Common use of Insurance Obtained by Operator Clause in Contracts

Insurance Obtained by Operator. (A) Operator shall procure and maintain for the Joint Account all insurance in the types and amounts required by the Contract or Laws / Regulations or as otherwise agreed by the Operating Committee. (B) Operator shall procure and maintain any further insurance, at reasonable rates, as the Operating Committee may from time to time require. In the event that such further insurance is, in Operator’s reasonable opinion, unavailable or available only at an unreasonable cost, Operator shall promptly notify the Non-Operators in order to allow the Operating Committee to reconsider such further insurance. (C) Each Party will be provided the opportunity to underwrite any or all of the insurance to be obtained by Operator under 4.7(B), through such Party's Affiliate insurance company or, if such direct insurance is not so permitted, through reinsurance policies to such Party's Affiliate insurance company; provided that the security and creditworthiness of such insurance arrangements are satisfactory to Operator, and that such arrangements will not result in any part of the premiums for such insurance not being recoverable under the Contract, or being significantly higher than the market rate. (D) Subject to the Contract and the Laws / Regulations, any Party may elect not to participate in the insurance to be procured under 4.7(B) provided such Party: (1) gives prompt written notice to that effect to Operator; (2) does nothing which may interfere with Operator’s negotiations for such insurance for the other Parties; (3) obtains insurance prior to or concurrent with the commencement of relevant operations and maintains such insurance (in respect of which a current certificate of adequate coverage, provided at least once a year, shall be sufficient evidence) which fully covers its Participating Interest share of the risks that would be covered by the insurance to be procured under Article 4.7(B), and which the Operating Committee determines to be acceptable. No such determination of acceptability shall in any way absolve a non-participating Party from its obligation to meet each cash call (except, in accordance with Article 4.7(F), as regards the costs of the insurance policy in which such Party has elected not to participate) including any cash call with respect to damages and losses and/or the costs of remedying the same in accordance with the terms of this Agreement, the Contract and Laws / Regulations. If such Party obtains other insurance, such insurance shall (a) contain a waiver of subrogation in favor of all the other Parties, the Operator and their insurers but only with respect to their interests under this Agreement; (b) provide that thirty (30) days written notice be given to Operator prior to any material change in, or cancellation of, such insurance policy; (c) be primary to, and receive no contribution from, any other insurance maintained by or on behalf of, or benefiting Operator or the other Parties; and (d) contain adequate territorial extensions and coverage in the location of the Joint Operations; and (4) is responsible for all deductibles, coinsurance payments, self-insured exposures, uninsured or underinsured exposures relating to its interests under this Agreement. (E) The cost of insurance in which all the Parties are participating shall be for the Joint Account and the cost of insurance in which less than all the Parties are participating shall be charged to the Parties participating in proportion to their respective Participating Interests. Subject to the preceding sentence, the cost of insurance with respect to an Exclusive Operation shall be charged to the Consenting Parties. (F) Operator shall, with respect to all insurance obtained under this Article 4.7: (1) use reasonable endeavors to procure or cause to be procured such insurance prior to or concurrent with, the commencement of relevant operations and maintain or cause to be maintained such insurance during the term of the relevant operations or any longer term required under the Contract or Laws / Regulations; (2) promptly inform the participating Parties when such insurance is obtained and supply them with certificates of insurance or copies of the relevant policies when the same are issued; (3) arrange for the participating Parties, according to their respective Participating Interests, to be named as co-insureds on the relevant policies with waivers of subrogation in favor of all the Parties but only with respect to their interests under this Agreement; (4) use reasonable endeavors to ensure that each policy shall survive the default or bankruptcy of the insured for claims arising out of an event before such default or bankruptcy and that all rights of the insured shall revert to the Parties not in default or bankruptcy; and (5) duly file all claims and take all necessary and proper steps to collect any proceeds and credit any proceeds to the participating Parties in proportion to their respective Participating Interests. (G) Operator shall use its reasonable endeavors to require all contractors performing work with respect to Joint Operations to: (1) obtain and maintain any and all insurance in the types and amounts required by the Contract, Laws / Regulations or any decision of the Operating Committee; (2) name the Parties as additional insureds on the contractor’s insurance policies and obtain from their insurers waivers of all rights of recourse against Operator, Non-Operators and their insurers; and (3) provide Operator with certificates reflecting such insurance prior to the commencement of their services.

Insurance Obtained by Operator. (A) Operator shall procure and maintain or cause to be procured and maintained for the Joint Account all insurance in the types and amounts required by the Contract or Laws / Regulations or as otherwise agreed by the Operating Committeeand applicable laws, rules and regulations. (B) Operator shall procure and maintain any obtain such further insurance, at reasonable competitive rates, as the Operating Committee may from time to time require. In the event that such further insurance is, in Operator’s reasonable opinion, unavailable or available only at an unreasonable cost, Operator shall promptly notify the Non-Operators in order to allow the Operating Committee to reconsider such further insurance. (C) Each Party will be provided the opportunity to underwrite any or all of the insurance to be obtained by Operator under 4.7(B), through such Party's Affiliate insurance company or, if such direct insurance is not so permitted, through reinsurance policies to such Party's Affiliate insurance company; provided that the security and creditworthiness of such insurance arrangements are satisfactory to Operator, and that such arrangements will not result in any part of the premiums for such insurance not being recoverable under the Contract, or being significantly higher than the market rate. (D) Subject to the Contract and the Laws / Regulations, any Any Party may elect not to participate in the insurance to be procured under Article 4.7(B) provided such Party: (1) gives prompt written notice to that effect to Operator; (2) does nothing which may interfere with Operator’s negotiations for such insurance for the other Parties;; and (3) obtains insurance prior to or concurrent with the commencement of relevant operations and maintains such insurance (in respect of which a current an annual certificate of adequate coverage, provided at least once coverage from a year, reputable insurer shall be sufficient evidence) or other evidence of financial responsibility which fully covers its Participating Interest share of the risks that would be covered by the insurance to be procured under Article 4.7(B4.7 (B), and which the Operating Committee determines may determine to be acceptable. No such determination of acceptability shall in any way absolve a non-participating Party from its obligation to meet each cash call (except, in accordance with Article 4.7(F), as regards the costs of the insurance policy in which such Party has elected not to participate) including any cash call with in respect to of damages and losses and/or the costs of remedying the same in accordance with the terms of this Agreement, the Contract and Laws / Regulations. If such Party obtains other insurance, such insurance shall (a) contain a waiver of subrogation in favor of all the other Parties, the Operator and their insurers but only with in respect to of their interests under this Agreement; (b) provide that thirty (30) days written notice be given to Operator prior to any material change in, or cancellation of, such insurance policy; (c) be primary to, and receive no contribution from, any other insurance maintained by or on behalf of, or benefiting Operator or the other Parties; and (d) contain adequate territorial extensions and coverage in the location of the Joint Operations; and (4) is responsible for all deductibles, coinsurance payments, self-insured exposures, uninsured or underinsured exposures relating to its interests under this Agreement. (ED) The cost of insurance in which all the Parties are participating shall be for the Joint Account and the cost of insurance in which less than all the Parties are participating shall be charged to the Parties participating in proportion to their respective Participating Interests. Subject to the preceding sentence, the cost of insurance with respect to an Exclusive Operation shall be charged to the Consenting Parties. (FE) Operator shall, with in respect to of all insurance obtained under pursuant to this Article 4.7: (1) use reasonable endeavors to procure or cause to be procured such insurance prior to or concurrent with, the commencement of relevant operations and maintain or cause to be maintained such insurance during the term of the relevant operations or any longer term required under the Contract or Laws / Regulations; (2) promptly inform the participating Parties when such insurance is obtained and supply them with certificates of insurance or copies of the relevant policies when the same are issued; (32) arrange for the participating Parties, according to their respective Participating Interests, to be named as co-insureds on the relevant policies with waivers of subrogation in favor of all the Parties but only with respect to their interests under this Agreement; (4) use reasonable endeavors to ensure that each policy shall survive the default or bankruptcy of the insured for claims arising out of an event before such default or bankruptcy and that all rights of the insured shall revert to the Parties not in default or bankruptcyParties; and (53) duly file all claims and take all necessary and proper steps to collect any proceeds and credit any proceeds to the participating Parties in proportion to their respective Participating Interests. (GF) Operator shall use its reasonable endeavors efforts to require all contractors performing work with in respect to of Joint Operations to: (1) to obtain and maintain any and all insurance in the types and amounts required by the Contractany applicable laws, Laws / Regulations rules and regulations or any decision of the Operating Committee; (2) Committee and shall use its reasonable efforts to require all such contractors to name the Parties as additional insureds on the contractor’s such contractors’ insurance policies and or to obtain from their insurers waivers of all rights of recourse against Operator, Non-Operators and their insurers; and (3) provide Operator with certificates reflecting such insurance prior to the commencement of their services.

Insurance Obtained by Operator. (A) Operator shall procure and maintain for the Joint Account all insurance in the types and amounts required by the Contract Licence or Laws / Regulations or as otherwise agreed by the Operating CommitteeLaws. (B) Operator shall procure and maintain any further insurance, at reasonable rates, as the Operating Committee may from time to time require. In the event that such further insurance is, in Operator’s reasonable opinion, unavailable or available only at an unreasonable cost, Operator shall promptly notify the Non-Operators in order to allow the Operating Committee to reconsider such further insurance. (C) Each Party will be provided the opportunity to underwrite any or all of the insurance to be obtained by Operator under Articles 4.7(A) and 4.7(B), through such Party's Affiliate insurance company or, if such direct insurance is not so permitted, through reinsurance policies to such Party's Affiliate insurance company; provided that the security and creditworthiness of such insurance arrangements are satisfactory to Operator, and that such arrangements will not result in any part of the premiums for such insurance not being recoverable under the ContractLicence, or being significantly higher than the market rate. (D) Subject to the Contract Licence and the Laws / RegulationsLaws, any Party may elect not to participate in the insurance to be procured under Articles 4.7(A) and 4.7(B) provided such Party: (1) gives prompt written notice to that effect to Operator; (2) does nothing which may interfere with Operator’s negotiations for such insurance for the other Parties; (3) obtains insurance prior to or concurrent with the commencement of relevant operations and maintains such insurance (in respect of which a current certificate of adequate coverage, provided at least once a year, shall be sufficient evidence) or other evidence of financial responsibility which fully covers its Participating Interest share of the risks that would be covered by the insurance to be procured under Article 4.7(A) and/or Article 4.7(B), as applicable, and which the Operating Committee determines to be acceptable. No such determination of acceptability shall in any way absolve a non-participating Party from its obligation to meet each cash call (except, in accordance with Article 4.7(F), as regards the costs of the insurance policy including any deductibles in which such Party has elected not to participate) including any cash call with respect to damages and losses and/or the costs of remedying the same in accordance with the terms of this Agreement, the Contract Licence and Laws / Regulationsthe Laws. If such Party obtains other insurance, such insurance shall shall (a) contain a waiver of subrogation in favor favour of all the other Parties, the Operator and their insurers but only with respect to their interests under this Agreement; ; (b) provide that thirty (30) days Days written notice be given to Operator prior to any material change in, or cancellation of, such insurance policy; (c) be primary to, and receive no contribution from, any other insurance maintained by or on behalf of, or benefiting Operator or the other Parties; and (d) contain adequate territorial extensions and coverage in the location of the Joint Operations; and (4) is responsible for all deductibles, coinsurance payments, self-insured exposures, uninsured or underinsured exposures relating to its interests under this Agreement. (E) The cost of insurance in which all the Parties are participating shall be for the Joint Account and the cost of insurance in which less than all the Parties are participating shall be charged to the Parties participating in proportion to their respective Participating Interests. Subject to the preceding sentence, the cost of insurance with respect to an Exclusive Operation shall be charged to the Consenting Parties. (F) Operator shall, with respect to all insurance obtained under this Article 4.7: (1) use reasonable endeavors endeavours to procure or cause to be procured such insurance prior to or concurrent with, the commencement of relevant operations and maintain or cause to be maintained such insurance during the term of the relevant operations or any longer term required under the Contract Licence or Laws / Regulationsthe Laws; (2) promptly inform the participating Parties when such insurance is obtained and supply them with certificates of insurance or copies of the relevant policies when the same are issued; (3) arrange for the participating Parties, according to their respective Participating Interests, to be named as co-insureds on the relevant policies with waivers of subrogation in favor favour of all the Parties but only with respect to their interests under this Agreement; (4) use reasonable endeavors endeavours to ensure that each policy shall survive the default or bankruptcy of the insured for claims arising out of an event before such default or bankruptcy and that all rights of the insured shall revert to the Parties not in default or bankruptcy; and (5) duly file all claims and take all necessary and proper steps to collect any proceeds and credit any proceeds to the participating Parties in proportion to their respective Participating Interests. (G) Operator shall use its reasonable endeavors endeavours to require all contractors performing work with respect to Joint Operations to: (1) obtain and maintain any and all insurance in the types and amounts required by the ContractLicence, the Laws / Regulations or any decision of the Operating Committee; (2) name the Parties as additional insureds on the contractor’s insurance policies and obtain from their insurers waivers of all rights of recourse against Operator, Non-Non- Operators and their insurers; and (3) provide Operator with certificates reflecting such insurance prior to the commencement of their services.

Insurance Obtained by Operator. (Aa) Operator shall procure and maintain for the Joint Account all insurance in the types and amounts of insurance required by the Contract Permits or the Laws / Regulations or and as otherwise agreed by the Operating Committee.set out in Annexure C. (Bb) Operator shall procure and maintain any further additional insurance, at reasonable rates, as the Operating Committee may from time to time require. In the event that If such further additional insurance is, in Operator’s reasonable opinion, unavailable or available only at an unreasonable cost, Operator shall promptly notify the Non-Operators in order to allow so that the Operating Committee to may reconsider such further requirement for additional insurance. (C) Each Party will be provided the opportunity to underwrite any or all of the insurance to be obtained by Operator under 4.7(B), through such Party's Affiliate insurance company or, if such direct insurance is not so permitted, through reinsurance policies to such Party's Affiliate insurance company; provided that the security and creditworthiness of such insurance arrangements are satisfactory to Operator, and that such arrangements will not result in any part of the premiums for such insurance not being recoverable under the Contract, or being significantly higher than the market rate. (Dc) Subject to the Contract Permits and the Laws / RegulationsLaws, any Party may elect not to participate in the insurance to be procured under 4.7(Bclauses 4.7(a) and 4.7(b) (other than “Control of Well” or “Operator’s Extra Expense” insurance which all Well Interest Parties for the relevant Horizontal Well or Vertical Well must participate in), provided such Party: (1i) gives prompt written notice promptly notifies Operator to that effect to Operatoreffect; (2ii) does nothing which may not interfere with Operator’s negotiations for such insurance for the other Partiesinsurance; (3iii) obtains insurance prior provides to or concurrent with the commencement of Operator before the relevant operations begin (and maintains at least annually during the continuance of such insurance (in respect of which operations) a current certificate of adequate coverage, provided at least once a year, shall be sufficient evidence) which or other evidence of financial responsibility that fully covers its such non-participating Party’s Participating Interest share of the risks that would be covered by the insurance to be procured under Article 4.7(Bclause 4.7(a) and/or clause 4.7(b), as applicable, and which that the Operating Committee determines to be acceptable. No such determination of acceptability shall in any way absolve a non-participating Party from its obligation to meet each cash call Cash Call or billing (except, in accordance with Article 4.7(Funder clause 4.7(e), as regards regarding the costs of the insurance policy in which such Party has elected not to participate) including any cash call Cash Call or billing with respect to damages and losses and/or the costs of remedying the same in accordance with the terms of under this Agreement, the Contract Permits and Laws / Regulationsthe Laws. If such non-participating Party obtains other insurance, such insurance shall (ai) contain a waiver of subrogation in favor favour of all the other Parties, the Operator and their insurers but only with respect to their interests under this Agreement; (bii) provide that thirty (30) days 30 Days written notice be given to Operator prior to Amending Deed – Joint Operating Agreement (Beetaloo JV) 38 before any material change in, or cancellation of, such insurance policy; (ciii) be primary to, and receive no contribution from, any other insurance maintained by by, or on behalf offor, or benefiting Operator or the other Parties; and (div) contain adequate territorial extensions and coverage in the location of the Joint Operations; and (4iv) is responsible for all deductibles, coinsurance payments, self-insured exposures, uninsured or underinsured exposures relating to its interests under this Agreement. (Ed) If Operator elects, to the extent permitted by the Permits and Laws, to self-insure all or part of the coverage to be procured under clauses 4.7(a) and/or 4.7(b), Operator shall so notify the Operating Committee and provide a qualified self-insurance letter stating what coverages Operator is self-insuring. Any risk to be covered by insurance to be procured under clauses 4.7(a) and 4.7(b), that is not identified in the self- insurance letter shall be covered by insurance and supported by a current certificate of adequate coverage. If requested by the Operating Committee from time to time, Operator shall provide evidence of financial responsibility, acceptable to the Operating Committee, that fully covers the risks that would be covered by the insurance to be procured under clauses 4.7(a) and 4.7(b). (e) The cost of insurance in which all the Parties are participating shall be for the Joint Account Account, and the cost of insurance in relation to JV Infrastructure, drill pads or Reduced Interest Operations which less fewer than all the Parties are participating (or in which Parties are participating in different proportions) shall be charged to the Parties participating in proportion to their respective Participating InterestsReduced Pad Interests or Well Interests (as applicable). Subject to the preceding sentence, the cost of insurance with respect to an Exclusive a Reduced Interest Operation shall be charged to the Consenting PartiesPad Interest Parties or Well Interest Parties (as applicable). (Ff) Operator shall, with respect to all insurance obtained under this Article clause 4.7: (1i) use reasonable endeavors endeavours to procure procure, or cause to be procured procured, such insurance prior to or concurrent with, before the commencement of relevant operations begin, and maintain maintain, or cause to be maintained maintained, such insurance during the term of the relevant operations or any longer term required under the Contract Permits or Laws / Regulationsthe Laws; (2ii) promptly inform the participating Parties when such insurance is obtained and supply them with certificates of insurance or copies of the relevant policies when the same are issued; (3iii) arrange for the participating Parties, according to their respective Participating Interests, to be named as co-insureds on the relevant policies with waivers of subrogation in favor favour of all the Parties but only with respect to the extent of their interests under this Agreement; (4iv) use reasonable endeavors endeavours to ensure that each policy shall survive the default or bankruptcy of the insured for claims arising out of an event before such default or bankruptcy and that all rights of the insured shall revert to the Parties not in default or bankruptcy; and (5v) duly file all claims and take all necessary and proper steps to assist in a claim evaluation with any insurer and its agents and collect any proceeds and credit any proceeds to the participating Parties in proportion to their respective Participating Interests.. Amending Deed – Joint Operating Agreement (Beetaloo JV) 39 (Gg) Operator shall use its reasonable endeavors endeavours to require all contractors performing work with respect to Joint Operations to: (1i) obtain and maintain any and all insurance in the types and amounts required by the ContractPermits, the Laws / Regulations or any decision of the Operating Committee; (2ii) name the Parties as additional insureds on the contractor’s insurance policies and obtain from their insurers waivers of all rights of recourse against Operator, Non-Operators the Parties and their insurers; and (3iii) provide Operator with certificates reflecting evidencing such insurance prior to before the commencement of their services.

Insurance Obtained by Operator. (A) Operator shall procure and maintain for the Joint Account all insurance in the types and amounts required by the Contract or the Laws / Regulations or as otherwise agreed by the Operating CommitteeRegulations. (B) Operator shall procure and maintain any further insurance, at reasonable rates, as the Operating Committee may from time to time require. In the event that such further insurance is, in Operator’s reasonable opinion, unavailable or available only at an unreasonable cost, Operator shall promptly notify the Non-Operators in order to allow the Operating Committee to reconsider such further insurance. (C) Each Party will be provided the opportunity to underwrite any or all of the insurance to be obtained by Operator under Articles 4.7(A) and 4.7(B), through such Party's Affiliate insurance company or, if such direct insurance is not so permitted, through reinsurance policies to such Party's Affiliate insurance company; provided that the security and creditworthiness of such insurance arrangements are satisfactory to Operator, and that such arrangements will not result in any part of the premiums for such insurance not being recoverable under the Contract, or being significantly higher than the market rate. (D) Subject to the Contract and the Laws / Regulations, any Party may elect not to participate in the insurance to be procured under Article 4.7(B) provided such Party: (1) gives prompt written notice to that effect to Operator; (2) does nothing which may interfere with Operator’s negotiations for such insurance for the other Parties; (3) obtains insurance prior to or concurrent with the commencement of relevant operations and maintains such insurance (in respect of which a current certificate of adequate coverage, provided at least once a year, shall be sufficient evidence) or other evidence of financial responsibility which fully covers its Participating Interest share of the risks that would be covered by the insurance to be procured under Article 4.7(A) and/or Article 4.7(B), as applicable, and which the Operating Committee determines to be acceptable. No such determination of acceptability shall in any way absolve a non-participating Party from its obligation to meet each cash call (except, in accordance with Article 4.7(F), as regards the costs of the insurance policy in which such Party has elected not to participate) including any cash call with respect to damages and losses and/or the costs of remedying the same in accordance with the terms of this Agreement, the Contract and the Laws / Regulations. If such Party obtains other insurance, such insurance shall (a) contain a waiver of subrogation in favor of all the other Parties, the Operator and their insurers but only with respect to their interests under this Agreement; (b) provide that thirty (30) days written notice be given to Operator prior to any material change in, or cancellation of, such insurance policy; (c) be primary to, and receive no contribution from, any other insurance maintained by or on behalf of, or benefiting Operator or the other Parties; and (d) contain adequate territorial extensions and coverage in the location of the Joint Operations; and (4) is responsible for all deductibles, coinsurance payments, self-insured exposures, uninsured or underinsured exposures relating to its interests under this Agreement. (E) deleted (F) The cost of insurance in which all the Parties are participating shall be for the Joint Account and the cost of insurance in which less than all the Parties are participating shall be charged to the Parties participating in proportion to their respective Participating Interests. Subject to the preceding sentence, the cost of insurance with respect to an Exclusive Operation shall be charged to the Consenting Parties. (FG) Operator shall, with respect to all insurance obtained under this Article 4.7: (1) use reasonable endeavors to procure or cause to be procured such insurance prior to or concurrent with, the commencement of relevant operations and maintain or cause to be maintained such insurance during the term of the relevant operations or any longer term required under the Contract or the Laws / Regulations; (2) promptly inform the participating Parties when such insurance is obtained and supply them with certificates of insurance or copies of the relevant policies when the same are issued; (3) arrange for the participating Parties, according to their respective Participating Interests, to be named as co-insureds on the relevant policies with waivers of subrogation in favor of all the Parties but only with respect to their interests under this Agreement; (4) use reasonable endeavors to ensure that each policy shall survive the default or bankruptcy of the insured for claims arising out of an event before such default or bankruptcy and that all rights of the insured shall revert to the Parties not in default or bankruptcy; and (5) duly file all claims and take all necessary and proper steps to collect any proceeds and credit any proceeds to the participating Parties in proportion to their respective Participating Interests. (GH) Operator shall use its reasonable endeavors to require all contractors performing work with respect to Joint Operations to: (1) obtain and maintain any and all insurance in the types and amounts required by the Contract, the Laws / Regulations or any decision of the Operating Committee; (2) name the Parties as additional insureds on the contractor’s insurance policies and obtain from their insurers waivers of all rights of recourse against Operator, Non-Operators and their insurers; and (3) provide Operator with certificates reflecting such insurance prior to the commencement of their services.

Insurance Obtained by Operator. (Aa) Operator shall procure and maintain for the Joint Account all insurance in the types and amounts required by the Contract PSC or the Laws / Regulations or as otherwise agreed by the Operating CommitteeRegulations. (Bb) Operator shall procure and maintain any further insurance, at reasonable rates, as the Operating Committee may from time to time require. In the event that such further insurance is, in Operator’s reasonable opinion, unavailable or available only at an unreasonable cost, Operator shall promptly notify the Non-Operators in order to allow the Operating Committee to reconsider such further insurance. (Cc) Each Party will be provided the opportunity to propose to underwrite any or all of the insurance to be obtained by Operator under 4.7(Bpursuant to clauses 4.7(a) and 4.7(b), through such Party's ’s Affiliate insurance company or, if such direct insurance is not so permitted, through reinsurance policies to such Party's ’s Affiliate insurance company; provided that . Any Party exercising its rights under this Article shall furnish to Operator details of the proposed insurance. If Operator in its sole discretion is satisfied with the security and creditworthiness of such insurance arrangements are satisfactory to Operatoror reinsurance arrangements, and that such arrangements will not result in any part of the premiums for such insurance or reinsurance will not being be significantly higher than market rate and will be recoverable under the ContractPSC, then Operator shall procure such insurance or being significantly higher than the market ratereinsurance from such Party. (Dd) Subject to the Contract PSC and the Laws / Regulations, any Party may elect not to participate in the insurance to be procured under 4.7(Bclauses 4.7(a) and 4.7(b), provided such Party: (1i) gives prompt written notice to that effect to Operator; (2ii) fully cooperates with and does nothing which may interfere with Operator’s negotiations for such insurance for the other Parties; (3iii) obtains insurance prior to or concurrent with the commencement of relevant operations and maintains such insurance (in respect of which a current certificate of adequate coverage, provided at least once a year, shall be sufficient evidence) or other evidence of financial responsibility which fully covers its Participating Interest share of the risks that would be covered by the insurance to be procured under Article 4.7(Bclause 4.7(a) and/or clause 4.7(b), as applicable, and which the Operating Committee determines to be acceptable. No such determination of acceptability shall in any way absolve a non-participating Party from its obligation to meet each cash call (except, in accordance with Article 4.7(Fclause 4.7(e), as regards the costs of the insurance policy in which such Party has elected not to participate) including any cash call with respect to damages and losses and/or the costs of remedying the same in accordance with the terms of this Agreement, the Contract PSC and the Laws / Regulations. If such Party obtains other insurance, such insurance shall shall: (aA) contain a waiver of subrogation in favor of all the other Parties, the Operator and their insurers but only with respect to their interests under this Agreement; ; (bB) provide that thirty (30) days Days’ written notice be given to Operator prior to any material change in, or cancellation of, such insurance policy; ; (cC) be primary to, and receive no contribution from, any other insurance maintained by or on behalf of, or benefiting Operator or the other Parties; and and (dD) contain adequate territorial extensions and coverage in the location of the Joint Operations; and (4iv) is solely responsible for all deductibles, coinsurance payments, self-insured exposures, uninsured or underinsured exposures relating to its interests under this Agreement. (Ee) The cost of insurance in which all the Parties are participating shall be for the Joint Account and the cost of insurance in which less fewer than all the Parties are participating shall be charged to the Parties participating in proportion to their respective Participating Interests. Subject to the preceding sentence, the cost of insurance with respect to an Exclusive Operation shall be charged to the Consenting Parties. (Ff) In the event Operator elects, to the extent permitted by the PSC and Laws / Regulations, to self-insure all or part of the coverage to be procured under clauses 4.7(a) and/or 4.7(b), Operator shall so notify the Operating Committee and provide a qualified self-insurance letter stating what coverages Operator is self-insuring. Any risk to be covered by insurance to be procured in accordance with clauses 4.7(a) and 4.7(b), that is not identified in the self-insurance letter shall be covered by insurance and supported by a current certificate of adequate coverage. If requested by the Operating Committee from time to time, Operator shall provide evidence of financial responsibility, acceptable to the Operating Committee, which fully covers the risks that would be covered by the insurance to be procured under clauses 4.7(a) and 4.7(b). (g) Operator shall, with respect to all insurance obtained under this Article clause 4.7: (1i) use reasonable endeavors to procure or cause to be procured such insurance prior to or concurrent with, the commencement of relevant operations and maintain or cause to be maintained such insurance during the term of the relevant operations or any longer term required under the Contract PSC or the Laws / Regulations; (2ii) promptly inform the participating Parties when such insurance is obtained and supply them with certificates of insurance or copies of the relevant policies when the same are issued; (3iii) arrange for the participating Parties, according to their respective Participating Interests, to be named as co-insureds on the relevant policies with waivers of subrogation in favor of all the Parties but only with respect to their interests under this Agreement; (4iv) use reasonable endeavors to ensure that each policy shall survive the default or bankruptcy of the insured for claims arising out of an event before such default or bankruptcy and that all rights of the insured shall revert to the Parties not in default or bankruptcy; and (5v) duly file all claims and take all necessary and proper steps to collect any proceeds and credit any proceeds to the participating Parties in proportion to their respective Participating Interests. (Gh) Operator shall use its reasonable endeavors to require all contractors performing work with respect to Joint Operations to: (1i) obtain and maintain any and all insurance in the types and amounts required by the ContractPSC, the Laws / Regulations or any decision of the Operating Committee; (2ii) name the Parties as additional insureds on the contractor’s insurance policies and obtain from their insurers waivers of all rights of recourse against Operator, Non-Operators and their insurers; and (3iii) provide Operator with certificates reflecting evidencing such insurance prior to the commencement of their services.

Insurance Obtained by Operator. (A) The Operator shall procure and maintain for the Joint Account all insurance in the types and amounts required by the Contract Licence or Laws / Regulations or as otherwise agreed by the Operating CommitteeLaws. (B) The Operator shall procure and maintain any further insurance, at reasonable rates, as the Operating Committee may from time to time require. In the event that such further insurance is, in the Operator’s reasonable opinion, unavailable or available only at an unreasonable cost, the Operator shall promptly notify the Non-Operators in order to allow the Operating Committee to reconsider such further insurance. (C) Each Party will be provided the opportunity to underwrite any or all of the insurance to be obtained by the Operator under Articles 4.7(A) and 4.7(B), through such Party's Affiliate insurance company or, if such direct insurance is not so permitted, through reinsurance policies to such Party's Affiliate insurance company; provided that the security and creditworthiness of such insurance arrangements are satisfactory to the Operator, and that such arrangements will not result in any part of the premiums for such insurance not being recoverable under the ContractLicence, or being significantly higher than the market rate. (D) Subject to the Contract Licence and the Laws / RegulationsLaws, any Party may elect not to participate in the insurance to be procured under Articles 4.7(A) and 4.7(B) provided such Party: (1) gives prompt written notice to that effect to the Operator; (2) does nothing which may interfere with the Operator’s negotiations for such insurance for the other Parties; (3) obtains insurance prior to or concurrent with the commencement of relevant operations and maintains such insurance (in respect of which a current certificate of adequate coverage, provided at least once a year, shall be sufficient evidence) or other evidence of financial responsibility which fully covers its Participating Interest share of the risks that would be covered by the insurance to be procured under Article 4.7(A) and/or Article 4.7(B), as applicable, and which the Operating Committee determines to be acceptable. No such determination of acceptability shall in any way absolve a non-participating Party from its obligation to meet each cash call Cash Call (except, in accordance with Article 4.7(F), as regards the costs of the insurance policy including any deductibles in which such Party has elected not to participate) including any cash call Cash Call with respect to damages and losses and/or the costs of remedying the same in accordance with the terms of this Agreement, the Contract Licence and Laws / Regulationsthe Laws. If such Party obtains other insurance, such insurance shall (a) contain a waiver of subrogation in favor favour of all the other Parties, the Operator and their insurers but only with respect to their interests under this Agreement; (b) provide that thirty (30) days Days written notice be given to the Operator prior to any material change in, or cancellation of, such insurance policy; (c) be primary to, and receive no contribution from, any other insurance maintained by or on behalf of, or benefiting Operator or the other Parties; and (d) contain adequate territorial extensions and coverage in the location of the Joint Operations; and (4) is responsible for all deductibles, coinsurance payments, self-insured exposures, uninsured or underinsured exposures relating to its interests under this Agreement. (E) The cost of insurance in which all the Parties are participating shall be for the Joint Account and the cost of insurance in which less than all the Parties are participating shall be charged to the Parties participating in proportion to their respective Participating Interests. Subject to the preceding sentence, the cost of insurance with respect to an Exclusive Operation shall be charged to the Consenting Parties. (F) Operator shall, with respect to all insurance obtained under this Article 4.7: (1) use reasonable endeavors to procure or cause to be procured such insurance prior to or concurrent with, the commencement of relevant operations and maintain or cause to be maintained such insurance during the term of the relevant operations or any longer term required under the Contract or Laws / Regulations; (2) promptly inform the participating Parties when such insurance is obtained and supply them with certificates of insurance or copies of the relevant policies when the same are issued; (3) arrange for the participating Parties, according to their respective Participating Interests, to be named as co-insureds on the relevant policies with waivers of subrogation in favor of all the Parties but only with respect to their interests under this Agreement; (4) use reasonable endeavors to ensure that each policy shall survive the default or bankruptcy of the insured for claims arising out of an event before such default or bankruptcy and that all rights of the insured shall revert to the Parties not in default or bankruptcy; and (5) duly file all claims and take all necessary and proper steps to collect any proceeds and credit any proceeds to the participating Parties in proportion to their respective Participating Interests. (G) Operator shall use its reasonable endeavors to require all contractors performing work with respect to Joint Operations to: (1) obtain and maintain any and all insurance in the types and amounts required by the Contract, Laws / Regulations or any decision of the Operating Committee; (2) name the Parties as additional insureds on the contractor’s insurance policies and obtain from their insurers waivers of all rights of recourse against Operator, Non-Operators and their insurers; and (3) provide Operator with certificates reflecting such insurance prior to the commencement of their services.

Insurance Obtained by Operator. (A) Operator shall procure and maintain for the Joint Account all insurance in the types and amounts required by the Contract or the Laws / Regulations or as otherwise agreed by the Operating CommitteeRegulations. (B) Operator shall procure and maintain any further insurance, at reasonable rates, as the Operating Committee may from time to time require. In the event that such further insurance is, in Operator’s reasonable opinion, unavailable or available only at an unreasonable cost, Operator shall promptly notify the Non-Operators in order to allow the Operating Committee to reconsider such further insurance. (C) Each Party will be provided the opportunity to underwrite any or all of the insurance to be obtained by Operator under Articles 4.7(A) and 4.7(B), through such Party's Affiliate insurance company or, if such direct insurance is not so permitted, through reinsurance policies to such Party's Affiliate insurance company; provided that the security and creditworthiness of such insurance arrangements are satisfactory to Operator, and that such arrangements will not result in any part of the premiums for such insurance not being recoverable under the Contract, or being significantly higher than the market rate. (D) Subject to the Contract and the Laws / Regulations, any Party may elect not to participate in the insurance to be procured under Articles 4.7(A) and 4.7(B) provided such Party: (1) gives prompt written notice to that effect to Operator; (2) does nothing which may interfere with Operator’s negotiations for such insurance for the other Parties; (3) obtains insurance prior to or concurrent with the commencement of relevant operations and maintains such insurance (in respect of which a current certificate of adequate coverage, provided at least once a year, shall be sufficient evidence) or other evidence of financial responsibility which fully covers its Participating Interest share of the risks that would be covered by the insurance to be procured under Article 4.7(A) and/or Article 4.7(B), as applicable, and which the Operating Committee determines to be acceptable. No such determination of acceptability shall in any way absolve a non-participating Party from its obligation to meet each cash call (except, in accordance with Article 4.7(F), as regards the costs of the insurance policy in which such Party has elected not to participate) including any cash call with respect to damages and losses and/or the costs of remedying the same in accordance with the terms of this Agreement, the Contract and the Laws / Regulations. If such Party obtains other insurance, such insurance shall (a) contain a waiver of subrogation in favor of all the other Parties, the Operator and their insurers but only with respect to their interests under this Agreement; (b) provide that thirty (30) days written notice be given to Operator prior to any material change in, or cancellation of, such insurance policy; (c) be primary to, and receive no contribution from, any other insurance maintained by or on behalf of, or benefiting Operator or the other Parties; and (d) contain adequate territorial extensions and coverage in the location of the Joint Operations; and (4) is responsible for all deductibles, coinsurance payments, self-insured exposures, uninsured or underinsured exposures relating to its interests under this Agreement. (E) The cost of insurance in which all the Parties are participating shall be for the Joint Account and the cost of insurance in which less than all the Parties are participating shall be charged to the Parties participating in proportion to their respective Participating Interests. Subject to the preceding sentence, the cost of insurance with respect to an Exclusive Operation shall be charged to the Consenting Parties. (F) Operator shall, with respect to all insurance obtained under this Article 4.7: (1) use reasonable endeavors to procure or cause to be procured such insurance prior to or concurrent with, the commencement of relevant operations and maintain or cause to be maintained such insurance during the term of the relevant operations or any longer term required under the Contract or the Laws / Regulations; (2) promptly inform the participating Parties when such insurance is obtained and supply them with certificates of insurance or copies of the relevant policies when the same are issued; (3) arrange for the participating Parties, according to their respective Participating Interests, to be named as co-insureds on the relevant policies with waivers of subrogation in favor of all the Parties but only with respect to their interests under this Agreement; (4) use reasonable endeavors to ensure that each policy shall survive the default or bankruptcy of the insured for claims arising out of an event before such default or bankruptcy and that all rights of the insured shall revert to the Parties not in default or bankruptcy; and (5) duly file all claims and take all necessary and proper steps to collect any proceeds and credit any proceeds to the participating Parties in proportion to their respective Participating Interests. (G) Operator shall use its reasonable endeavors to require all contractors performing work with respect to Joint Operations to: (1) obtain and maintain any and all insurance in the types and amounts required by the Contract, the Laws / Regulations or any decision of the Operating Committee; (2) name the Parties as additional insureds on the contractor’s insurance policies and obtain from their insurers waivers of all rights of recourse against Operator, Non-Operators and their insurers; and (3) provide Operator with certificates reflecting such insurance prior to the commencement of their services.

Insurance Obtained by Operator. (A) Operator shall procure and maintain for the Joint Account all insurance in the types and amounts required by the Contract or the Laws / Regulations or as otherwise agreed by the Operating CommitteeRegulations. (B) Operator shall procure and maintain any further insurance, at reasonable rates, as the Operating Committee may from time to time require. In the event that such further insurance is, in Operator’s reasonable opinion, unavailable or available only at an unreasonable cost, Operator shall promptly notify the Non-Operators in order to allow the Operating Committee to reconsider such further insurance. (C) Each Party will be provided the opportunity to underwrite any or all of the insurance to be obtained by Operator under Articles 4.7(A) and 4.7(B), through such Party's ’s Affiliate insurance company or, if such direct insurance is not so permitted, through reinsurance policies to such Party's ’s Affiliate insurance company; provided that the security and creditworthiness of such insurance arrangements are satisfactory to Operator, and that such arrangements will not result in any part of the premiums for such insurance not being recoverable under the Contract, or being significantly higher than the market rate. (D) Subject to the Contract and the Laws / Regulations, any Party may elect not to participate in the insurance to be procured under Articles 4.7(A) and 4.7(B) provided such Party: (1) gives prompt written notice to that effect to Operator; (2) does nothing which may interfere with Operator’s negotiations for such insurance for the other Parties; (3) obtains insurance prior to or concurrent with the commencement of relevant operations and maintains such insurance (in respect of which a current certificate of adequate coverage, provided at least once a year, shall be sufficient evidence) or other evidence of financial responsibility which fully covers its Participating Interest share of the risks that would be covered by the insurance to be procured under Article 4.7(A) and/or Article 4.7(B), as applicable, and which the Operating Committee determines to be acceptable. No such determination of acceptability shall in any way absolve a non-participating Party from its obligation to meet each cash call (except, in accordance with Article 4.7(F), as regards the costs of the insurance policy in which such Party has elected not to participate) including any cash call with respect to damages and losses and/or the costs of remedying the same in accordance with the terms of this Agreement, the Contract and the Laws / Regulations. If such Party obtains other insurance, such insurance shall (a) contain a waiver of subrogation in favor of all the other Parties, the Operator and their insurers but only with respect to their interests under this Agreement; (b) provide that thirty (30) days written notice be given to Operator prior to any material change in, or cancellation of, such insurance policy; (c) be primary to, and receive no contribution from, any other insurance maintained by or on behalf of, or benefiting Operator or the other Parties; and (d) contain adequate territorial extensions and coverage in the location of the Joint Operations; and (4) is responsible for all deductibles, coinsurance payments, self-insured exposures, uninsured or underinsured exposures relating to its interests under this Agreement. (E) The cost of insurance in which all the Parties are participating shall be for the Joint Account and the cost of insurance in which less than all the Parties are participating shall be charged to the Parties participating in proportion to their respective Participating Interests. Subject to the preceding sentence, the cost of insurance with respect to an Exclusive Operation shall be charged to the Consenting Parties. (F) Operator shall, with respect to all insurance obtained under this Article 4.7: (1) use reasonable endeavors to procure or cause to be procured such insurance prior to or concurrent with, the commencement of relevant operations and maintain or cause to be maintained such insurance during the term of the relevant operations or any longer term required under the Contract or the Laws / Regulations; (2) promptly inform the participating Parties when such insurance is obtained and supply them with certificates of insurance or copies of the relevant policies when the same are issued; (3) arrange for the participating Parties, according to their respective Participating Interests, to be named as co-insureds on the relevant policies with waivers of subrogation in favor of all the Parties but only with respect to their interests under this Agreement; (4) use reasonable endeavors to ensure that each policy shall survive the default or bankruptcy of the insured for claims arising out of an event before such default or bankruptcy and that all rights of the insured shall revert to the Parties not in default or bankruptcy; and (5) duly file all claims and take all necessary and proper steps to collect any proceeds and credit any proceeds to the participating Parties in proportion to their respective Participating Interests. (G) Operator shall use its reasonable endeavors to require all contractors performing work with respect to Joint Operations to: (1) obtain and maintain any and all insurance in the types and amounts required by the Contract, the Laws / Regulations or any decision of the Operating Committee; (2) name the Parties as additional insureds on the contractor’s insurance policies and obtain from their insurers waivers of all rights of recourse against Operator, Non-Operators and their insurers; and (3) provide Operator with certificates reflecting such insurance prior to the commencement of their services.