Common use of Draft Projections Clause in Contracts

Draft Projections. (a) The Technical Bank shall prepare a draft Projection using: (i) all the Assumptions that have been agreed between the Borrower and the Technical Bank pursuant to Clause 6.4 (Preparatory Steps); and (ii) to the extent that the Borrower and the Technical Bank have not been able to reach agreement on any such Assumptions by the date referred to in Clause 6.4 (Preparatory Steps) such Assumptions as determined by the Technical Bank (provided that, in the case of any Economic Assumptions, such Assumptions are (from the Borrower’s perspective) no less favourable than the corresponding economic assumptions which are then being used for the production of forecasts and projections on Equivalent Financings). (b) The Technical Bank will endeavour to ensure that each draft Projection is delivered to the Borrower and the Lenders no later than (i) twenty-five (25) Business Days prior to the Recalculation Date on which such Projection is due to be adopted or (ii) in the case of any draft Interim Projection, such later date as the Agent may specify. (c) Each draft Projection must be accompanied by details of the conditions (if any) that the Agent (acting reasonably) considers necessary to be satisfied in order for (if the Borrower has made a request under Clause 6.5 (Asset base)), the relevant Petroleum Asset(s) to be designated as Borrowing Base Asset(s) and/or, as the case may be, the relevant Borrowing Base Asset(s) to cease to be so designated. The conditions for the designation of a Petroleum Asset as a Borrowing Base Asset shall include as a minimum (i) the completion of satisfactory economic, legal and technical due diligence relating to that Petroleum Asset (ii) creation of Security relating thereto (including, without limitation, over relevant gas sale agreements) in favour of the Security Trustee (iii) the production of satisfactory evidence that all Authorisations required for the development and/or exploitation of that Petroleum Asset have been obtained and (iv) a satisfactory Reserves Report. 118798-4-1-v6.0 - 37 - 70-40539524

Draft Projections. (a) 6.5.1 The Technical Bank Lender shall prepare a draft Projection using: (iA) all the Assumptions that have been agreed between the Borrower and the Technical Bank Lender pursuant to Clause 6.4 6.4.2 (Preparatory Stepssteps); and (iiB) to the extent that the Borrower and the Technical Bank Lender have not been able to reach agreement on any such Assumptions by the date referred to in Clause 6.4 6.4.2 (Preparatory Stepssteps) such Assumptions as determined by the Technical Bank Lender (provided that, in the case of any Economic Assumptions, such Assumptions are (from the Borrower’s perspective) no less favourable than the corresponding economic assumptions which are then being used for the production of forecasts and projections on Equivalent Financings). 6.5.2 If the Borrower has made a request under Clause 6.7 (bAsset base) and/or the Projection in question is being prepared pursuant to Clause 6.1.1(B)(5) (Adoption) then, at the Lender’s option: (A) the draft Projection shall be prepared on the basis that the relevant Petroleum Asset(s) have been designated as Borrowing Base Asset(s) and/or as the case may be, the relevant Borrowing Base Asset(s) have ceased to be so designated; or (B) the Lender shall prepare: (1) a draft Projection on the basis that the relevant Petroleum Asset(s) have been designated as Borrowing Base Asset(s) and/or, as the case may be, the relevant Borrowing Base Asset(s) have ceased to be so designated; and (2) a further draft Projection on the basis that no new Petroleum Asset(s) will be designated as Borrowing Base Asset(s) and no current Borrowing Base Asset(s) will cease to be so designated. 6.5.3 The Technical Bank Lender will endeavour to ensure that each draft Projection is delivered to the Borrower and the Lenders no later than (i) twenty-five (25) 25 Business Days prior to the Recalculation Date on which such Projection is due to be adopted or (ii) in the case of any draft Interim Projection, such later date as the Agent Lender may specify. (c) 6.5.4 Each draft Projection must be accompanied by details of the conditions (“CPs”) (if any) that the Agent Lender (acting reasonably) considers necessary to be satisfied in order for (if the Borrower has made a request under Clause 6.5 6.7.1 (Asset base) or the draft Projection is being prepared pursuant to Clause 6.1.1(B)(5) (Adoption)), the relevant Petroleum Asset(s) to be designated as Borrowing Base Asset(s) and/or, as the case may be, the relevant Borrowing Base Asset(s) to cease to be so designated. The conditions CPs for the designation of a Petroleum Asset as a Borrowing Base Asset shall may include as a minimum (i) the completion of satisfactory economic, legal and technical due diligence relating to that Petroleum Asset (ii) and creation of Security Interests relating thereto (including, without limitation, over relevant gas sale agreements) in favour of the Security Trustee Lender and/or (iiiii) the production of satisfactory evidence that all Authorisations required for the development and/or exploitation of that Petroleum Asset have been obtained and (iv) a satisfactory Reserves Report. 118798-4-1-v6.0 - 37 - 70-40539524obtained.

Draft Projections. 7.5.1 The Company shall (a) The in consultation with the Technical Bank shall and the Agent): (A) in the case of any Projection other than a Disposal Projection, prepare a draft Projection using: (i1) all the Assumptions that have been agreed between the Borrower Company and the Agent or Technical Bank pursuant to Clause 6.4 Clauses 7.4.2 and 7.4.3 (Preparatory Stepssteps); and (ii2) to the extent that the Borrower Company and the Agent or Technical Bank Bank, as appropriate, have not been able to reach agreement on any such Assumptions by the date referred to in Clause 6.4 (Preparatory Steps) Assumptions, such Assumptions as determined by the Technical Bank in accordance with Clauses 7.4.2 or 7.4.3 (provided that, Preparatory steps); and (B) in the case of any Economic AssumptionsDisposal Projection, such prepare a draft Disposal Projection: (1) on the basis that the relevant Borrowing Base Asset(s) have ceased to be so designated; and (2) otherwise using all of the Assumptions are (from the Borrower’s perspective) no less favourable than the corresponding economic assumptions which are then being that were used for the production purposes of forecasts the then current Projection which the relevant Disposal Projection is intended to supersede. 7.5.2 If the Company has made a request under Clause 7.10 (Asset base) then, at the Technical Bank’s option: (A) the draft Projection shall be prepared on the basis that the relevant Petroleum Asset(s) have been designated as Borrowing Base Asset(s) and/or as the case may be, the relevant Borrowing Base Asset(s) have ceased to be so designated; or (B) the Company (in consultation with the Technical Bank) shall prepare: (1) a draft Projection on the basis that the relevant Petroleum Asset(s) have been designated as Borrowing Base Asset(s) and/or, as the case may be, the relevant Borrowing Base Asset(s) have ceased to be so designated; and (2) a further draft Projection on the basis that no new Petroleum Asset(s) will be designated as Borrowing Base Asset(s) and projections no current Borrowing Base Asset(s) will cease to be so designated. 7.5.3 If the Company has made a request under Clause 7.1.1(B)(2)(a) (Adoption), the draft Projection shall be prepared on Equivalent Financingsthe basis that the relevant Petroleum Asset(s) have been designated as Borrowing Base Asset(s). (b) 7.5.4 The Technical Bank Company and the Agent will endeavour to ensure that each draft Projection is delivered to the Borrower and the Lenders each Lender no later than (i) twenty-five (25) Business Days 14 days prior to the Recalculation Date on which such Projection is due to be adopted or (ii) in the case of any draft Interim Projection, such later date as the Agent may specifyadopted. (c) 7.5.5 Each draft Projection must be accompanied by details of the conditions (“CPs”) (if any) that the Technical Bank and Agent (acting reasonably) considers consider necessary to be satisfied in order for (if the Borrower Company has made a request under Clause 6.5 7.10.1 (Asset base) or the draft Projection is being prepared pursuant to Clause 7.1.1(B)(2) (Adoption)), the relevant Petroleum Asset(s) to be designated as Borrowing Base Asset(s) and/or, as the case may be, the relevant Borrowing Base Asset(s) to cease to be so designated. The conditions for the designation of a Petroleum Asset as a designated (provided that no CPs shall be required to be satisfied in relation to any Borrowing Base Asset shall include as a minimum ceasing to be so designated if, in accordance with Clause 7.6.4 (i) the completion of satisfactory economicConsideration by Lenders), legal and technical due diligence relating no Lender is entitled to that Petroleum withhold its consent to such Borrowing Base Asset (ii) creation of Security relating thereto (including, without limitation, over relevant gas sale agreements) in favour of the Security Trustee (iii) the production of satisfactory evidence that all Authorisations required for the development and/or exploitation of that Petroleum Asset have been obtained and (iv) a satisfactory Reserves Report. 118798-4-1-v6.0 - 37 - 70-40539524ceasing to be so designated).

Draft Projections. (a) 7.5.1 The Technical Bank shall prepare a draft Projection using: (iA) all the Assumptions that have been agreed between the Borrower and the Technical Bank pursuant to Clause 6.4 7.4.2 (Preparatory Stepssteps); and (iiB) to the extent that the Borrower and the Technical Bank have not been able to reach agreement on any such Assumptions by the date referred to in Clause 6.4 7.4.2 (Preparatory Steps) steps), such Assumptions as determined by the Technical Bank (provided that, in the case of any Economic Assumptions, such Assumptions are (from the Borrower’s perspective) no less favourable than the corresponding economic assumptions which are then being used for the production of forecasts and projections on Equivalent Financingsacting reasonably). 7.5.2 If the Borrower has made a request under Clause 7.10 (bAsset base) and/or the Projection in question is being prepared pursuant to Clause 7.1.1(B)(3) (Adoption ) then, at the Technical Bank's option: (A) the draft Projection shall be prepared on the basis that the relevant Petroleum Asset(s) have been designated as Borrowing Base Asset(s) and/or as the case may be, the relevant Borrowing Base Asset(s) have ceased to be so designated; or (B) the Technical Bank shall prepare: (1) a draft Projection on the basis that the relevant Petroleum Asset(s) have been designated as Borrowing Base Asset(s) and/or, as the case may be, the relevant Borrowing Base Asset(s) have ceased to be so designated; and (2) a further draft Projection on the basis that no new Petroleum Asset(s) will be designated as Borrowing Base Asset(s) and no current Borrowing Base Asset(s) will cease to be so designated. 7.5.3 The Borrower and the Technical Bank will endeavour to ensure that each draft Projection is delivered (through the Facility Agent) to the Borrower and the Lenders each Lender no later than (i) twenty-five (25) *** redacted commercially sensitive term negotiated between the parties *** Business Days prior to the Recalculation Date on which such Projection is due to be adopted or (ii) in the case of any draft Interim Projection, such later date as the Agent Technical Bank may specify. 7.5.4 If the Borrower has made a request under Clause 7.10.1 (cAsset base) Each or the draft Projection is being prepared pursuant to Clause 7.1.1(B)(3) (Adoption) the relevant draft Projection must be accompanied by details of the conditions ("CPs ") (if any) that the Agent Technical Bank (acting reasonably) considers necessary to be satisfied in order for (if the Borrower has made a request under Clause 6.5 (Asset base)), the relevant Petroleum Asset(s) to be designated as Borrowing Base Asset(s) and/or, as the case may be, the relevant Borrowing Base Asset(s) to cease to be so designated. The conditions for the designation of a Petroleum Asset as a Borrowing Base Asset shall include as a minimum (i) the completion of satisfactory economic, legal and technical due diligence relating to that Petroleum Asset (ii) creation of Security relating thereto (including, without limitation, over relevant gas sale agreements) in favour of the Security Trustee (iii) the production of satisfactory evidence that all Authorisations required for the development and/or exploitation of that Petroleum Asset have been obtained and (iv) a satisfactory Reserves Report. 118798-4-1-v6.0 - 37 - 70-40539524.