Third-Party Shares 51 23 Section Twenty–Three – Funds for Research, Development, and Innovation 51 50 24 SECTION TWENTY–Four -FOUR – FUNDS FOR RESEARCH, DEVELOPMENT, AND INNOVATION 50 25 SECTION TWENTY-FIVE – TAXES 52 51 Tax Regime 52 51 Certificates and Evidence of Regularity Compliance 51 26 SECTION TWENTY-SIX – CURRENCY 52 25 Section Twenty–Five Currency 52 27 SECTION TWENTY-SEVEN – Currency and Foreign Currency 53 Currency 53 Foreign Currency 53 26 Section Twenty–Six ACCOUNTING AND FINANCIAL AUDIT BY ANP 52 Accounting 52 Audit 52 CAPÍTULO VI - MISCELLANEOUS 54 28 SECTION TWENTY-EIGHT– Accounting and Financial Audit by ANP 53 Accounting 53 Audit 53 CHAPTER VI – GENERAL PROVISIONS 55 27 Section Twenty–Seven– ASSIGNMENT OF THE AGREEMENT 54 Assignment of the Agreement 55 Assignment 55 54 Undivided Share in Rights and Obligations 55 54 Partial Assignment of an Area during the Exploration Phase 55 54 Assignment of an Area in the Production Phase 56 55 Nullity of Assignment of Rights and Obligations and Need for Prior Express Approval 56 55 Approval of Assignment 56 55 Effectiveness and Efficacy of the Assignment 56 55 New Concession Agreement 57 28 Section Twenty–Eight 56 29 SECTION TWENTY-NINE – Relative Default and Penalties 57 RELATIVE DEFAULT AND PENALTIES 56 Legal and Contractual Sanctions 56 30 SECTION THIRTY – TERMINATION OF THE AGREEMENT 57 29 Section Twenty-Nine – Termination of the Agreement 58 Lawful Termination 58 57 Rescission by will of the Parties: Bilateral and unilateral termination 58 Termination 57 Extinction for Absolute Default 59 Default: Termination 57 Consequences of Termination 59 30 Section Thirty 58 31 SECTION THIRTY-ONE – Act of GodACT OF GOD, Force MajeureFORCE MAJEURE, and Similar Causes 59 AND SIMILAR CAUSES 58 Full or Partial Exemption 59 58 Amendment, Suspension, and Termination of the Agreement 60 59 Environmental Permitting 59 Losses 60 Losses 61 31 Section Thirty–One 32 SECTION THIRTY-TWO – Confidentiality 61 CONFIDENTIALITY 60 Obligation of the Concessionaire 61 60 ANP’s Commitment 61 33 SECTION THIRTY-THREE – NOTICES, REQUESTS, COMMUNICATIONS, AND REPORTS 62 32 Section Thirty–Two – Notices, Requests, Communications, and Reports 63 Notices, Requests, Plans, Programs, Reports, and other Communications 63 62 Addresses 63 62 Validity and Efficacy 63 62 Amendments to the Acts of Incorporation 63 33 Section Thirty62 34 SECTION THIRTY-Three FOUR – Legal Regime 63 LEGAL REGIME 62 Governing Law 62 Reconciliation 63 Reconciliation 64 Mediation 64 63 Independent Expert 64 63 Arbitration 64 63 Jurisdiction 66 65 Suspension of Activities 66 65 Justifications 66 65 Continuous Application 65 35 SECTION THIRTY-FIVE – CONTRIBUTION TO THE INTERNATIONAL MARITIME ORGANIZATION 66 34 Section Thirty36 SECTION THIRTY-Four SIX – Final Provisions 67 Execution FINAL PROVISIONS 66 Performance of the Agreement 67 66 Amendments and Addenda 67 66 Disclosure 67 66 ANNEX I – CONCESSION AREA 68 69 ANNEX II – MINIMUM EXPLORATION PROGRAM 69 70 ANNEX III – FINANCIAL GUARANTEE OF FOR THE MINIMUM EXPLORATION PROGRAM 71 ANNEX IV 72 XXXXX XX – PERFORMANCE GUARANTEE 72 ANNEX V 73 XXXXX X – GOVERNMENT AND THIRD-PARTY SHARES 73 74 ANNEX VI – PAYMENT OF THE SIGNATURE BONUS 74 75 ANNEX VII – INDICATION OF OPERATOR 75 ANNEX VIII 76 XXXXX XXXX – ADDRESS 76 77 CAPÍTULO I - BASIC PROVISIONS SECTION ONE – DEFINITIONS Legal 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.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 21 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 23 DISCOVERY AND ASSESSMENT 22 Notification of Discovery 23 22 Assessment, Discovery Assessment Plan, and Final Discovery Assessment Report 23 Assessment of New Reservoir 23 Discovery Assessment through Extended Well Test 24 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 32 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 33 32 Production Availability 33 Free Use 33 Supply to the Domestic Market 33 Consumption in the Operations 34 33 Results of Test 34 Oil and Gas Losses and Burning of Natural Gas 34 13 Section Thirteen SECTION THIRTEEN – Individualization of Production 35 INDIVIDUALIZATION OF PRODUCTION 34 Production Individualization Agreement 35 34 CHAPTER IV – EXECUTION OF OPERATIONS 36 35 14 Section Fourteen SECTION FOURTEEN – Execution by the Concessionaire 36 EXECUTION BY THE CONCESSIONAIRE 35 Concessionaire’s Exclusivity 36 35 Indication of the Operator by the Concessionaire 36 35 Diligence to Conduct Operations 37 36 Licenses, Authorizations, and Permits 38 37 Free Access to the Concession Area 38 37 Drilling and Abandonment of Xxxxx 38 37 Additional Work Programs 39 38 Data Acquisition outside the Concession Area 39 38 15 Section Fifteen SECTION FIFTEEN – Control of Operations and Assistance by CONTROL OF OPERATIONS AND ASSISTANCE BY ANP 39 38 Monitoring and Inspection by ANP 39 38 Access and Control 39 38 Assistance to the Concessionaire 40 39 Release from the Contracting Party’s and ANP’s responsibility 40 39 16 Section Sixteen SECTION SIXTEEN – Data and Information 40 DATA AND INFORMATION 39 Supply by the Concessionaire 40 39 Processing or Analysis Abroad 41 40 17 Section Seventeen SECTION SEVENTEEN – Properties 42 PROPERTIES 40 Properties, Equipment, Facilities, and Materials 42 40 Licenses, Authorizations, and Permits 42 41 Expropriations and Easements 42 41 Facilities or Equipment outside the Concession Area 42 41 Relinquishment of Areas and Reversal of Properties 43 41 Decommissioning and Abandonment Guarantees 43 42 Properties to be Reversed 44 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 18 Section Eighteen – Personnel, Services, and Subcontracts 44 Staff 44 Services 45 19 Section Nineteen – Local Content 45 Concessionaire’s Commitment with the Local Content 45 44 Evaluation of the Local Content 46 45 Excess Local Content 47 45 Penalty for Failure to Respect the Local Content 47 46 20 Section Twenty SECTION TWENTY – Operational Safety and Environment 48 OPERATIONAL SAFETY AND ENVIRONMENT 46 Environmental Control 48 46 Social Responsibility 49 47 Liability for Damages and Losses 49 47 21 Clause TwentyCLAUSE TWENTY-One ONE – INSURANCE 48 Insurance 49 Insurance 49 48 CHAPTER V – GOVERNMENT SHARES AND INVESTMENTS IN RESEARCH, DEVELOPMENT, AND INNOVATION 51 49 22 Section TwentySECTION TWENTY–Two TWO – Shares 51 SHARES 49 Government and Third-Party Shares 51 49 23 Section TwentySECTION TWENTY–Three THREE – Funds for ResearchFUNDS FOR RESEARCH, DevelopmentDEVELOPMENT, and Innovation 51 AND INNOVATION 49 24 SECTION TWENTY–Four FOUR – TAXES 52 50 Tax Regime 52 50 Certificates and Evidence of Regularity 52 50 25 Section TwentySECTION TWENTY–Five FIVE – CURRENCY AND FOREIGN CURRENCY 51 Currency and 51 Foreign Currency 53 Currency 53 Foreign Currency 53 51 26 Section TwentySECTION TWENTY–Six SIX – ACCOUNTING AND FINANCIAL AUDIT BY ANP 51 Accounting and Financial 51 Audit by ANP 53 Accounting 53 Audit 53 51 CHAPTER VI – GENERAL PROVISIONS 55 53 27 Section TwentySECTION TWENTY–SevenSEVEN– ASSIGNMENT OF THE AGREEMENT 53 Assignment of the Agreement 55 Assignment 55 53 Undivided Share in Rights and Obligations 55 53 Partial Assignment of an Area during the Exploration Phase 55 53 Assignment of an Area in the Production Phase 56 54 Nullity of Assignment of Rights and Obligations and Need for Prior Express Approval 56 54 Approval of Assignment 56 54 Effectiveness and Efficacy of the Assignment 56 54 New Concession Agreement 57 55 28 Section TwentySECTION TWENTY–Eight EIGHT – Relative Default and Penalties 57 RELATIVE DEFAULT AND PENALTIES 55 Legal and Contractual Sanctions 57 55 29 Section TwentySECTION TWENTY-Nine NINE – Termination of the Agreement 58 TERMINATION OF THE AGREEMENT 56 Lawful Termination 58 56 Rescission by will of the Parties: Bilateral and unilateral termination 58 56 Termination for Absolute Default 59 56 Consequences of Termination 59 57 30 Section Thirty SECTION THIRTY – Act of GodACT OF GOD, Force MajeureFORCE MAJEURE, and Similar Causes 59 AND SIMILAR CAUSES 57 Full or Partial Exemption 59 57 Amendment, Suspension, and Termination of the Agreement 60 58 Environmental Permitting 60 58 Losses 61 59 31 Section ThirtySECTION THIRTY–One ONE – Confidentiality 61 CONFIDENTIALITY 59 Obligation of the Concessionaire 61 59 ANP’s Commitment 62 60 32 Section ThirtySECTION THIRTY–Two TWO – NoticesNOTICES, RequestsREQUESTS, CommunicationsCOMMUNICATIONS, and Reports 63 AND REPORTS 60 Notices, Requests, Plans, Programs, Reports, and other Communications 63 60 Addresses 63 61 Validity and Efficacy 63 61 Amendments to the Acts of Incorporation 63 61 33 Section ThirtySECTION THIRTY-Three THREE – Legal Regime 63 LEGAL REGIME 61 Governing Law 63 61 Reconciliation 64 61 Mediation 64 62 Independent Expert 62 Arbitration 62 Jurisdiction 64 Arbitration 64 Jurisdiction 66 Suspension of Activities 66 64 Justifications 66 64 Continuous Application 66 64 34 Section ThirtySECTION THIRTY-Four FOUR – Final Provisions 67 FINAL PROVISIONS 65 Execution of the Agreement 67 65 Amendments and Addenda 67 65 Disclosure 67 65 ANNEX I – CONCESSION AREA 68 ERRO! INDICADOR NÃO DEFINIDO. ANNEX II – MINIMUM EXPLORATION PROGRAM 69 ERRO! INDICADOR NÃO DEFINIDO. ANNEX III – FINANCIAL GUARANTEE OF THE MINIMUM EXPLORATION PROGRAM 71 ERRO! INDICADOR NÃO DEFINIDO. ANNEX IV – PERFORMANCE GUARANTEE 72 ERRO! INDICADOR NÃO DEFINIDO. ANNEX V – GOVERNMENT AND THIRD-PARTY SHARES 73 ERRO! INDICADOR NÃO DEFINIDO. ANNEX VI – PAYMENT OF THE SIGNATURE BONUS 74 ERRO! INDICADOR NÃO DEFINIDO. ANNEX VII – INDICATION OF OPERATOR 75 ERRO! INDICADOR NÃO DEFINIDO. ANNEX VIII – ADDRESS 76 ERRO! INDICADOR NÃO DEFINIDO. CHAPTER I – BASIC PROVISIONS PROVISIONS‌ SECTION ONE – DEFINITIONS Legal Definitions 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 – 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 21 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 23 22 Notification of Discovery 23 22 Assessment, Discovery Assessment Plan, and Final Discovery Assessment Report 23 Assessment of New Reservoir 23 Discovery Assessment through Extended Well Test 24 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 32 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 33 32 Production Availability 33 Free Use 33 Supply to the Domestic Market 33 Consumption in the Operations 34 33 Results of Test 34 Oil and Gas Losses and Burning of Natural Gas 34 13 Section Thirteen – Individualization of Production 35 34 Production Individualization Agreement 35 34 CHAPTER IV – EXECUTION OF OPERATIONS 36 35 14 Section Fourteen – Execution by the Concessionaire 36 35 Concessionaire’s Exclusivity 36 35 Indication of the Operator by the Concessionaire 36 35 Diligence to Conduct Operations 37 36 Licenses, Authorizations, and Permits 38 37 Free Access to the Concession Area 38 37 Drilling and Abandonment of Xxxxx 38 37 Additional Work Programs 39 38 Data Acquisition outside the Concession Area 39 38 15 Section Fifteen SECTION FIFTEEN – Control of Operations and Assistance by CONTROL OF OPERATIONS AND ASSISTANCE BY ANP 39 38 Monitoring and Inspection by ANP 39 38 Access and Control 39 38 Assistance to the Concessionaire 40 39 Release from the Contracting Party’s and ANP’s responsibility 40 39 16 Section Sixteen – Data and Information 40 39 Supply by the Concessionaire 40 39 Processing or Analysis Abroad 41 40 17 Section Seventeen – Properties 42 40 Properties, Equipment, Facilities, and Materials 42 40 Licenses, Authorizations, and Permits 42 41 Expropriations and Easements 42 41 Facilities or Equipment outside the Concession Area 42 41 Relinquishment of Areas and Reversal of Properties 43 41 Decommissioning and Abandonment Guarantees 43 42 Properties to be Reversed 44 42 Removal of Non-Reversed Properties 44 43 18 Section Eighteen – Personnel, Services, and Subcontracts 44 43 Staff 44 43 Services 45 43 19 Section Nineteen – Local Content 45 44 Concessionaire’s Commitment with the Local Content 45 44 Evaluation of the Local Content 46 45 Excess Local Content 47 45 Penalty for Failure to Respect the Local Content 47 46 20 Section Twenty – Operational Safety and Environment 48 46 Environmental Control 48 46 Social Responsibility 49 47 Liability for Damages and Losses 49 47 21 Clause Twenty-One – Insurance 49 48 Insurance 49 48 CHAPTER V – GOVERNMENT SHARES AND INVESTMENTS IN RESEARCH, DEVELOPMENT, AND INNOVATION 51 49 22 Section Twenty–Two – Shares 51 49 Government and Third-Party Shares 51 49 23 Section Twenty–Three – Funds for Research, Development, and Innovation 51 49 24 SECTION TWENTY–Four FOUR – TAXES 52 50 Tax Regime 52 50 Certificates and Evidence of Regularity 52 50 25 Section Twenty–Five – Currency and Foreign Currency 53 51 Currency 53 51 Foreign Currency 53 51 26 Section TwentySECTION TWENTY–Six SIX – ACCOUNTING AND FINANCIAL AUDIT BY ANP 51 Accounting and Financial 51 Audit by ANP 53 Accounting 53 Audit 53 51 CHAPTER VI – GENERAL PROVISIONS 55 53 27 Section Twenty–Seven– Assignment of the Agreement 55 53 Assignment 55 53 Undivided Share in Rights and Obligations 55 53 Partial Assignment of an Area during the Exploration Phase 55 53 Assignment of an Area in the Production Phase 56 54 Nullity of Assignment of Rights and Obligations and Need for Prior Express Approval 56 54 Approval of Assignment 56 54 Effectiveness and Efficacy of the Assignment 56 54 New Concession Agreement 57 55 28 Section Twenty–Eight – Relative Default and Penalties 57 55 Legal and Contractual Sanctions 57 55 29 Section Twenty-Nine – Termination of the Agreement 58 56 Lawful Termination 58 56 Rescission by will of the Parties: Bilateral and unilateral termination 58 56 Termination for Absolute Default 59 56 Consequences of Termination 59 57 30 Section Thirty – Act of God, Force Majeure, and Similar Causes 59 57 Full or Partial Exemption 59 57 Amendment, Suspension, and Termination of the Agreement 60 58 Environmental Permitting 60 58 Losses 61 59 31 Section Thirty–One – Confidentiality 61 59 Obligation of the Concessionaire 61 59 ANP’s Commitment 62 60 32 Section Thirty–Two – Notices, Requests, Communications, and Reports 63 60 Notices, Requests, Plans, Programs, Reports, and other Communications 63 60 Addresses 63 61 Validity and Efficacy 63 61 Amendments to the Acts of Incorporation 63 61 33 Section Thirty-Three – Legal Regime 63 61 Governing Law 63 61 Reconciliation 64 61 Mediation 64 62 Independent Expert 62 Arbitration 62 Jurisdiction 64 Arbitration 64 Jurisdiction 66 Suspension of Activities 66 64 Justifications 66 64 Continuous Application 66 64 34 Section Thirty-Four – Final Provisions 67 65 Execution of the Agreement 67 65 Amendments and Addenda 67 65 Disclosure 67 65 ANNEX I – CONCESSION AREA 68 ERRO! INDICADOR NÃO DEFINIDO. ANNEX II – MINIMUM EXPLORATION PROGRAM 69 ERRO! INDICADOR NÃO DEFINIDO. ANNEX III – FINANCIAL GUARANTEE OF THE MINIMUM EXPLORATION PROGRAM 71 ERRO! INDICADOR NÃO DEFINIDO. ANNEX IV – PERFORMANCE GUARANTEE 72 ERRO! INDICADOR NÃO DEFINIDO. ANNEX V – GOVERNMENT AND THIRD-PARTY SHARES 73 ERRO! INDICADOR NÃO DEFINIDO. ANNEX VI – PAYMENT OF THE SIGNATURE BONUS 74 ERRO! INDICADOR NÃO DEFINIDO. ANNEX VII – INDICATION OF OPERATOR 75 ERRO! INDICADOR NÃO DEFINIDO. ANNEX VIII – ADDRESS 76 ERRO! INDICADOR NÃO DEFINIDO. CHAPTER I – BASIC PROVISIONS PROVISIONS‌ SECTION ONE – DEFINITIONS Legal Definitions 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 – 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 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 – Discovery and Assessment 23 Notification of Discovery 23 Assessment, Discovery Assessment Plan, and Final Discovery Assessment Report 23 Assessment of New Reservoir 23 Discovery Assessment through Extended Well Test 24 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 32 Temporary Interruption of Production 32 Annual Work and Budget Program of the Production Xxxxx 00 00 Section Twelve – Measurement, Monthly Reports, Phase 35 17 Clause Seventeen - Measurement and Production Availability 32 of production Sharing 36 Measurement 32 36 Sharing Point 36 Monthly Production Reports 33 Bulletins 36 Availability of Production Availability 33 Free Use 33 37 National Market Supply to the Domestic Market 33 37 Consumption in the Operations 34 37 Test Results 37 Losses of Test 34 Oil and Natural Gas Losses and Burning of Natural Gas 34 13 Section Thirteen – 38 18 Clause Eighteen - Individualization of Production 35 38 Production Individualization Agreement 35 38 19 Clause Nineteen - Discovery, Evaluation and Development of New Reservoir in the Production Phase 39 CHAPTER IV – EXECUTION V -EXCUTION OF OPERATIONS 36 14 Section Fourteen – 40 20 Clause Twenty - Execution of Operations by the Concessionaire 36 Concessionaire’s Exclusivity 36 Indication Consortium Members 40 Operator 40 Diligence in the Conduct of the Operator by the Concessionaire 36 Diligence to Conduct Operations 37 40 Licenses, Authorizations, Authorizations and Permits 38 Permissions 41 Free Access to the Concession Agreement Area 38 41 Drilling and Abandonment of Xxxxx 38 41 Additional Work Programs 39 42 Acquisition of Data Acquisition outside the Concession Agreement Area 39 15 Section Fifteen – 42 21 Clause Twenty-one - Control of Operations and Assistance by ANP 39 and the Contracting Party 42 Monitoring and Inspection Supervision by ANP 39 42 Follow-up by the Contracting Party 42 Access and Control 39 42 Assistance to the Concessionaire 40 Release from Contractors 43 Exemption of Liability of the Contracting Party’s Party and ANP’s responsibility 40 16 Section Sixteen – ANP 43 22 Clause Twenty-two - Data and Information 40 Supply 43 Provision by the Concessionaire 40 Contractors 43 Processing or Analysis Abroad 41 17 Section Seventeen – Properties 42 Properties44 23 Clause Twenty-Three - Goods 44 Goods, Equipmentequipment, Facilities, plant and Materials 42 Licenses, Authorizations, and Permits 42 Expropriations and Easements 42 materials 44 Facilities or Equipment outside the Concession Agreement Area 42 Relinquishment of Areas and 44 Reversal of Properties 43 Goods 45 Guarantees for Decommissioning and Abandonment Guarantees 43 Properties of Facilities 45 Goods to be Reversed 44 46 Removal of NonNot Reverted Goods 46 24 Clause Twenty-Reversed Properties 44 18 Section Eighteen – four - Personnel, Services, Services and Subcontracts 44 Staff 44 46 Personnel 46 Services 45 19 Section Nineteen – Local Content 45 Concessionaire’s Commitment with the Local Content 45 Evaluation of the Local Content 46 Excess 47 25 Clause Twenty-five - Local Content 47 Penalty for Failure Contractor's Commitment to Respect the Local Content 47 20 Section Twenty – Assessment of Local Content 48 Surplus of Local Content 49 Fine for the Breach of Local content 49 26 Clause Twenty-six- Operational Safety and Environment 48 50 Environmental Control 48 50 Social Responsibility 49 Liability for Damages and Losses 49 21 51 27 Clause Twenty-One – seven - Insurance 49 52 Insurance 49 CHAPTER 52 CAPÍTULO V – GOVERNMENT SHARES AND INVESTMENTS IN RESEARCH, DEVELOPMENT, AND INNOVATION 51 22 Section - GENERAL PROVISIONS 53 28 Clause Twenty–Two – Shares 51 Government and Third-Party Shares 51 23 Section Twenty–Three – Funds for Research, Development, and Innovation 51 24 SECTION TWENTY–Four – TAXES 52 Tax Regime 52 Certificates and Evidence of Regularity 52 25 Section Twenty–Five – Currency and Foreign eight- Currency 53 Currency 53 Foreign Currency 53 26 Section 29 Clause Twenty–Six – -nine - Accounting and Financial Audit by ANP 53 Accounting 53 Audit 53 CHAPTER VI – GENERAL PROVISIONS 55 27 Section Twenty–Seven– Assignment 30 Clause Thirty - Assigment of the Agreement 55 AGREEMENT 54 Assignment 55 Undivided Share in Rights and Obligations 55 Partial Assignment of an Area during the Exploration Phase 55 Assignment of an Area in the Production Phase 56 Nullity of Assignment of Rights and Obligations and Need for Prior Express Approval 56 Approval of Assignment 56 Effectiveness and Efficacy of the Assignment 56 New Concession Agreement 57 28 Section Twenty–Eight – Relative Default and Penalties 57 Legal and Contractual Sanctions 57 29 Section Twenty-Nine – Termination of the Agreement 58 Lawful Termination 58 Rescission by will of the Parties: Bilateral and unilateral termination 58 Termination for Absolute Default 59 Consequences of Termination 59 30 Section Thirty – Act of God, Force Majeure, and Similar Causes 59 Full or Partial Exemption 59 Amendment, Suspension, and Termination of the Agreement 60 Environmental Permitting 60 Losses 61 31 Section Thirty–One – Confidentiality 61 Obligation of the Concessionaire 61 ANP’s Commitment 62 32 Section Thirty–Two – Notices, Requests, Communications, and Reports 63 Notices, Requests, Plans, Programs, Reports, and other Communications 63 Addresses 63 Validity and Efficacy 63 Amendments to the Acts of Incorporation 63 33 Section Thirty-Three – Legal Regime 63 Governing Law 63 Reconciliation 64 Mediation 64 Independent Expert 64 Arbitration 64 Jurisdiction 66 Suspension of Activities 66 Justifications 66 Continuous Application 66 34 Section Thirty-Four – Final Provisions 67 Execution of the Agreement 67 Amendments and Addenda 67 Disclosure 67 ANNEX I – CONCESSION AREA 68 ANNEX II – MINIMUM EXPLORATION PROGRAM 69 ANNEX III – FINANCIAL GUARANTEE OF THE MINIMUM EXPLORATION PROGRAM 71 ANNEX IV – PERFORMANCE GUARANTEE 72 ANNEX V – GOVERNMENT AND THIRD-PARTY SHARES 73 ANNEX VI – PAYMENT OF THE SIGNATURE BONUS 74 ANNEX VII – INDICATION OF OPERATOR 75 ANNEX VIII – ADDRESS 76 BASIC PROVISIONS SECTION ONE – DEFINITIONS Legal 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.54