Common use of Extension of the Exploration Phase Clause in Contracts

Extension of the Exploration Phase. 26 Contracted Parties’ Options after Completion of the Exploration Phase 27 Relinquishment of the Contract Area at the End of the Exploration Phase 27 11 SECTION ELEVEN – COMPENSATORY PENALTY FOR DEFAULT OF THE MINIMUM EXPLORATION PROGRAM 27 Compensatory Penalty for Default of the Minimum Exploration Program and Provision of Financial Guarantee 27 Types of Financial Guarantees 28 Adjustment of the Financial Guarantees 28 Effectiveness of Financial Guarantees 28 Reduction of the Amount Secured 29 Return of the Financial Guarantees 29 Enforcement of the Compensatory Penalty 29 12 SECTION TWELVE – DISCOVERY AND ASSESSMENT 30 Notification of Discovery 30 Assessment, Discovery Assessment Plan, and Final Discovery Assessment Report 30 Assessment of New Reservoir 31 Discovery Assessment through Extended Well Test 31 13 SECTION THIRTEEN – DECLARATION OF COMMERCIAL FEASIBILITY 31 Declaration of Commercial Feasibility 31 Postponement of the Declaration of Commercial Feasibility 32 CHAPTER IV – DEVELOPMENT AND PRODUCTION 33 14 SECTION FOURTEEN – PRODUCTION XXXXX 00 Start and Duration 33 Relinquishment of the Contract Area 33 15 SECTION FIFTEEN – DEVELOPMENT PLAN 34 Deadlines 34 Development Area 34 Approval and Implementation of the Development Plan 35 Reviews and Amendments 36 Buildings, Facilities, and Equipment 36 16 SECTION SIXTEEN – PRODUCTION START DATE AND ANNUAL PROGRAMS 36 Production Start Date 36 Annual Production Program 37 Approval of the Annual Production Program 37 Revision 37 Production Volume Variance 38 Temporary Interruption of Production 38 Annual Work and Budget Program of the Production Xxxxx 00 00 SECTION SEVENTEEN – MEASUREMENT AND AVAILABILITY OF THE PRODUCTION SHARING 38 Measurement 38 Sharing Point 39 Monthly Production Reports 39 Production Availability 39 Supply to the Domestic Market 39 Consumption in the Operations 40 Test Results 40 Oil and Gas Losses and burning of Natural Gas 40 18 SECTION EIGHTEEN – INDIVIDUALIZATION OF PRODUCTION 41 Individualization of Production 41 CHAPTER V – EXECUTION OF OPERATIONS AND JOINT OPERATIONS 42 19 SECTION NINETEEN – EXECUTION OF OPERATIONS BY THE CONSORTIUM MEMBERS 42 Indication of the Operator by the Contracted Parties 42 Diligence to Conduct Operations 42 Licenses, Authorizations, and Permits 43 Free Access to the Contract Area 43 Drilling and Abandonment of Xxxxx 44 Additional Work Programs 44 Data Acquisition outside the Contract Area 44 20 SECTION TWENTY – CONTROL OF THE OPERATIONS AND ASSISTANCE BY ANP AND THE CONTRACTING PARTY 44 Monitoring and Inspection by ANP 44 Monitoring by the Contracting Party 45 Access and Control 45 Assistance to the Contracted Party 45 Release from Contracting Party’s and ANP’s responsibility 45 21 SECTION TWENTY-ONE – DATA AND INFORMATION 45 Supply by the Consortium Members 45 Processing or Analysis Abroad 46 22 SECTION TWENTY-TWO – PROPERTIES 47 Properties, Equipment, Facilities, and Materials 47 Facilities or Equipment outside the Xxxxxxxx Xxxx 00 Relinquishment of Areas 47 Decommissioning and Abandonment Guarantees 48 Properties to be Returned 48 Removal of Non-Returned Properties 49 23 SECTION TWENTY–THREE – PERSONNEL, SERVICES, AND SUBCONTRACTS 49 Personnel 49 Services 50 24 SECTION TWENTY–FOUR – LOCAL CONTENT 50 Contracted Party’s Commitment to Local Content 50 Evaluation of the Local Content 51 Excess Local Content 52 Penalty for Failure to Respect the Local Content 52 25 SECTION TWENTY-FIVE – OPERATIONAL SAFETY AND ENVIRONMENT 53 Environmental Control 53 Social Responsibility 54 26 SECTION TWENTY-SIX – INSURANCE 54 Insurance 54 CHAPTER VI – GENERAL PROVISIONS 56 27 SECTION TWENTY-SEVEN – CURRENCY AND FOREIGN CURRENCY 56 Currency 56 28 SECTION TWENTY-EIGHT – ACCOUNTING AND FINANCIAL AUDIT BY ANP 56 Accounting 56 Audit 56 29 SECTION TWENTY-NINE – ASSIGNMENT OF THE AGREEMENT 57 Assignment 57 Undivided Share in Rights and Obligations 58 Partial Assignment of Areas during the Exploration Phase 58

Extension of the Exploration Phase. 26 25 Contracted Parties’ Options after Completion of the Exploration Phase 27 26 Relinquishment of the Contract Area at the End of the Exploration Phase 27 26 11 SECTION ELEVEN – COMPENSATORY PENALTY FOR DEFAULT OF THE MINIMUM EXPLORATION PROGRAM 27 26 Compensatory Penalty for Default of the Minimum Exploration Program and Provision of Financial Guarantee 27 26 Types of Financial Guarantees 28 27 Adjustment of the Financial Guarantees 28 27 Effectiveness of Financial Guarantees 28 27 Reduction of the Amount Secured 29 28 Return of the Financial Guarantees 29 28 Enforcement of the Compensatory Penalty 29 28 12 SECTION TWELVE – DISCOVERY AND ASSESSMENT 30 29 Notification of Discovery 30 29 Assessment, Discovery Assessment Plan, and Final Discovery Assessment Report 30 29 Assessment of New Reservoir 31 30 Discovery Assessment through Extended Well Test 31 30 13 SECTION THIRTEEN – DECLARATION OF COMMERCIAL FEASIBILITY 31 30 Declaration of Commercial Feasibility 31 30 Postponement of the Declaration of Commercial Feasibility 32 31 CHAPTER IV – DEVELOPMENT AND PRODUCTION 33 32 14 SECTION FOURTEEN – PRODUCTION XXXXX 00 Start and Duration 33 32 Relinquishment of the Contract Area 33 32 15 SECTION FIFTEEN – DEVELOPMENT PLAN 34 33 Deadlines 34 33 Development Area 34 33 Approval and Implementation of the Development Plan 35 34 Reviews and Amendments 36 35 Buildings, Facilities, and Equipment 36 35 16 SECTION SIXTEEN – PRODUCTION START DATE AND ANNUAL PROGRAMS 36 35 Production Start Date 36 35 Annual Production Program 37 36 Approval of the Annual Production Program 37 36 Revision 37 36 Production Volume Variance 38 37 Temporary Interruption of Production 38 37 Annual Work and Budget Program of the Production Xxxxx 00 00 SECTION SEVENTEEN – MEASUREMENT AND AVAILABILITY OF THE PRODUCTION SHARING 38 37 Measurement 38 37 Sharing Point 39 38 Monthly Production Reports 39 38 Production Availability 39 38 Supply to the Domestic Market 39 38 Consumption in the Operations 40 39 Test Results 40 39 Oil and Gas Losses and burning of Natural Gas 40 39 18 SECTION EIGHTEEN – INDIVIDUALIZATION OF PRODUCTION 41 40 Individualization of Production 41 40 CHAPTER V – EXECUTION OF OPERATIONS AND JOINT OPERATIONS 42 41 19 SECTION NINETEEN – EXECUTION OF OPERATIONS BY THE CONSORTIUM MEMBERS 42 41 Indication of the Operator by the Contracted Parties 42 41 Diligence to Conduct Operations 42 Licenses, Authorizations, and Permits 43 Free Access to the Contract Area 43 Drilling and Abandonment of Xxxxx 44 43 Additional Work Programs 44 Data Acquisition outside the Contract Area 44 20 SECTION TWENTY – CONTROL OF THE OPERATIONS AND ASSISTANCE BY ANP AND THE CONTRACTING PARTY 44 Monitoring and Inspection by ANP 44 Monitoring by the Contracting Party 45 44 Access and Control 45 44 Assistance to the Contracted Party 45 Release from Contracting Party’s and ANP’s responsibility 45 21 SECTION TWENTY-ONE – DATA AND INFORMATION 45 Supply by the Consortium Members 45 Processing or Analysis Abroad 46 22 SECTION TWENTY-TWO – PROPERTIES 47 46 Properties, Equipment, Facilities, and Materials 47 46 Facilities or Equipment outside the Xxxxxxxx Xxxx 00 Relinquishment of Areas 47 Decommissioning and Abandonment Guarantees 48 47 Properties to be Returned 48 Removal of Non-Returned Properties 49 48 23 SECTION TWENTY–THREE – PERSONNEL, SERVICES, AND SUBCONTRACTS 49 Personnel 49 Services 50 49 24 SECTION TWENTY–FOUR – LOCAL CONTENT 50 Contracted Party’s Commitment to Local Content 50 Evaluation of the Local Content 51 Excess Local Content 52 Penalty for Failure to Respect the Local Content 52 25 SECTION TWENTY-FIVE – OPERATIONAL SAFETY AND ENVIRONMENT 53 50 Environmental Control 53 50 Social Responsibility 54 51 26 SECTION TWENTY-SIX – INSURANCE 54 51 Insurance 54 51 CHAPTER VI – GENERAL PROVISIONS 56 53 27 SECTION TWENTY-SEVEN – CURRENCY AND FOREIGN CURRENCY 56 53 Currency 56 53 28 SECTION TWENTY-EIGHT – ACCOUNTING AND FINANCIAL AUDIT BY ANP 56 53 Accounting 56 53 Audit 56 53 29 SECTION TWENTY-NINE – ASSIGNMENT OF THE AGREEMENT 57 54 Assignment 57 54 Undivided Share in Rights and Obligations 58 54 Partial Assignment of Areas during the Exploration Phase 5855

Extension of the Exploration Phase. 26 25 Contracted Parties’ Options after Completion of the Exploration Phase 27 26 Relinquishment of the Contract Area at the End of the Exploration Phase 27 26 11 SECTION ELEVEN – COMPENSATORY PENALTY FOR DEFAULT OF THE MINIMUM EXPLORATION PROGRAM 27 26 Compensatory Penalty for Default of the Minimum Exploration Program and Provision of Financial Guarantee 27 26 Types of Financial Guarantees 28 27 Adjustment of the Financial Guarantees 28 27 Effectiveness of Financial Guarantees 28 27 Reduction of the Amount Secured 29 28 Return of the Financial Guarantees 29 28 Enforcement of the Compensatory Penalty 29 28 12 SECTION TWELVE – DISCOVERY AND ASSESSMENT 30 29 Notification of Discovery 30 29 Assessment, Discovery Assessment Plan, and Final Discovery Assessment Report 30 29 Assessment of New Reservoir 31 30 Discovery Assessment through Extended Well Test 31 30 13 SECTION THIRTEEN – DECLARATION OF COMMERCIAL FEASIBILITY 31 30 Declaration of Commercial Feasibility 31 30 Postponement of the Declaration of Commercial Feasibility 32 31 CHAPTER IV – DEVELOPMENT AND PRODUCTION 33 32 14 SECTION FOURTEEN – PRODUCTION XXXXX 00 Start and Duration 33 32 Relinquishment of the Contract Area 33 32 15 SECTION FIFTEEN – DEVELOPMENT PLAN 34 33 Deadlines 34 33 Development Area 34 33 Approval and Implementation of the Development Plan 35 34 Reviews and Amendments 36 35 Buildings, Facilities, and Equipment 36 35 16 SECTION SIXTEEN – PRODUCTION START DATE AND ANNUAL PROGRAMS 36 35 Production Start Date 36 35 Annual Production Program 37 36 Approval of the Annual Production Program 37 36 Revision 37 36 Production Volume Variance 38 37 Temporary Interruption of Production 38 37 Annual Work and Budget Program of the Production Xxxxx 00 00 SECTION SEVENTEEN – MEASUREMENT AND AVAILABILITY OF THE PRODUCTION SHARING 38 37 Measurement 38 37 Sharing Point 39 38 Monthly Production Reports 39 38 Production Availability 39 38 Supply to the Domestic Market 39 38 Consumption in the Operations 40 39 Test Results 40 39 Oil and Gas Losses and burning of Natural Gas 40 39 18 SECTION EIGHTEEN – INDIVIDUALIZATION OF PRODUCTION 41 40 Individualization of Production 41 40 CHAPTER V – EXECUTION OF OPERATIONS AND JOINT OPERATIONS 42 41 19 SECTION NINETEEN – EXECUTION OF OPERATIONS BY THE CONSORTIUM MEMBERS 42 41 Indication of the Operator by the Contracted Parties 42 41 Diligence to Conduct Operations 42 Licenses, Authorizations, and Permits 43 Free Access to the Contract Area 43 Drilling and Abandonment of Xxxxx 44 43 Additional Work Programs 44 Data Acquisition outside the Contract Area 44 20 SECTION TWENTY – CONTROL OF THE OPERATIONS AND ASSISTANCE BY ANP AND THE CONTRACTING PARTY 44 Monitoring and Inspection by ANP 44 Monitoring by the Contracting Party 45 44 Access and Control 45 44 Assistance to the Contracted Party 45 Release from Contracting Party’s and ANP’s responsibility 45 21 SECTION TWENTY-ONE – DATA AND INFORMATION 45 Supply by the Consortium Members 45 Processing or Analysis Abroad 46 22 SECTION TWENTY-TWO – PROPERTIES 47 46 Properties, Equipment, Facilities, and Materials 47 46 Facilities or Equipment outside the Xxxxxxxx Xxxx 00 Relinquishment of Areas 47 Decommissioning and Abandonment Guarantees 48 47 Properties to be Returned 48 Removal of Non-Returned Properties 49 48 23 SECTION TWENTY–THREE – PERSONNEL, SERVICES, AND SUBCONTRACTS 49 Personnel 49 Services 50 49 24 SECTION TWENTY–FOUR – LOCAL CONTENT 50 Contracted Party’s Commitment to Local Content 50 Evaluation of the Local Content 51 Excess Local Content 52 51 Penalty for Failure to Respect the Local Content 52 25 SECTION TWENTY-FIVE – OPERATIONAL SAFETY AND ENVIRONMENT 53 52 Environmental Control 53 52 Social Responsibility 54 53 26 SECTION TWENTY-SIX – INSURANCE 54 Insurance 54 CHAPTER VI – GENERAL PROVISIONS 56 55 27 SECTION TWENTY-SEVEN – CURRENCY AND FOREIGN CURRENCY 56 55 Currency 56 55 28 SECTION TWENTY-EIGHT – ACCOUNTING AND FINANCIAL AUDIT BY ANP 56 55 Accounting 56 55 Audit 56 55 29 SECTION TWENTY-NINE – ASSIGNMENT OF THE AGREEMENT 57 56 Assignment 57 56 Undivided Share in Rights and Obligations 58 56 Partial Assignment of Areas during the Exploration Phase 5857

Extension of the Exploration Phase. 26 Contracted Parties’ Options after Completion of the Exploration Phase 27 Relinquishment of the Contract Area at the End of the Exploration Phase 27 11 SECTION ELEVEN – COMPENSATORY PENALTY FOR DEFAULT OF THE MINIMUM EXPLORATION PROGRAM 27 Compensatory Penalty for Default of the Minimum Exploration Program and Provision of Financial Guarantee 27 Types of Financial Guarantees 28 Adjustment of the Financial Guarantees 28 Effectiveness of Financial Guarantees 28 Reduction of the Amount Secured 29 Return of the Financial Guarantees 29 Enforcement of the Compensatory Penalty 29 12 SECTION TWELVE – DISCOVERY AND ASSESSMENT 30 Notification of Discovery 30 Assessment, Discovery Assessment Plan, and Final Discovery Assessment Report 30 Assessment of New Reservoir 31 Discovery Assessment through Extended Well Test 31 13 SECTION THIRTEEN – DECLARATION OF COMMERCIAL FEASIBILITY 31 Declaration of Commercial Feasibility 31 Postponement of the Declaration of Commercial Feasibility 32 CHAPTER IV – DEVELOPMENT AND PRODUCTION 33 14 SECTION FOURTEEN – PRODUCTION XXXXX 00 Start and Duration 33 Relinquishment of the Contract Area 33 15 SECTION FIFTEEN – DEVELOPMENT PLAN 34 Deadlines 34 Development Area 34 Approval and Implementation of the Development Plan 35 Reviews and Amendments 36 Buildings, Facilities, and Equipment 36 16 SECTION SIXTEEN – PRODUCTION START DATE AND ANNUAL PROGRAMS 36 Production Start Date 36 Annual Production Program 37 Approval of the Annual Production Program 37 Revision 37 Production Volume Variance 38 Temporary Interruption of Production 38 Annual Work and Budget Program of the Production Xxxxx 00 00 SECTION SEVENTEEN – MEASUREMENT AND AVAILABILITY OF THE PRODUCTION SHARING 38 Measurement 38 Sharing Point 39 Monthly Production Reports 39 Production Availability 39 Supply to the Domestic Market 39 Consumption in the Operations 40 Test Results 40 Oil and Gas Losses and burning of Natural Gas 40 18 SECTION EIGHTEEN – INDIVIDUALIZATION OF PRODUCTION 41 Individualization of Production 41 CHAPTER V – EXECUTION OF OPERATIONS AND JOINT OPERATIONS 42 19 SECTION NINETEEN – EXECUTION OF OPERATIONS BY THE CONSORTIUM MEMBERS 42 Indication of the Operator by the Contracted Parties 42 Diligence to Conduct Operations 42 Licenses, Authorizations, and Permits 43 Free Access to the Contract Area 43 Drilling and Abandonment of Xxxxx 44 Additional Work Programs 44 Data Acquisition outside the Contract Area 44 20 SECTION TWENTY – CONTROL OF THE OPERATIONS AND ASSISTANCE BY ANP AND THE CONTRACTING PARTY 44 Monitoring and Inspection by ANP 44 Monitoring by the Contracting Party 45 Access and Control 45 Assistance to the Contracted Party 45 Release from Contracting Party’s and ANP’s responsibility 45 21 SECTION TWENTY-ONE – DATA AND INFORMATION 45 Supply by the Consortium Members 45 Processing or Analysis Abroad 46 22 SECTION TWENTY-TWO – PROPERTIES 47 Properties, Equipment, Facilities, and Materials 47 Facilities or Equipment outside the Xxxxxxxx Xxxx 00 Relinquishment of Areas 47 Decommissioning and Abandonment Guarantees 48 Properties to be Returned 48 Removal of Non-Returned Properties 49 23 SECTION TWENTY–THREE – PERSONNEL, SERVICES, AND SUBCONTRACTS 49 Personnel 49 Services 50 24 SECTION TWENTY–FOUR – LOCAL CONTENT 50 Contracted Party’s Commitment to Local Content 50 Evaluation of the Local Content 51 Excess Local Content 52 Penalty for Failure to Respect the Local Content 52 25 SECTION TWENTY-FIVE – OPERATIONAL SAFETY AND ENVIRONMENT 53 50 Environmental Control 53 50 Social Responsibility 54 52 26 SECTION TWENTY-SIX – INSURANCE 54 52 Insurance 54 52 CHAPTER VI – GENERAL PROVISIONS 56 53 27 SECTION TWENTY-SEVEN – CURRENCY AND FOREIGN CURRENCY 56 53 Currency 56 53 28 SECTION TWENTY-EIGHT – ACCOUNTING AND FINANCIAL AUDIT BY ANP 56 53 Accounting 56 53 Audit 56 53 29 SECTION TWENTY-NINE – ASSIGNMENT OF THE AGREEMENT 57 54 Assignment 57 54 Undivided Share in Rights and Obligations 58 55 Partial Assignment of Areas during the Exploration Phase 5855