Common use of LICENSE AND EXPLORATION PERIOD Clause in Contracts

LICENSE AND EXPLORATION PERIOD. 3.1 The Exploration Period shall begin on the Effective Date and shall consist of three Exploration Phases, each phase not exceeding three Contract Years, for a total period not exceeding seven (7) consecutive Contract Years (eight (8) consecutive Contract Years in case of Deepwater Areas and Frontier Areas) unless extended pursuant to the terms of this Contract, except that for Deepwater Areas and Frontier Areas the first Exploration Phase may be of four (4) years and correspondingly the Exploration Period may be eight (8) consecutive Contract Years. 3.2 Except as otherwise provided in this Contract, the term of the first Exploration Phase shall not exceed (to be taken from the accepted bid and subject to Article 3.1) consecutive Contract Years (hereinafter referred to as the first Exploration Phase). 3.3 Except as otherwise provided in this Contract, the term of the second Exploration Phase shall not exceed (to be taken from the accepted bid and subject to Article 3.1) consecutive Contract Years from the end of the first Exploration Phase (hereinafter referred to as the second Exploration Phase). 3.4 Except as otherwise provided in this Contract, the term of the third Exploration Phase shall not exceed (to be taken from the accepted bid and subject to Article 3.1) consecutive Contract Years from the end of the second Exploration Phase (hereinafter referred to as the third Exploration Phase). 3.5 At the expiry of any Exploration Phase of the Exploration Period, provided that the Contractor has completed the Minimum Work Programme for that Exploration Phase, the Contractor shall have the option, exercisable by giving a written notice to the Government at least thirty (30) days prior to the expiry of the relevant Phase, either: (a) to proceed to the next Exploration Phase on presentation of the requisite guarantees as provided for in Article 29; or (b) to relinquish the entire Contract Area except for any Discovery Area and any Development Area and to conduct Development Operations and Production Operations in relation to any Commercial Discovery in accordance with the terms of this Contract, and the Contractor shall have no further obligation in respect of the Minimum Work Programme under Article 5 for any subsequent Exploration Phases of the Exploration Period. If neither of the options provided for in paragraphs (a) and (b) hereof is exercised by the Contractor, this Contract shall terminate at the end of the then current Exploration Phase and the License shall be automatically cancelled. 3.6 If at the end of an Exploration Phase the Minimum Work Programme for that phase is not completed, the time for completion of the said Minimum Work Programme shall be extended for a period necessary to enable completion thereof but not exceeding six (6) months, provided that the Contractor submits his request by giving a written notice to the Government at least thirty (30) days prior to the expiry of the relevant Phase and can show technical or other good reasons for non-completion of the Minimum Work Programme and the Management Committee gives its consent to the said extension and provided further that the period of such extension shall be subtracted from the next succeeding Exploration Phase, if any. In case the Minimum Work Programme of any particular Exploration Phase is completed before stipulated time as provided in the Article 3.2 and 3.3, the time so saved will be added to the next Exploration Phase, if so requested by the Contractor giving a notice in writing to the Government thirty

LICENSE AND EXPLORATION PERIOD. 3.1 The Exploration Period shall begin on the Effective Date and shall consist of three Exploration Phases, each phase not exceeding three Contract Years, be for a total period not exceeding seven (7) consecutive Contract Years (eight (8) consisting of Initial Exploration Period and Subsequent Exploration Period. The Initial Exploration Period shall consist of the first four consecutive Contract Years in case of Deepwater Areas and Frontier Areas) unless extended pursuant with provision to proceed to the terms of this Contract, except that for Deepwater Areas and Frontier Areas the first Exploration Phase may be of four (4) years and correspondingly the Subsequent Exploration Period may be eight (8) of maximum three consecutive Contract Yearsyears subject to provisions contained in Article 3. 3.2 Except as otherwise provided in this Contract, the term of the first Initial Exploration Phase Period shall not exceed the first four (to be taken from the accepted bid and subject to Article 3.14) consecutive Contract Years (hereinafter referred to as in the first Exploration Phase).Period 3.3 Except as otherwise provided in this Contract, the term of the second Subsequent Exploration Phase Period shall not exceed (to be taken from the accepted bid and subject to Article 3.1) three consecutive Contract Years from the end of the first Initial Exploration Phase (hereinafter referred to as the second Exploration Phase)Period. 3.4 Except as otherwise provided in this Contract, the term of the third Exploration Phase shall not exceed (to be taken from the accepted bid and subject to Article 3.1) consecutive Contract Years from the end of the second Exploration Phase (hereinafter referred to as the third Exploration Phase). 3.5 At the expiry of any Exploration Phase of the Initial Exploration Period, provided that the Contractor has completed the Minimum Work Programme for that Exploration PhaseProgramme, the Contractor shall have the option, exercisable by giving a written notice to the Government at least thirty (30) days prior to the expiry of the relevant Phase, Initial Exploration Period either: (a) to proceed to the next Subsequent Exploration Phase Period by committing drilling of one additional exploratory well each year in Contract Area (in case of onland and shallow water blocks) / one additional exploratory well in 3 years in Contract Area (in case of deep water blocks) on presentation of the requisite guarantees as provided for in Article 29; or (b) to relinquish the entire Contract Area except for any Discovery Area and any Development Area and to conduct Development Operations and Production Operations in relation to any Commercial Discovery in accordance with the terms of this Contract, and the Contractor shall have no further obligation in respect of the Minimum Work Programme under Article 5 for any subsequent Exploration Phases of the Exploration Period5. If neither of the options provided for in paragraphs (a) and (b) hereof is exercised by the Contractor, this Contract shall terminate at the end of the then current Initial Exploration Phase Period and the License shall be automatically cancelled. 3.6 3.5 If at the end of an the Initial Exploration Phase Period the Minimum Work Programme for that phase period is not completed, the time for completion of the said Minimum Work Programme shall be extended for a period necessary to enable completion thereof but not exceeding six (6) months, provided that the Contractor submits his request by giving a written notice to the Government at least thirty (30) days prior to the expiry of the relevant Phase Initial Exploration Period and can show technical or other good reasons for non-completion of the Minimum Work Programme and the Management Committee gives its consent to the said extension and provided further that the period of such extension shall be subtracted from the next succeeding Subsequent Exploration Phase, if anyPeriod. In case the Minimum Work Programme of any particular the Initial Exploration Phase Period is completed before stipulated time as provided in the Article 3.2 and 3.3Article 3.2, the time so saved will be added to the next succeeding Subsequent Exploration PhasePeriod, if so requested by the Contractor giving a notice in writing to the Government thirtythirty (30) days prior to such early completion of the Initial Exploration Period and in that event the provision of the Article 3.4 (a) shall apply immediately after such early completion of Initial Exploration Period. 3.6 If, at the end of the Intial Exploration Period, execution of any Work Programme is in progress and which is in addition to the Minimum Work Programme, such Initial Exploration Period shall be extended for a period not exceeding six (6) months to enable completion thereof provided that the Minimum Work Programme for such period has been completed and the Management Committee gives its consent to the said extension as provided in the Article 3.5. In the event of an extension as provided for herein, the notice referred to in Article 3.4 shall be given at least thirty (30) days prior to the expiry of the relevant extension. 3.7 Where sufficient time is not available prior to the expiry of the Exploration Period to complete an Appraisal Programme, at the request of the Contractor, the Government shall extend the Exploration Period for such period, not exceeding eighteen (18) months for onland and shallow water blocks and thirty (30) months for deepwater blocks, as may be mutually agreed between the Parties for the Appraisal Programme to be carried out and for the Contractor and the Management Committee, to comply with the provisions of Article 10 and Article 21. 3.8 If no Commercial Discovery has been made in the Contract Area by the end of the Exploration Period, the Contract shall terminate. 3.9 If this Contract is terminated in accordance with its terms, the License shall be automatically cancelled. 3.10 If at the expiry of the Exploration Period a development plan for development of a Commercial Discovery and an application for Lease is under consideration by the Management Committee or Government, as the case may be, pursuant to Articles 10, 11 and 21 respectively, the License shall continue in force with respect to that part of the Contract Area to which the application for the Lease relates, pending a decision on the proposed development plan and the application for the Lease, but shall cease to be in force and effect with respect to the remainder of the Contract Area.

LICENSE AND EXPLORATION PERIOD. 3.1 The Exploration Period shall begin on the Effective Date and shall consist of three two Exploration Phases, each phase first exploration Phase shall be for a period not exceeding four (4) consecutive Contract Years and second Exploration Phase shall be for a period not exceeding three (3) consecutive Contract Years, for a total period not exceeding seven (7) consecutive Contract Years (eight (8) consecutive Contract Years in case of Deepwater Areas and Frontier Areas) unless extended pursuant to the terms of this Contract, except that for Deepwater Areas and Frontier Areas the first Exploration Phase may be of four (4) years and correspondingly the Exploration Period may be eight (8) consecutive Contract Years. 3.2 Except as otherwise provided in this Contract, the term of the first Exploration Phase shall not exceed 4 (to be taken from the accepted bid and subject to Article 3.1four) consecutive Contract Years (hereinafter referred to as the first Exploration Phase). 3.3 Except as otherwise provided in this Contract, the term of the second Exploration Phase shall not exceed 3 (to be taken from the accepted bid and subject to Article 3.1three) consecutive Contract Years from the end of the first Exploration Phase (hereinafter referred to as the second Exploration Phase). 3.4 Except as otherwise provided in this Contract, the term of the third Exploration Phase shall not exceed (to be taken from the accepted bid and subject to Article 3.1) consecutive Contract Years from the end of the second Exploration Phase (hereinafter referred to as the third Exploration Phase). 3.5 At the expiry of any Exploration Phase of the Exploration Period, provided that the Contractor has completed the Minimum Work Programme for that Exploration Phase, the Contractor shall have the option, exercisable by giving a written notice to the Government at least thirty (30) days prior to the expiry of the relevant Phase, either: (a) to proceed to the next Exploration Phase on presentation of the requisite guarantees as provided for in Article 29; or (b) to relinquish the entire Contract Area except for any Discovery Area and any Development Area and to conduct Development Operations and Production Operations in relation to any Commercial Discovery in accordance with the terms of this Contract, and the Contractor shall have no further obligation in respect of the Minimum Work Programme under Article 5 for any subsequent Exploration Phases of the Exploration Period. If neither of the options provided for in paragraphs (a) and (b) hereof is exercised by the Contractor, this Contract shall terminate at the end of the then current Exploration Phase and the License shall be automatically cancelled. 3.6 3.5 If at the end of an Exploration Phase the Minimum Work Programme for that phase is not completed, the time for completion of the said Minimum Work Programme shall be extended for a period necessary to enable completion thereof but not exceeding six (6) months, provided that the Contractor submits his request by giving a written notice to the Government at least thirty (30) days prior to the expiry of the relevant Phase and can show technical or other good reasons for non-completion of the Minimum Work Programme and the Management Committee gives its consent to the said extension and provided further that the period of such extension shall be subtracted from the next succeeding Exploration Phase, if any. In case the Minimum Work Programme of any particular Exploration Phase is completed before stipulated time as provided in the Article 3.2 and 3.3Article 3.2, the time so saved will be added to the next Exploration Phase, if so requested by the Contractor giving a notice in writing to the Government thirtythirty (30) days prior to such early completion of the Phase and in that event the provision of the Article 3.4 (a) shall apply immediately after such early completion of the Phase. 3.6 If, at the end of an Exploration Phase, execution of any Work Programme is in progress and which is in addition to the Minimum Work Programme, such Exploration Phase shall be extended for a period not exceeding six (6) months to enable completion thereof provided that the Minimum Work Programme for such Phase has been completed and the Management Committee gives its consent to the said extension as provided in the Article 3.5. In the event of an extension as provided for herein, the notice referred to in Article 3.4 shall be given at least thirty (30) days prior to the expiry of the relevant extension. 3.7 Where sufficient time is not available prior to the expiry of the Exploration Period to complete an Appraisal Programme, at the request of the Contractor, the Government shall extend the Exploration Period for such period, not exceeding eighteen (18) months, as may be mutually agreed between the Parties for the Appraisal Programme to be carried out and for the Contractor and the Management Committee, to comply with the provisions of Article 10 and Article 21. 3.8 If no Commercial Discovery has been made in the Contract Area by the end of the Exploration Period, the Contract shall terminate. 3.9 If this Contract is terminated in accordance with its terms, the License shall be automatically cancelled. 3.10 If at the expiry of the Exploration Period a development plan for development of a Commercial Discovery and an application for Lease is under consideration by the Management Committee or Government, as the case may be, pursuant to Articles 10, 11 and 21 respectively, the License shall continue in force with respect to that part of the Contract Area to which the application for the Lease relates, pending a decision on the proposed development plan and the application for the Lease, but shall cease to be in force and effect with respect to the remainder of the Contract Area.

LICENSE AND EXPLORATION PERIOD. 3.1 The Exploration Period shall begin on the Effective Date and shall consist of three (3) Exploration Phases, each phase not exceeding three (3) Contract Years, for a total period not exceeding seven (7) consecutive Contract Years (eight (8) consecutive Contract Years in case of Deepwater Areas and Frontier Areas) unless extended pursuant to the terms of this Contract, except that for Deepwater Areas and Frontier Areas the first Exploration Phase may be of four (4) years and correspondingly the Exploration Period may be eight (8) consecutive Contract Years. 3.2 Except as otherwise provided in this Contract, the term of the first Exploration Phase shall not exceed three (to be taken from the accepted bid and subject to Article 3.13) consecutive Contract Years (hereinafter referred to as the first Exploration Phase). 3.3 Except as otherwise provided in this Contract, the term of the second Exploration Phase shall not exceed two (to be taken from the accepted bid and subject to Article 3.12) consecutive Contract Years from the end of the first Exploration Phase (hereinafter referred to as the second Exploration Phase). 3.4 Except as otherwise provided in this Contract, the term of the third Exploration Phase shall not exceed two (to be taken from the accepted bid and subject to Article 3.12) consecutive Contract Years from the end of the second Exploration Phase (hereinafter referred to as the third Exploration Phase). 3.5 At the expiry of any Exploration Phase of the Exploration Period, provided that the Contractor has completed the Minimum Work Programme for that Exploration Phase, the Contractor shall have the option, exercisable by giving a written notice to the Government at least thirty (30) days prior to the expiry of the relevant Phase, either: (a) to proceed to the next Exploration Phase on presentation of the requisite guarantees as provided for in Article 29; or (b) to relinquish the entire Contract Area except for any Discovery Area and any Development Area and to conduct Development Operations and Production Operations in relation to any Commercial Discovery in accordance with the terms of this Contract, and the Contractor shall have no further obligation in respect of the Minimum Work Programme under Article 5 for any subsequent Exploration Phases of the Exploration Period. If neither of the options provided for in paragraphs (a) and (b) hereof is exercised by the Contractor, this Contract shall terminate at the end of the then current Exploration Phase and the License shall be automatically cancelled. 3.6 If at the end of an Exploration Phase the Minimum Work Programme for that phase is not completed, the time for completion of the said Minimum Work Programme shall be extended for a period necessary to enable completion thereof but not exceeding six (6) months, provided that the Contractor submits his request by giving a written notice to the Government at least thirty (30) days prior to the expiry of the relevant Phase and can show technical or other good reasons for non-completion of the Minimum Work Programme and the Management Committee gives its consent to the said extension and provided further that the period of such extension shall be subtracted from the next succeeding Exploration Phase, if any. In case the Minimum Work Programme of any particular Exploration Phase is completed before stipulated time as provided in the Article Article 3.2 and 3.3, the time so saved will be added to the next Exploration Phase, if so requested by the Contractor giving a notice in writing to the Government thirtythirty (30) days prior to such early completion of the Phase and in that event the provision of the Article 3.5 (a) shall apply immediately after such early completion of the Phase. 3.7 If, at the end of an Exploration Phase, execution of any Work Programme is in progress and which is in addition to the Minimum Work Programme, such Exploration Phase shall be extended for a period not exceeding six (6) months to enable completion thereof provided that the Minimum Work Programme for such Phase has been completed and the Management Committee gives its consent to the said extension as provided in the Article 3.6. In the event of an extension as provided for herein, the notice referred to in Article 3.5 shall be given at least thirty (30) days prior to the expiry of the relevant extension. 3.8 Where sufficient time is not available prior to the expiry of the Exploration Period to complete an Appraisal Programme, at the request of the Contractor, the Government shall extend the Exploration Period for such period, not exceeding eighteen (18) months for onland and shallow water blocks and thirty (30) months for deepwater blocks, as may be mutually agreed between the Parties for the Appraisal Programme to be carried out and for the Contractor and the Management Committee, to comply with the provisions of Article 10 and Article 21. 3.9 If no Commercial Discovery has been made in the Contract Area by the end of the Exploration Period, the Contract shall terminate. 3.10 If this Contract is terminated in accordance with its terms, the License shall be automatically cancelled. 3.11 If at the expiry of the Exploration Period a development plan for development of a Commercial Discovery and an application for Lease is under consideration by the Management Committee or Government, as the case may be, pursuant to Articles 10, 11 and 21 respectively, the License shall continue in force with respect to that part of the Contract Area to which the application for the Lease relates, pending a decision on the proposed development plan and the application for the Lease, but shall cease to be in force and effect with respect to the remainder of the Contract Area.

LICENSE AND EXPLORATION PERIOD. 3.1 The Exploration Period shall begin on the Effective Date and shall consist of three (3) Exploration Phases, each phase not exceeding three (3) Contract Years, for a total period not exceeding seven (7) consecutive Contract Years (eight (8) consecutive Contract Years in case of Deepwater Areas and Frontier Areas) unless extended pursuant to the terms of this Contract, except that for Deepwater Areas and Frontier Areas the first Exploration Phase may be of four (4) years and correspondingly the Exploration Period may be eight (8) consecutive Contract Years. 3.2 Except as otherwise provided in this Contract, the term of the first Exploration Phase shall not exceed three (to be taken from the accepted bid and subject to Article 3.13) consecutive Contract Years (hereinafter referred to as the first Exploration Phase). 3.3 Except as otherwise provided in this Contract, the term of the second Exploration Phase shall not exceed three (to be taken from the accepted bid and subject to Article 3.13) consecutive Contract Years from the end of the first Exploration Phase (hereinafter referred to as the second Exploration Phase). 3.4 Except as otherwise provided in this Contract, the term of the third Exploration Phase shall not exceed one (to be taken from the accepted bid and subject to Article 3.11) consecutive Contract Years from the end of the second Exploration Phase (hereinafter referred to as the third Exploration Phase). 3.5 At the expiry of any Exploration Phase of the Exploration Period, provided that the Contractor has completed the Minimum Work Programme for that Exploration Phase, the Contractor shall have the option, exercisable by giving a written notice to the Government at least thirty (30) days prior to the expiry of the relevant Phase, either: (a) to proceed to the next Exploration Phase on presentation of the requisite guarantees as provided for in Article 29; or (b) to relinquish the entire Contract Area except for any Discovery Area and any Development Area and to conduct Development Operations and Production Operations in relation to any Commercial Discovery in accordance with the terms of this Contract, and the Contractor shall have no further obligation in respect of the Minimum Work Programme under Article 5 for any subsequent Exploration Phases of the Exploration Period. If neither of the options provided for in paragraphs (a) and (b) hereof is exercised by the Contractor, this Contract shall terminate at the end of the then current Exploration Phase and the License shall be automatically cancelled. 3.6 If at the end of an Exploration Phase the Minimum Work Programme for that phase is not completed, the time for completion of the said Minimum Work Programme shall be extended for a period necessary to enable completion thereof but not exceeding six (6) months, provided that the Contractor submits his request by giving a written notice to the Government at least thirty (30) days prior to the expiry of the relevant Phase and can show technical or other good reasons for non-completion of the Minimum Work Programme and the Management Committee gives its consent to the said extension and provided further that the period of such extension shall be subtracted from the next succeeding Exploration Phase, if any. In case the Minimum Work Programme of any particular Exploration Phase is completed before stipulated time as provided in the Article Article 3.2 and 3.3, the time so saved will be added to the next Exploration Phase, if so requested by the Contractor giving a notice in writing to the Government thirtythirty (30) days prior to such early completion of the Phase and in that event the provision of the Article 3.5 (a) shall apply immediately after such early completion of the Phase. 3.7 If, at the end of an Exploration Phase, execution of any Work Programme is in progress and which is in addition to the Minimum Work Programme, such Exploration Phase shall be extended for a period not exceeding six (6) months to enable completion thereof provided that the Minimum Work Programme for such Phase has been completed and the Management Committee gives its consent to the said extension as provided in the Article 3.6. In the event of an extension as provided for herein, the notice referred to in Article 3.5 shall be given at least thirty (30) days prior to the expiry of the relevant extension. 3.8 Where sufficient time is not available prior to the expiry of the Exploration Period to complete an Appraisal Programme, at the request of the Contractor, the Government shall extend the Exploration Period for such period, not exceeding eighteen (18) months for onland and shallow water blocks and thirty (30) months for deepwater blocks, as may be mutually agreed between the Parties for the Appraisal Programme to be carried out and for the Contractor and the Management Committee, to comply with the provisions of Article 10 and Article 21. 3.9 If no Commercial Discovery has been made in the Contract Area by the end of the Exploration Period, the Contract shall terminate. 3.10 If this Contract is terminated in accordance with its terms, the License shall be automatically cancelled. 3.11 If at the expiry of the Exploration Period a development plan for development of a Commercial Discovery and an application for Lease is under consideration by the Management Committee or Government, as the case may be, pursuant to Articles 10, 11 and 21 respectively, the License shall continue in force with respect to that part of the Contract Area to which the application for the Lease relates, pending a decision on the proposed development plan and the application for the Lease, but shall cease to be in force and effect with respect to the remainder of the Contract Area.

LICENSE AND EXPLORATION PERIOD. 3.1 The Contractor shall have the right to explore for Petroleum within the Contract Area. The Contractor shall be granted the License to explore the Contract Area in accordance with the provisions of this Contract. 3.2 Except as otherwise provided in Article 3.4 the Exploration Period shall begin on the Effective Date and shall consist will be of three Exploration Phases, each phase not exceeding three Contract Years, (3) years for a total period not exceeding seven (7) consecutive Contract Years (eight (8) consecutive Contract Years in case of Deepwater Areas Onland/CBM/Shallow Water Blocks and Frontier Areas) unless extended pursuant to the terms of this Contract, except that for Deepwater Areas and Frontier Areas the first Exploration Phase may be of four (4) years for Deep Water/Ultra Deep Water Blocks. The Contractor shall complete Committed Work Programme and correspondingly any additional work programme within the Exploration Period may be eight (8) consecutive Contract Years. 3.2 Except as otherwise provided in this Contract, the term of the first Exploration Phase shall not exceed (to be taken from the accepted bid and subject to Article 3.1) consecutive Contract Years (hereinafter referred to as the first Exploration Phase)time period specified herein above. 3.3 Except as otherwise provided in this Contract, the term of the second Exploration Phase shall not exceed (to be taken from the accepted bid and subject to Article 3.1) consecutive Contract Years from the end of the first Exploration Phase (hereinafter referred to as the second Exploration Phase). 3.4 Except as otherwise provided in this Contract, the term of the third Exploration Phase shall not exceed (to be taken from the accepted bid and subject to Article 3.1) consecutive Contract Years from the end of the second Exploration Phase (hereinafter referred to as the third Exploration Phase). 3.5 At the expiry of any Exploration Phase of the Exploration Period, provided Provided that the Contractor has completed the Minimum Committed Work Programme for that Exploration Phaseor has paid LD as per Article 5.4, the Contractor shall have exercise the option, exercisable option by giving a written notice to the Government at least within thirty (30) days prior to the of expiry of the relevant Phase, Exploration Period to either: (a) to proceed to the next Exploration Phase on presentation of the requisite guarantees as provided for in Article 29; or (b) to relinquish the entire Contract Area except for retain any Discovery Area and and/or any Development Area and to conduct Development Operations and Production Operations in relation to any Commercial Discovery in accordance with the terms of this Contract, . The rest of the Contract Area shall be relinquished and the Contractor shall have no further obligation in respect of the Minimum Committed Work Programme under Article 5 for any subsequent Exploration Phases of or b) relinquish the Exploration Period. entire Contract Area If neither of the options provided for in paragraphs (a) and (b) hereof is exercised by the Contractor, this Contract shall terminate at the end of the then current Exploration Phase stand terminated and the License shall be stand automatically cancelled. Such termination shall be without prejudice to the right of the Government to claim LD. 3.6 If at 3.4 For the end purpose of an Exploration Phase the Minimum completion of Committed Work Programme for that phase is not completedProgramme, the time for completion of Contractor may extend the said Minimum Work Programme shall be extended Exploration Period specified in Article 3.2 for a maximum period necessary to enable completion thereof but not exceeding six of nine (69) months, provided that the Contractor submits his request months in case of Onland/Shallow Water/CBM Blocks and eighteen (18) months in case of Deep Water/ Ultra-Deep Water Blocks by giving making a written notice payment to the Government at least thirty (30) days prior to the expiry of the relevant Phase and can show technical Exploration Period as follows: i) For Onland/Shallow Water/CBM Blocks: USD 25,000 or other good reasons for non-completion its INR equivalent per month or any part of the Minimum Work Programme and month for the Management Committee gives duration of extension sought. ii) For Deep Water/Ultra-Deep Water Blocks: USD 50,000 or its consent to INR equivalent per month or any part of the said month for the duration of extension and provided further that the period of such sought. The payment for seeking extension shall be subtracted from made to the next succeeding Bank Account prescribed by Government. The extension shall be automatic on making the payment in the account. The extensions can be sought multiple times by making requisite payment subject to maximum period prescribed above. 3.5 The Exploration PhasePeriod or as extended shall be used for the purpose of completing the Committed Work Programme or any additional work programme, if anyhowever, the Contractor shall have the right to explore for Petroleum within the retained Contract Area for the entire duration of this Contract including lease period, subject to compliance with Applicable Laws. 3.6 If this Contract is terminated in accordance with its terms, the License shall stand automatically cancelled. 3.7 If on the Effective Date of the Contract, application(s) for grant of License(s) for any part of the Original Contract Area is pending, then Exploration Period for such remaining part in the Original Contract Area may be extended by the Government of India. In Provided that the extension granted shall not exceed the number of days that have lapsed between the date of grant of the first License and grant of such License(s) for the remaining part. Provided further, that no extension shall be granted in case the Minimum Work Programme Contractor has not made a valid application for grant of any particular Exploration Phase is completed before stipulated time as provided in License(s) to the Article 3.2 and 3.3, appropriate government within the time so saved will be added limit specified under Article 11.1.1 or the delay in grant of License is attributable to the next Exploration Phase, if so requested by conduct of the Contractor giving a notice in writing to the Government thirtyContractor.

LICENSE AND EXPLORATION PERIOD. 3.1 The Exploration Period Contractor shall begin on have the Effective Date and right to explore for Petroleum within the Contract Area. The Contractor shall consist of three Exploration Phases, each phase not exceeding three be granted the License to explore the Contract Years, for a total period not exceeding seven (7) consecutive Contract Years (eight (8) consecutive Contract Years Area in case of Deepwater Areas and Frontier Areas) unless extended pursuant to accordance with the terms provisions of this Contract, except that for Deepwater Areas and Frontier Areas the first Exploration Phase may be of four (4) years and correspondingly the Exploration Period may be eight (8) consecutive Contract Years. 3.2 Except as otherwise provided in this ContractArticles 3.3 and 3.4,the Exploration Period shall begin on the Effective Date, shall consist of two phases - Exploration Period (Phase-I) and Exploration Period (Phase-II)and shall be for a duration not exceeding the term of time period as given in the first table below: Onland (including CBM) and shallow water Blocks Frontier Area, Deepwater Area and Ultra Deepwater Blocks Exploration Phase shall not exceed Period 8 years 10 years Exploration Period (to be taken from the accepted bid and subject to Article 3.1Phase-I) consecutive Contract Years 5 years 6 years Exploration Period (hereinafter referred to as the first Exploration Phase).-II) 3 years 4 years 3.3 Except as otherwise provided in this Contract, the term of the second Exploration Phase shall not exceed (to be taken from the accepted bid and subject to Article 3.1) consecutive Contract Years from At the end of the first Exploration Phase Period (hereinafter referred to as the second Phase-I) or Exploration Period (Phase-II)., if: 3.4 Except as otherwise provided in this Contract, the term of the third Exploration Phase shall not exceed (to be taken from the accepted bid and subject to Article 3.1a) consecutive Contract Years from the end of the second Exploration Phase (hereinafter referred to as the third Exploration Phase). 3.5 At the expiry of any Exploration Phase of the Exploration Period, provided that the Contractor has completed the Minimum Work Programme for that Exploration Phase, the Contractor shall have the option, exercisable by giving a written notice to the Government at least thirty (30) days prior to the expiry of the relevant Phase, either: (a) to proceed to the next Exploration Phase on presentation of the requisite guarantees as provided for in Article 29; or (b) to relinquish the entire Contract Area except for any Discovery Area and any Development Area and to conduct Development Operations and Production Operations in relation to any Commercial Discovery in accordance with the terms of this Contract, and the Contractor shall have no further obligation in respect of the Minimum Work Programme under Article 5 for any subsequent Exploration Phases of the Exploration Period. If neither of the options provided for in paragraphs (a) and (b) hereof is exercised by the Contractor, this Contract shall terminate at the end of the then current Exploration Phase and the License shall be automatically cancelled. 3.6 If at the end of an Exploration Phase the Minimum Work Programme for that phase period is not completed, then the time for completion of the said Minimum Work Programme shall be extended for a period necessary to enable completion thereof but not exceeding six (6) months, provided that (i) the Contractor submits his request by giving a written notice to the Government at least thirty (30) days prior to the expiry of the relevant Phase and can show technical or other good reasons for non-completion of the Minimum Work Programme Programme, and (ii) the Management Committee Government (acting through DGH) gives its written consent to the said extension. Provided further that, in respect of extension and provided further that granted for Exploration Period (Phase –I) the period of such extension shall be subtracted from the next succeeding Exploration Period (Phase-II); (b) execution of any Work Programme (which is in addition to the Minimum Work Programme) is in progress, if any. then the relevant Exploration Period shall be extended for a period not exceeding six (6) months to enable completion thereof provided that: (i) the Minimum Work Programme for such period has been completed, and (ii) the Government (acting through DGH)gives its written consent to the said extension. 3.4 The Contractor can apply to the Government (acting through DGH) for extension of more than six (6) months in the Exploration Period and the Government (acting through DGH) shall decide on such application on such basis as prescribed in the prevalent GoI Extension Policy. 3.5 In case the Minimum Work Programme of any particular the Exploration Phase Period (Phase-I) is completed before stipulated time as provided in the Article 3.2 and 3.3table in Article 3.2, the time so saved will be added to the next succeeding Exploration Period (Phase-II). 3.6 If this Contract is terminated in accordance with its terms, if so requested by the Contractor giving a notice in writing to the Government thirtyLicense shall standautomatically cancelled.

LICENSE AND EXPLORATION PERIOD. 3.1 The Exploration Period shall begin on the Effective Date and shall consist of three (3) Exploration Phases, each phase not exceeding three (3) Contract Years, for a total period not exceeding seven (7) consecutive Contract Years (eight (8) consecutive Contract Years in case of Deepwater Areas and Frontier Areas) unless extended pursuant to the terms of this Contract, except that for Deepwater Areas and Frontier Areas the first Exploration Phase may be of four (4) years and correspondingly the Exploration Period may be eight (8) consecutive Contract Years. 3.2 Except as otherwise provided in this Contract, the term of the first Exploration Phase shall not exceed three (to be taken from the accepted bid and subject to Article 3.13) consecutive Contract Years (hereinafter referred to as the first Exploration Phase). 3.3 Except as otherwise provided in this Contract, the term of the second Exploration Phase shall not exceed two (to be taken from the accepted bid and subject to Article 3.12) consecutive Contract Years from the end of the first Exploration Phase (hereinafter referred to as the second Exploration Phase). 3.4 Except as otherwise provided in this Contract, the term of the third Exploration Phase shall not exceed two (to be taken from the accepted bid and subject to Article 3.12) consecutive Contract Years from the end of the second Exploration Phase (hereinafter referred to as the third Exploration Phase). 3.5 At the expiry of any Exploration Phase of the Exploration Period, provided that the Contractor has completed the Minimum Work Programme for that Exploration Phase, the Contractor shall have the option, exercisable by giving a written notice to the Government at least thirty (30) days prior to the expiry of the relevant Phase, either: (a) to proceed to the next Exploration Phase on presentation of the requisite guarantees as provided for in Article 29; or (b) to relinquish the entire Contract Area except for any Discovery Area and any Development Area and to conduct Development Operations and Production Operations in relation to any Commercial Discovery in accordance with the terms of this Contract, and the Contractor shall have no further obligation in respect of the Minimum Work Programme under Article 5 for any subsequent Exploration Phases of the Exploration Period. If neither of the options provided for in paragraphs (a) and (b) hereof is exercised by the Contractor, this Contract shall terminate at the end of the then current Exploration Phase and the License shall be automatically cancelled. 3.6 If at the end of an Exploration Phase the Minimum Work Programme for that phase is not completed, the time for completion of the said Minimum Work Programme shall be extended for a period necessary to enable completion thereof but not exceeding six (6) months, provided that the Contractor submits his request by giving a written notice to the Government at least thirty (30) days prior to the expiry of the relevant Phase and can show technical or other good reasons for non-completion of the Minimum Work Programme and the Management Committee gives its consent to the said extension and provided further that the period of such extension shall be subtracted from the next succeeding Exploration Phase, if any. In case the Minimum Work Programme of any particular Exploration Phase is completed before stipulated time as provided in the Article Article 3.2 and 3.3, the time so saved will be added to the next Exploration Phase, if so requested by the Contractor giving a notice in writing to the Government thirtythirty (30) days prior to such early completion of the Phase and in that event the provision of the Article 3.5 (a) shall apply immediately after such early completion of the Phase. 3.7 If, at the end of an Exploration Phase, execution of any Work Programme is in progress and which is in addition to the Minimum Work Programme, such Exploration Phase shall be extended for a period not exceeding six (6) months to enable completion thereof provided that the Minimum Work Programme for such Phase has been completed and the Management Committee gives its consent to the said extension as provided in the Article 3.

LICENSE AND EXPLORATION PERIOD. 3.1 The Exploration Period Phase (Phase I), the Pilot Assessment, Market Surveys and Commitments Phase (together called Phase II), shall be the License period. 3.2 The Exploration Phase (Phase-I) shall begin on from the Effective Date and term of the Exploration Phase shall consist of three Exploration Phases, each phase not exceeding three Contract Years, for a total period not exceeding seven be two (72) consecutive Contract Years (eight (8) consecutive Contract Years in case of Deepwater Areas and Frontier Areas) unless extended pursuant to the terms of this Contract, except that for Deepwater Areas and Frontier Areas the first Exploration Phase may be of four (4) years and correspondingly the Exploration Period may be eight (8) consecutive Contract Years. 3.2 Except as otherwise provided in this Contract, the term of the first Exploration Phase shall not exceed (to be taken from the accepted bid and subject to Article 3.1) consecutive Contract Years (hereinafter referred to as the first Exploration Phase). 3.3 Except as otherwise provided in this ContractIf, the term of the second Exploration Phase shall not exceed (to be taken from the accepted bid and subject to Article 3.1) consecutive Contract Years from at the end of the first Exploration Phase (hereinafter referred to as the second Exploration Phase-I). 3.4 Except as otherwise provided , drilling or testing operations are in this Contract, the term of the third Exploration Phase shall not exceed (to be taken from the accepted bid and subject to Article 3.1) consecutive Contract Years from the end of the second Exploration Phase (hereinafter referred to as the third Exploration Phase). 3.5 At the expiry of any Exploration Phase of the Exploration Period, provided that the Contractor has completed progress on a Corehole/Production Test Well included in the Minimum Work Programme for that Exploration Phase, the Contractor shall have the option, exercisable by giving a written notice to the Government at least thirty (30) days or where sufficient time is not available prior to the expiry of the relevant Phase, either: -I (aExploration Phase) to proceed to complete the next Exploration Phase studies on presentation of the requisite guarantees as provided for in Article 29; or (bi) to relinquish the entire Contract Area except for any Discovery Area and any Development Area and to conduct Development Operations and Production Operations in relation to any Commercial Discovery in accordance with the terms of this ContractCorehole drilling, and the Contractor shall have no further obligation in respect of the Minimum Work Programme under Article 5 for any subsequent Exploration Phases of the Exploration Period. If neither of the options provided for in paragraphs (a) testing and (bii) hereof is exercised by drilling and production testing of committed production Test Xxxxx, at the request of the Contractor, this Contract shall terminate at the end of the then current such Exploration Phase and the License shall be automatically cancelled. 3.6 If at the end of an Exploration Phase the Minimum Work Programme for that phase is not completed, the time for completion of the said Minimum Work Programme shall be extended for a period necessary to enable completion thereof as determined by the Contractor, but not exceeding six (6) months, provided that the Contractor submits his request by giving can show technical or other good reasons for non- completion thereof and the Steering Committee gives its consent to the said extension asked for and provided further that the period of such extension shall be subtracted from the period of the next succeeding Pilot Assessment Phase (Phase-IIA). In the event of an extension as provided hereinabove is required, the Contractor shall serve a written notice to the Government at least thirty (30) days prior to the expiry of the relevant Phase and can show technical (Phase-I). 3.4 If, at the end of Phase-I, drilling or other good reasons testing operations are in progress on a Well not included in the Minimum Work Programme, such Phase-I shall be extended for non-a period not exceeding six (6) months to enable completion of thereof provided that the Minimum Work Programme for such Phase has been completed and the Management Committee Government gives its consent to the said extension. In the event of an extension and as provided further that for herein, the period of such extension notice shall be subtracted from the next succeeding Exploration Phase, if any. In case the Minimum Work Programme of any particular Exploration Phase is completed before stipulated time as provided in the Article 3.2 and 3.3, the time so saved will be added to the next Exploration Phase, if so requested by the Contractor giving a notice in writing to the Government given at least thirty

LICENSE AND EXPLORATION PERIOD. 3.1 The Exploration Period Contractor shall begin on have the Effective Date and right to explore for Petroleum within the Contract Area. The Contractor shall consist of three Exploration Phases, each phase not exceeding three be granted the License to explore the Contract Years, for a total period not exceeding seven (7) consecutive Contract Years (eight (8) consecutive Contract Years Area in case of Deepwater Areas and Frontier Areas) unless extended pursuant to accordance with the terms provisions of this Contract, except that for Deepwater Areas and Frontier Areas the first Exploration Phase may be of four (4) years and correspondingly the Exploration Period may be eight (8) consecutive Contract Years. 3.2 Except as otherwise provided in this ContractArticles 3.3 and 3.4,the Exploration Period shall begin on the Effective Date, shall consist of two phases - Exploration Period (Phase-I) and Exploration Period (Phase-II)and shall be for a duration not exceeding the term of time period as given in the first table below: Onland (including Frontier Area, Exploration Phase shall not exceed Period 8 years 10 years Exploration Period (to be taken from the accepted bid and subject to Article 3.1Phase-I) consecutive Contract Years 5 years 6 years Exploration Period (hereinafter referred to as the first Exploration Phase).-II) 3 years 4 years 3.3 Except as otherwise provided in this Contract, the term of the second Exploration Phase shall not exceed (to be taken from the accepted bid and subject to Article 3.1) consecutive Contract Years from At the end of the first Exploration Phase Period (hereinafter referred to as the second Phase-I) or Exploration Period (Phase-II)., if: 3.4 Except as otherwise provided in this Contract, the term of the third Exploration Phase shall not exceed (to be taken from the accepted bid and subject to Article 3.1a) consecutive Contract Years from the end of the second Exploration Phase (hereinafter referred to as the third Exploration Phase). 3.5 At the expiry of any Exploration Phase of the Exploration Period, provided that the Contractor has completed the Minimum Work Programme for that Exploration Phase, the Contractor shall have the option, exercisable by giving a written notice to the Government at least thirty (30) days prior to the expiry of the relevant Phase, either: (a) to proceed to the next Exploration Phase on presentation of the requisite guarantees as provided for in Article 29; or (b) to relinquish the entire Contract Area except for any Discovery Area and any Development Area and to conduct Development Operations and Production Operations in relation to any Commercial Discovery in accordance with the terms of this Contract, and the Contractor shall have no further obligation in respect of the Minimum Work Programme under Article 5 for any subsequent Exploration Phases of the Exploration Period. If neither of the options provided for in paragraphs (a) and (b) hereof is exercised by the Contractor, this Contract shall terminate at the end of the then current Exploration Phase and the License shall be automatically cancelled. 3.6 If at the end of an Exploration Phase the Minimum Work Programme for that phase period is not completed, then the time for completion of the said Minimum Work Programme shall be extended for a period necessary to enable completion thereof but not exceeding six (6) months, provided that (i) the Contractor submits his request by giving a written notice to the Government at least thirty (30) days prior to the expiry of the relevant Phase and can show technical or other good reasons for non-completion of the Minimum Work Programme Programme, and (ii) the Management Committee Government (acting through DGH) gives its written consent to the said extension. Provided further that, in respect of extension and provided further that granted for Exploration Period (Phase –I) the period of such extension shall be subtracted from the next succeeding Exploration Period (Phase-II); (b) execution of any Work Programme (which is in addition to the Minimum Work Programme) is in progress, if any. then the relevant Exploration Period shall be extended for a period not exceeding six (6) months to enable completion thereof provided that: (i) the Minimum Work Programme for such period has been completed, and (ii) the Government (acting through DGH)gives its written consent to the said extension. 3.4 The Contractor can apply to the Government (acting through DGH) for extension of more than six (6) months in the Exploration Period and the Government (acting through DGH) shall decide on such application on such basis as prescribed in the prevalent GoI Extension Policy. 3.5 In case the Minimum Work Programme of any particular the Exploration Phase Period (Phase-I) is completed before stipulated time as provided in the Article 3.2 and 3.3table in Article 3.2, the time so saved will be added to the next succeeding Exploration Period (Phase-II). 3.6 If this Contract is terminated in accordance with its terms, if so requested by the Contractor giving a notice in writing to the Government thirtyLicense shall standautomatically cancelled.

LICENSE AND EXPLORATION PERIOD. 3.1 The Exploration Period Contractor shall begin on have the Effective Date and right to explore for Petroleum within the Contract Area. The Contractor shall consist of three Exploration Phases, each phase not exceeding three be granted the License to explore the Contract Years, for a total period not exceeding seven (7) consecutive Contract Years (eight (8) consecutive Contract Years Area in case of Deepwater Areas and Frontier Areas) unless extended pursuant to accordance with the terms provisions of this Contract, except that for Deepwater Areas and Frontier Areas the first Exploration Phase may be of four (4) years and correspondingly the Exploration Period may be eight (8) consecutive Contract Years. 3.2 Except as otherwise provided in this ContractArticles 3.3 and 3.4,the Exploration Period shall begin on the Effective Date, shall consist of two phases - Exploration Period (Phase-I) and Exploration Period (Phase-II)and shall be for a duration not exceeding the term of time period as given in the first table below: Exploration Phase shall not exceed Period 8 years 10 years Exploration Period (to be taken from the accepted bid and subject to Article 3.1Phase-I) consecutive Contract Years 5 years 6 years Exploration Period (hereinafter referred to as the first Exploration Phase).-II) 3 years 4 years 3.3 Except as otherwise provided in this Contract, the term of the second Exploration Phase shall not exceed (to be taken from the accepted bid and subject to Article 3.1) consecutive Contract Years from At the end of the first Exploration Phase Period (hereinafter referred to as the second Phase-I) or Exploration Period (Phase-II)., if: 3.4 Except as otherwise provided in this Contract, the term of the third Exploration Phase shall not exceed (to be taken from the accepted bid and subject to Article 3.1a) consecutive Contract Years from the end of the second Exploration Phase (hereinafter referred to as the third Exploration Phase). 3.5 At the expiry of any Exploration Phase of the Exploration Period, provided that the Contractor has completed the Minimum Work Programme for that Exploration Phase, the Contractor shall have the option, exercisable by giving a written notice to the Government at least thirty (30) days prior to the expiry of the relevant Phase, either: (a) to proceed to the next Exploration Phase on presentation of the requisite guarantees as provided for in Article 29; or (b) to relinquish the entire Contract Area except for any Discovery Area and any Development Area and to conduct Development Operations and Production Operations in relation to any Commercial Discovery in accordance with the terms of this Contract, and the Contractor shall have no further obligation in respect of the Minimum Work Programme under Article 5 for any subsequent Exploration Phases of the Exploration Period. If neither of the options provided for in paragraphs (a) and (b) hereof is exercised by the Contractor, this Contract shall terminate at the end of the then current Exploration Phase and the License shall be automatically cancelled. 3.6 If at the end of an Exploration Phase the Minimum Work Programme for that phase period is not completed, then the time for completion of the said Minimum Work Programme shall be extended for a period necessary to enable completion thereof but not exceeding six (6) months, provided that (i) the Contractor submits his request by giving a written notice to the Government at least thirty (30) days prior to the expiry of the relevant Phase and can show technical or other good reasons for non-completion of the Minimum Work Programme Programme, and (ii) the Management Committee Government (acting through DGH) gives its written consent to the said extension. Provided further that, in respect of extension and provided further that granted for Exploration Period (Phase –I) the period of such extension shall be subtracted from the next succeeding Exploration Period (Phase-II); (b) execution of any Work Programme (which is in addition to the Minimum Work Programme) is in progress, if any. then the relevant Exploration Period shall be extended for a period not exceeding six (6) months to enable completion thereof provided that: (i) the Minimum Work Programme for such period has been completed, and (ii) the Government (acting through DGH)gives its written consent to the said extension. 3.4 The Contractor can apply to the Government (acting through DGH) for extension of more than six (6) months in the Exploration Period and the Government (acting through DGH) shall decide on such application on such basis as prescribed in the prevalent GoI Extension Policy. 3.5 In case the Minimum Work Programme of any particular the Exploration Phase Period (Phase-I) is completed before stipulated time as provided in the Article 3.2 and 3.3table in Article 3.2, the time so saved will be added to the next succeeding Exploration Period (Phase-II). 3.6 If this Contract is terminated in accordance with its terms, if so requested by the Contractor giving a notice in writing to the Government thirtyLicense shall standautomatically cancelled.

LICENSE AND EXPLORATION PERIOD. 3.1 The Exploration Period shall begin on the Effective Date and shall consist of three two (2) Exploration Phases, each phase first exploration Phase shall be for a period not exceeding four (4) consecutive Contract Years and second Exploration Phase shall be for a period not exceeding three (3) consecutive Contract Years, for a total period not exceeding seven (7) consecutive Contract Years (eight (8) consecutive Contract Years in case of Deepwater Areas and Frontier Areas) unless extended pursuant to the terms of this Contract, except that for Deepwater Areas and Frontier Areas the first Exploration Phase may be of four (4) years and correspondingly the Exploration Period may be eight (8) consecutive Contract Years. 3.2 Except as otherwise provided in this Contract, the term of the first Exploration Phase shall not exceed four (to be taken from the accepted bid and subject to Article 3.14) consecutive Contract Years (hereinafter referred to as the first Exploration Phase). 3.3 Except as otherwise provided in this Contract, the term of the second Exploration Phase shall not exceed three (to be taken from the accepted bid and subject to Article 3.13) consecutive Contract Years from the end of the first Exploration Phase (hereinafter referred to as the second Exploration Phase). 3.4 Except as otherwise provided in this Contract, the term of the third Exploration Phase shall not exceed (to be taken from the accepted bid and subject to Article 3.1) consecutive Contract Years from the end of the second Exploration Phase (hereinafter referred to as the third Exploration Phase). 3.5 At the expiry of any Exploration Phase of the Exploration Period, provided that the Contractor has completed the Minimum Work Programme for that Exploration Phase, the Contractor shall have the option, exercisable by giving a written notice to the Government at least thirty (30) days prior to the expiry of the relevant Phase, either: (a) to proceed to the next Exploration Phase on presentation of the requisite guarantees as provided for in Article 29; or (b) to relinquish the entire Contract Area except for any Discovery Area and any Development Area and to conduct Development Operations and Production Operations in relation to any Commercial Discovery in accordance with the terms of this Contract, and the Contractor shall have no further obligation in respect of the Minimum Work Programme under Article 5 for any subsequent Exploration Phases of the Exploration Period. If neither of the options provided for in paragraphs (a) and (b) hereof is exercised by the Contractor, this Contract shall terminate at the end of the then current Exploration Phase and the License shall be automatically cancelled. 3.6 3.5 If at the end of an Exploration Phase the Minimum Work Programme for that phase is not completed, the time for completion of the said Minimum Work Programme shall be extended for a period necessary to enable completion thereof but not exceeding six (6) months, provided that the Contractor submits his request by giving a written notice to the Government at least thirty (30) days prior to the expiry of the relevant Phase and can show technical or other good reasons for non-completion of the Minimum Work Programme and the Management Committee gives its consent to the said extension and provided further that the period of such extension shall be subtracted from the next succeeding Exploration Phase, if any. In case the Minimum Work Programme of any particular Exploration Phase is completed before stipulated time as provided in the Article 3.2 and 3.3Article 3.2, the time so saved will be added to the next Exploration Phase, if so requested by the Contractor giving a notice in writing to the Government thirtythirty (30) days prior to such early completion of the Phase and in that event the provision of the Article 3.4 (a) shall apply immediately after such early completion of the Phase. 3.6 If, at the end of an Exploration Phase, execution of any Work Programme is in progress and which is in addition to the Minimum Work Programme, such Exploration Phase shall be extended for a period not exceeding six (6) months to enable completion thereof provided that the Minimum Work Programme for such Phase has been completed and the Management Committee gives its consent to the said extension as provided in the Article 3.5. In the event of an extension as provided for herein, the notice referred to in Article 3.4 shall be given at least thirty (30) days prior to the expiry of the relevant extension. 3.7 Where sufficient time is not available prior to the expiry of the Exploration Period to complete an Appraisal Programme, at the request of the Contractor, the Government shall extend the Exploration Period for such period, not exceeding eighteen (18) months for onland and shallow water blocks and thirty (30) months for deepwater blocks, as may be mutually agreed between the Parties for the Appraisal Programme to be carried out and for the Contractor and the Management Committee, to comply with the provisions of Article 10 and Article 21. 3.8 If no Commercial Discovery has been made in the Contract Area by the end of the Exploration Period, the Contract shall terminate. 3.9 If this Contract is terminated in accordance with its terms, the License shall be automatically cancelled. 3.10 If at the expiry of the Exploration Period a development plan for development of a Commercial Discovery and an application for Lease is under consideration by the Management Committee or Government, as the case may be, pursuant to Articles 10, 11 and 21 respectively, the License shall continue in force with respect to that part of the Contract Area to which the application for the Lease relates, pending a decision on the proposed development plan and the application for the Lease, but shall cease to be in force and effect with respect to the remainder of the Contract Area.

LICENSE AND EXPLORATION PERIOD. 3.1 The Exploration Period shall begin on the Effective Date and shall consist of three Exploration Phases, each phase not exceeding three Contract Years, for a total period not exceeding seven (7) consecutive Contract Years (eight (8) consecutive Contract Years in case of Deepwater Areas and Frontier Areas) unless extended pursuant to the terms of this Contract, except that for Deepwater Areas and Frontier Areas the first Exploration Phase may be of four (4) years and correspondingly the Exploration Period may be eight (8) consecutive Contract Years. 3.2 Except as otherwise provided in this Contract, the term of the first Exploration Phase shall not exceed _ (to be taken from the accepted bid and subject to Article 3.1) consecutive Contract Years (hereinafter referred to as the first Exploration Phase). 3.3 Except as otherwise provided in this Contract, the term of the second Exploration Phase shall not exceed _ (to be taken from the accepted bid and subject to Article 3.1) consecutive Contract Years from the end of the first Exploration Phase (hereinafter referred to as the second Exploration Phase). 3.4 Except as otherwise provided in this Contract, the term of the third Exploration Phase shall not exceed _ (to be taken from the accepted bid and subject to Article 3.1) consecutive Contract Years from the end of the second Exploration Phase (hereinafter referred to as the third Exploration Phase). 3.5 At the expiry of any Exploration Phase of the Exploration Period, provided that the Contractor has completed the Minimum Work Programme for that Exploration Phase, the Contractor shall have the option, exercisable by giving a written notice to the Government at least thirty (30) days prior to the expiry of the relevant Phase, either: (a) to proceed to the next Exploration Phase on presentation of the requisite guarantees as provided for in Article 29; or (b) to relinquish the entire Contract Area except for any Discovery Area and any Development Area and to conduct Development Operations and Production Operations in relation to any Commercial Discovery in accordance with the terms of this Contract, and the Contractor shall have no further obligation in respect of the Minimum Work Programme under Article 5 for any subsequent Exploration Phases of the Exploration Period. If neither of the options provided for in paragraphs (a) and (b) hereof is exercised by the Contractor, this Contract shall terminate at the end of the then current Exploration Phase and the License shall be automatically cancelled. 3.6 If at the end of an Exploration Phase the Minimum Work Programme for that phase is not completed, the time for completion of the said Minimum Work Programme shall be extended for a period necessary to enable completion thereof but not exceeding six (6) months, provided that the Contractor submits his request by giving a written notice to the Government at least thirty (30) days prior to the expiry of the relevant Phase and can show technical or other good reasons for non-completion of the Minimum Work Programme and the Management Committee gives its consent to the said extension and provided further that the period of such extension shall be subtracted from the next succeeding Exploration Phase, if any. In case the Minimum Work Programme of any particular Exploration Phase is completed before stipulated time as provided in the Article 3.2 and 3.3, the time so saved will be added to the next Exploration Phase, if so requested by the Contractor giving a notice in writing to the Government thirty

LICENSE AND EXPLORATION PERIOD. 3.1 The Exploration Period Contractor shall begin on have the Effective Date and right to explore for Petroleum within the Contract Area. The Contractor shall consist of three Exploration Phases, each phase not exceeding three be granted the License to explore the Contract Years, for a total period not exceeding seven (7) consecutive Contract Years (eight (8) consecutive Contract Years Area in case of Deepwater Areas and Frontier Areas) unless extended pursuant to accordance with the terms provisions of this Contract, except that for Deepwater Areas and Frontier Areas the first Exploration Phase may be of four (4) years and correspondingly the Exploration Period may be eight (8) consecutive Contract Years. 3.2 Except as otherwise provided in this ContractArticles 3.3 and 3.4,the Exploration Period shall begin on the Effective Date, shall consist of two phases - Exploration Period (Phase-I) and Exploration Period (Phase-II)and shall be for a duration not exceeding the term of time period as given in the first table below: Onland (including CBM) and shallow water Blocks Frontier Area, Deepwater Area and Ultra Deepwater Blocks Exploration Phase shall not exceed Period 8 years 10 years Exploration Period (to be taken from the accepted bid and subject to Article 3.1Phase-I) consecutive Contract Years 5 years 6 years Exploration Period (hereinafter referred to as the first Exploration Phase). -II) 3 years 4 years 3.3 Except as otherwise provided in this Contract, the term of the second Exploration Phase shall not exceed (to be taken from the accepted bid and subject to Article 3.1) consecutive Contract Years from At the end of the first Exploration Phase Period (hereinafter referred to as the second Phase-I) or Exploration Period (Phase-II)., if: 3.4 Except as otherwise provided in this Contract, the term of the third Exploration Phase shall not exceed (to be taken from the accepted bid and subject to Article 3.1a) consecutive Contract Years from the end of the second Exploration Phase (hereinafter referred to as the third Exploration Phase). 3.5 At the expiry of any Exploration Phase of the Exploration Period, provided that the Contractor has completed the Minimum Work Programme for that Exploration Phase, the Contractor shall have the option, exercisable by giving a written notice to the Government at least thirty (30) days prior to the expiry of the relevant Phase, either: (a) to proceed to the next Exploration Phase on presentation of the requisite guarantees as provided for in Article 29; or (b) to relinquish the entire Contract Area except for any Discovery Area and any Development Area and to conduct Development Operations and Production Operations in relation to any Commercial Discovery in accordance with the terms of this Contract, and the Contractor shall have no further obligation in respect of the Minimum Work Programme under Article 5 for any subsequent Exploration Phases of the Exploration Period. If neither of the options provided for in paragraphs (a) and (b) hereof is exercised by the Contractor, this Contract shall terminate at the end of the then current Exploration Phase and the License shall be automatically cancelled. 3.6 If at the end of an Exploration Phase the Minimum Work Programme for that phase period is not completed, then the time for completion of the said Minimum Work Programme shall be extended for a period necessary to enable completion thereof but not exceeding six (6) months, provided that (i) the Contractor submits his request by giving a written notice to the Government at least thirty (30) days prior to the expiry of the relevant Phase and can show technical or other good reasons for non-completion of the Minimum Work Programme Programme, and (ii) the Management Committee Government (acting through DGH) gives its written consent to the said extension. Provided further that, in respect of extension and provided further that granted for Exploration Period (Phase –I) the period of such extension shall be subtracted from the next succeeding Exploration Period (Phase-II); (b) execution of any Work Programme (which is in addition to the Minimum Work Programme) is in progress, if any. In case then the relevant Exploration Period shall be extended for a period not exceeding six (6) months to enable completion thereof provided that: (i) the Minimum Work Programme of any particular Exploration Phase is completed before stipulated time as provided in for such period has been completed, and (ii) the Article 3.2 and 3.3, the time so saved will be added Government (acting through DGH)gives its written consent to the next Exploration Phase, if so requested by the Contractor giving a notice in writing to the Government thirtysaid extension.

LICENSE AND EXPLORATION PERIOD. 3.1 The Exploration Period shall begin on the Effective Date and shall consist of three two (2) Exploration Phases, each phase first exploration Phase shall be for a period not exceeding five (5) consecutive Contract Years and second Exploration Phase shall be for a period not exceeding three (3) consecutive Contract Years, for a total period not exceeding seven (7) consecutive Contract Years (eight (8) consecutive Contract Years in case of Deepwater Areas and Frontier Areas) unless extended pursuant to the terms of this Contract, except that for Deepwater Areas and Frontier Areas the first Exploration Phase may be of four (4) years and correspondingly the Exploration Period may be eight (8) consecutive Contract Years. 3.2 Except as otherwise provided in this Contract, the term of the first Exploration Phase shall not exceed four (to be taken from the accepted bid and subject to Article 3.14) consecutive Contract Years (hereinafter referred to as the first Exploration Phase). 3.3 Except as otherwise provided in this Contract, the term of the second Exploration Phase shall not exceed three (to be taken from the accepted bid and subject to Article 3.13) consecutive Contract Years from the end of the first Exploration Phase (hereinafter referred to as the second Exploration Phase). 3.4 Except as otherwise provided in this Contract, the term of the third Exploration Phase shall not exceed (to be taken from the accepted bid and subject to Article 3.1) consecutive Contract Years from the end of the second Exploration Phase (hereinafter referred to as the third Exploration Phase). 3.5 At the expiry of any Exploration Phase of the Exploration Period, provided that the Contractor has completed the Minimum Work Programme for that Exploration Phase, the Contractor shall have the option, exercisable by giving a written notice to the Government at least thirty (30) days prior to the expiry of the relevant Phase, either: (a) to proceed to the next Exploration Phase on presentation of the requisite guarantees as provided for in Article 29; or (b) to relinquish the entire Contract Area except for any Discovery Area and any Development Area and to conduct Development Operations and Production Operations in relation to any Commercial Discovery in accordance with the terms of this Contract, and the Contractor shall have no further obligation in respect of the Minimum Work Programme under Article 5 for any subsequent Exploration Phases of the Exploration Period. If neither of the options provided for in paragraphs (a) and (b) hereof is exercised by the Contractor, this Contract shall terminate at the end of the then current Exploration Phase and the License shall be automatically cancelled. 3.6 3.5 If at the end of an Exploration Phase the Minimum Work Programme for that phase is not completed, the time for completion of the said Minimum Work Programme shall be extended for a period necessary to enable completion thereof but not exceeding six (6) months, provided that the Contractor submits his request by giving a written notice to the Government at least thirty (30) days prior to the expiry of the relevant Phase and can show technical or other good reasons for non-completion of the Minimum Work Programme and the Management Committee gives its consent to the said extension and provided further that the period of such extension shall be subtracted from the next succeeding Exploration Phase, if any. In case the Minimum Work Programme of any particular Exploration Phase is completed before stipulated time as provided in the Article 3.2 and 3.3Article 3.2, the time so saved will be added to the next Exploration Phase, if so requested by the Contractor giving a notice in writing to the Government thirtythirty (30) days prior to such early completion of the Phase and in that event the provision of the Article 3.4 (a) shall apply immediately after such early completion of the Phase. 3.6 If, at the end of an Exploration Phase, execution of any Work Programme is in progress and which is in addition to the Minimum Work Programme, such Exploration Phase shall be extended for a period not exceeding six (6) months to enable completion thereof provided that the Minimum Work Programme for such Phase has been completed and the Management Committee gives its consent to the said extension as provided in the Article 3.5. In the event of an extension as provided for herein, the notice referred to in Article 3.4 shall be given at least thirty (30) days prior to the expiry of the relevant extension. 3.7 Where sufficient time is not available prior to the expiry of the Exploration Period to complete an Appraisal Programme, at the request of the Contractor, the Government shall extend the Exploration Period for such period, not exceeding eighteen (18) months, as may be mutually agreed between the Parties for the Appraisal Programme to be carried out and for the Contractor and the Management Committee, to comply with the provisions of Article 10 and Article 21. 3.8 If no Commercial Discovery has been made in the Contract Area by the end of the Exploration Period, the Contract shall terminate. 3.9 If this Contract is terminated in accordance with its terms, the License shall be automatically cancelled. 3.10 If at the expiry of the Exploration Period a development plan for development of a Commercial Discovery and an application for Lease is under consideration by the Management Committee or Government, as the case may be, pursuant to Articles 10, 11 and 21 respectively, the License shall continue in force with respect to that part of the Contract Area to which the application for the Lease relates, pending a decision on the proposed development plan and the application for the Lease, but shall cease to be in force and effect with respect to the remainder of the Contract Area.