Effects of termination of the Exploitation Period. If for any reason the operating rights and obligations cease with regard to an Exploitation Area, THE CONTRACTOR will leave the production of xxxxx producing at the time in perfect conditions and leave all constructions and other real property in good condition and pass them free of charge to XXX with all easements and goods acquired for the purposes of Exploitation, even if they are outside the Exploitation Area. With regard to the moveable assets used solely in the service of the Exploitation Area, if termination occurs before 18 Years of the Exploitation Period have elapsed, THE CONTRACTOR will offer them to XXX for sale at book value. If within 3 Months from the date of the offer XXX has not responded affirmatively, THE CONTRACTOR is free to dispose of them. If termination takes place after the first 18 Years of the Exploitation Period, the assets will pass to XXX free of charge. XXX will set the criterion with respect to the productivity of the xxxxx. Any disagreement with regard to the nature and destination of the assets will be subject to the procedure set forth in Clause 27 below. Likewise, THE CONTRACTOR will be obliged to assign to XXX or to the entity indicated by XXX, the Environmental License and the economic resources required to attend to the obligations of Abandonment. The application of this Clause does not imply that XXX is to assume THE CONTRACTOR´s employment obligations to its personnel. CLAUSE 5 – MINIMUM EXPLORATION PROGRAM
Effects of termination of the Exploitation Period. If for any reason the operating rights and obligations cease with regard to an Exploitation Area, THE CONTRACTOR will leave the production of wells xxxxxcing at the time in perfect conditions and leave all constructions and other real property in good condition and pass them free of charge to ANH wixx all easements and goods acquired for the purposes of Exploitation, even if they are outside the Exploitation Area. With regard to the moveable assets used solely in the service of the Exploitation Area, if termination occurs before 18 Years of the Exploitation Period have elapsed, THE CONTRACTOR will offer them to ANH fox xale at book value. If within 3 Months from the date of the offer ANH hax xot responded affirmatively, THE CONTRACTOR is free to dispose of them. If termination takes place after the first 18 Years of the Exploitation Period, the assets will pass to ANH frxx of charge. ANH wixx set the criterion with respect to the productivity of the wells. Xxx disagreement with regard to the nature and destination of the assets will be subject to the procedure set forth in Clause 27 below. Likewise, THE CONTRACTOR will be obliged to assign to ANH or xx the entity indicated by ANH, txx Environmental License and the economic resources required to attend to the obligations of Abandonment. The application of this Clause does not imply that ANH is xx assume THE CONTRACTOR´s employment obligations to its personnel. CLAUSE 5 – MINIMUM EXPLORATION PROGRAM
