Common use of Calculation Statement of the Profit Oil Clause in Contracts

Calculation Statement of the Profit Oil. As of the Production Start Date or during performance of the Extended Well Tests in the Assessment phase, the Contracted Party shall send to the Manager the Calculation Statement of the Profit Oil, in the format and frequency determined thereby. The prices in the table included in Annex XII shall be adjusted through the following formula: Priceadjusted = Pricebase* (Im / I0) Where, Priceadjusted = Adjusted price, in U.S. dollars; Pricebase = Price included in the tender protocol, in U.S. dollars; Im = “Consumer Price Index” published by the Bureau of Labor Statistics of the U.S. Department of Labor, corresponding to the month of price adjustment; I0: “Consumer Price Index” published by the Bureau of Labor Statistics of the U.S. Department of Labor, corresponding to the month of execution of the Agreement. The tender protocol prices shall be adjusted for the first time in the month before the Production Start Date, by the most recent index published. The subsequent adjustments shall be made every twelve (12) months, as of the month of the latest adjustment. In order to make the calculations established in paragraph 9.5, three (3) exact decimal places shall be adopted, disregarding other digits starting from, and including, the fourth place. The amounts of adjusted prices shall be rounded to the closest monetary amount with two (2) decimal places. The table with the prices adjusted in the month following disclosure of the indexes required for calculations shall be adopted. In case of cancellation of the “Consumer Price Index”, another official index that may replace it shall be adopted or, in its absence, another index with similar function.

Calculation Statement of the Profit Oil. As of the Production Start Date or during performance of the Extended Well Tests in the Assessment phase, the Contracted Party shall send to the Manager the Calculation Statement of the Profit Oil, in the format and frequency determined thereby. The prices in the table included in Annex XII VI shall be adjusted through the following formula: Priceadjusted = Priceadjusted= Pricebase* (Im / I0) Where, Priceadjusted = Adjusted price, Priceadjusted: Price adjusted in U.S. dollarsDollars; Pricebase = Pricebase: Price included in the tender protocol, protocol in U.S. dollarsDollars; Im = “m: Consumer Price Index” Prices Index published by the Bureau of Labor Statistics of the U.S. Department of Labor, Bureau of Labor Statistics, corresponding to the month of when the price adjustmentis updated; I0: “Consumer Price Index” Prices Index published by the Bureau of Labor Statistics of the U.S. Department of Labor, Bureau of Labor Statistics, corresponding to the month of execution of when the AgreementAgreement is entered into. The tender protocol prices shall be adjusted for the first time in the month before the Production Start Date, by the most recent index published. The subsequent adjustments shall be made every twelve (12) months, as of the month of the latest adjustment. In order to make the calculations established in paragraph 9.5, three (3) exact decimal places shall be adopted, disregarding other digits starting from, and including, the fourth place. The amounts of adjusted prices shall be rounded to the closest monetary amount with two (2) decimal places. The table with the prices adjusted in the month following disclosure of the indexes required for calculations shall be adopted. In case of cancellation of the “Consumer Price Index”, another official index that may replace it shall be adopted or, in its absence, another index with similar function.