Common use of Funding of the Abandonment Trust Clause in Contracts

Funding of the Abandonment Trust. From the beginning of the Year in which the accumulated production of Net Hydrocarbons from the start of Regular Commercial Production and until the end of the previous Year is equated to the remaining proved Reserves (1P) estimated for such Year, or after a period of twenty-five (25) years from the Effective Date, whichever occurs first, the Contractor shall deposit in the Abandonment Trust one-fourth (1/4) of the Annual Contribution at the end of each Trimester. The Annual Contribution for Abandonment activities in the Contract Area shall be determined based on the following formula: AAt=Maximum[0,(PAEt/RR)*CAE-IAt] Where: AAt = Annual Contribution. PAEt = Estimated Production in the Field for the Year of Calculation. RR = Remaining proved Reserves (1P) at the beginning of the Year of calculation, as determined by the Contractor quantified based on the methodology established by the CNH in the Applicable Laws. These remaining reserves shall be consistent with the volume of Hydrocarbons to be recovered from the beginning of the Year of calculation and the earlier to occur between: (i) the natural termination of the Contract or (ii) the Year in which it is estimated that Abandonment activities will be completed in the Field. CAE = Remaining amount of the Costs of Abandonment at the beginning of the Year of calculation, estimated pursuant to the approved Development Plan, as it may be modified. Such remaining amount will be calculated as the difference between the global amount of the Costs of Abandonment estimated on the basis of the future Costs of Abandonment from the beginning of the Year of calculation and the earlier to occur between: (i) the natural termination of the Contract or (ii) the Year in which it is estimated that Abandonment activities will be completed in the Field, according to technical studies conducted by the Contractor and approved by the CNH, minus the aggregate balance in the Abandonment Trust at the beginning of the Year of Calculation (AAA t-1). IAt = The interest generated in the Abandonment Trust in the Year of calculation, using the following formula: IAt = rt * AAAt-1 Where: rt = Interest rate applicable to the balance in the Abandonment Trust. AAAt = The aggregate balance in the Abandonment Trust at the end of the Year of calculation, defined as follows: AAAt = AAAt-1+AAt+IAt-St-1. Where: St-1 = The total amount withdrawn from the Abandonment Trust during the Year of calculation to finance the Abandonment activities performed in the same Year.

Funding of the Abandonment Trust. From the beginning of the Year in which the accumulated production of Net Hydrocarbons from the start of Regular Commercial Production and until the end of the previous Year is equated to the remaining proved Reserves (1P) estimated for such Year, or after a period of twenty-five (25) years from the Effective Date, whichever occurs first, the Contractor shall deposit in the Abandonment Trust one-fourth (1/4) of the Annual Contribution at the end of each Trimester. The Annual Contribution for Abandonment activities in the Contract Area shall be determined based on the following formula: AAt=Maximum[0,(PAEt/RR)*CAE-IAt] Where: AAt = Annual Contribution. PAEt = Estimated Production in the Field for the Year of Calculation. RR = Remaining proved Reserves (1P) at the beginning of the Year of calculation, as determined by the Contractor quantified based on the methodology established by the CNH in the Applicable Laws. These remaining reserves shall be consistent with the volume of Hydrocarbons to be recovered from the beginning of the Year of calculation and the earlier to occur between: (i) the natural termination of the Contract or (ii) the Year in which it is estimated that Abandonment activities will be completed in the Field. CAE = Remaining amount of the Costs of Abandonment at the beginning of the Year of calculation, estimated pursuant to the approved Development Plan, as it may be modified. Such remaining amount will be calculated as the difference between the global amount of the Costs of Abandonment estimated on the basis of the future Costs of Abandonment from the beginning of the Year of calculation and the earlier to occur between: (i) the natural termination of the Contract or (ii) the Year in which it is estimated that Abandonment activities will be completed in the Field, according to technical studies conducted by the Contractor and approved by the CNH, minus the aggregate balance in the Abandonment Trust at the beginning of the Year of Calculation (AAA t-1). IAt = The interest generated in the Abandonment Trust in the Year of calculation, using the following formula: IAt = rt * AAAt-1 Where: rt = Interest rate applicable to the balance in the Abandonment Trust. AAAt = The aggregate balance in the Abandonment Trust at the end of the Year of calculation, defined as follows: AAAt = AAAt-1+AAt+IAt-St-1. Where: St-1 = The total amount withdrawn from the Abandonment Trust during the Year of calculation to finance the Abandonment activities performed in the same Year.

Funding of the Abandonment Trust. From the beginning of the Year in which the accumulated production of Net Hydrocarbons from the start of Regular Commercial Production and until the end of the previous Year is equated to the remaining proved Reserves (1P) estimated for such Year, or after a period of twenty-five (25) years from the Effective Date, whichever occurs first, the The Contractor shall deposit in the Abandonment Trust one-fourth (1/4) of the Annual Contribution at the end of each TrimesterQuarter. The Annual Contribution for Abandonment activities in the Contract Area shall be determined based on the following formula: AAt=Maximum[0,(PAEt/RR)*CAE-IAt] Where: AAt = Annual Contribution. PAEt = Estimated Production in the Field for the Year of Calculation. RR = Remaining proved Reserves (1P) at the beginning of the Year of calculation, as determined by the Contractor quantified based on the methodology established by the CNH in the Applicable LawsCNH. These remaining reserves shall be consistent with the volume of Hydrocarbons to be recovered from the beginning of the Year of calculation and the earlier to occur between: (i) the natural termination of the Contract or (ii) the Year in which it is estimated that Abandonment activities will be completed in the Field. CAE = Remaining amount of the Costs of Abandonment at the beginning of the Year of calculation, estimated pursuant to the approved Development Plan, as it may be modified. Such remaining amount will be calculated as the difference between the global amount of the Costs of Abandonment estimated on the basis of the future Costs of Abandonment from the beginning of the Year of calculation and the earlier to occur between: (i) the natural termination of the Contract or (ii) the Year in which it is estimated that Abandonment activities will be completed in the Field, according to technical studies conducted by the Contractor and approved by the CNH, minus the aggregate balance in the Abandonment Trust at the beginning of the Year of Calculation (AAA t-1). IAt = The interest generated in the Abandonment Trust in the Year of calculation, using the following formula: IAt = rt * AAAt-1 Where: rt = Interest rate applicable to the balance in the Abandonment Trust. AAAt = The Is the aggregate balance in the Abandonment Trust at the end of the Year of calculation, defined as follows: AAAt = AAAt-1+AAt+IAt-St-1. Where: St-1 = The Is the total amount withdrawn from the Abandonment Trust during the Year of calculation to finance the Abandonment activities performed in the same Year.