Common use of Postponement of the Declaration of Commercial Feasibility Clause in Contracts

Postponement of the Declaration of Commercial Feasibility. If the main accumulation of hydrocarbons discovered and assessed in a Concession Area is Natural Gas, the Concessionaire may request to ANP an authorization to postpone the Declaration of Commercial Feasibility in up to five (5) years, in the following cases: lack of market for the Natural Gas to be produced, expected to be created in less than five (5) years; lack or inadequacy of infrastructure for transportation of the Natural Gas to be produced by the Concessionaire, expected to be implemented in less than five (5) years. If the main accumulation of hydrocarbons discovered and assessed in a Concession Area is Oil, the Concessionaire may request to ANP an authorization to postpone the Declaration of Commercial Feasibility in up to five (5) years, in the following cases: lack of technology for the Production, outflow, or refining, expected to be created in less than 5 (five) years. the volume of the Discovery is such that its commercial feasibility depends on additional Discoveries to be made in the same Block or in adjacent Blocks, aiming at the joint Development of all Operations. The Concessionaire may request ANP that the period for postponement of the submission of the Declaration of Commercial Feasibility is extended for five (5) additional years. Extension of the term for submission of the Declaration of Commercial Feasibility shall apply exclusively to the area previously retained for Discovery Assessment. During extension of the term for submission of the Declaration of Commercial Feasibility, the Agreement shall be suspended with respect to the area previously retained for Discovery Assessment. If ANP considers that the reason that caused the postponement provided for in paragraphs 8.4 and 8.5 has been overcome, it shall notify the Concessionaire to submit, at its discretion, a Declaration of Commercial Feasibility within thirty (30) days. If it decides to submit the Declaration of Commercial Feasibility, the Concessionaire shall submit a Development Plan for approval by ANP no later than one hundred and eighty (180) days of such notice, and paragraph 10.1 shall not apply. DEVELOPMENT AND PRODUCTION

Postponement of the Declaration of Commercial Feasibility. If the main accumulation of hydrocarbons discovered and assessed in a Concession Area is Natural Gas, the Concessionaire may request to ANP an authorization to postpone the Declaration of Commercial Feasibility in up to five (5) years, in the following cases: lack of market for the Natural Gas to be produced, expected to be created in less than five (5) years; lack or inadequacy of infrastructure for transportation of the Natural Gas to be produced by the Concessionaire, expected to be implemented in less than five (5) years. If the main accumulation of hydrocarbons discovered and assessed in a Concession Area is Oil, the Concessionaire may request to ANP an authorization to postpone the Declaration of Commercial Feasibility in up to five (5) years, in the following cases: lack of technology for the Production, outflow, or refining, expected to be created in less than 5 (five) years. evidence of infeasibility to sell Oil verified by the Concessionaire; or the volume of the Discovery is such that its commercial feasibility depends on additional Discoveries to be made in the same Block or in adjacent Blocks, aiming at the joint Development of all Operations. The request for postponing the Declaration of Commercial Feasibility shall be drawn up. The Concessionaire may request ANP that the period for postponement of the submission of the Declaration of Commercial Feasibility is extended for five (5) additional years. Extension of the term for submission of the Declaration of Commercial Feasibility shall apply exclusively to the area previously retained for Discovery Assessment. During extension of the term for submission of the Declaration of Commercial Feasibility, the Agreement shall be suspended with respect to the area previously retained for Discovery Assessment. If ANP considers that the reason that caused the postponement provided for in paragraphs 8.4 7.4 and 8.5 7.5 has been overcome, it shall notify the Concessionaire to submit, at its discretion, a Declaration of Commercial Feasibility within thirty (30) days. If it decides to submit the Declaration of Commercial Feasibility, the Concessionaire shall submit a Development Plan for approval by ANP no later than one hundred and eighty (180) days of such notice, and paragraph 10.1 shall not apply. DEVELOPMENT AND The Agreement shall be suspended during postponement of the term for submission of the Declaration of Commercial Feasibility. CHAPTER III – PRODUCTION

Postponement of the Declaration of Commercial Feasibility. If the main accumulation of hydrocarbons discovered and assessed in a Concession Area is Natural Gas, the Concessionaire may request to ANP an authorization to postpone the Declaration of Commercial Feasibility in up to five (5) years, in the following cases: lack of market for the Natural Gas to be produced, expected to be created in less than five (5) years; lack or inadequacy of infrastructure for transportation of the Natural Gas to be produced by the Concessionaire, expected to be implemented in less than five (5) years. If the main accumulation of hydrocarbons discovered and assessed in a Concession Area is Oil, the Concessionaire may request to ANP an authorization to postpone the Declaration of Commercial Feasibility in up to five (5) years, in the following cases: lack of technology for the Production, outflow, or refining, expected to be created in less than 5 (five) years. evidence of infeasibility to sell Oil verified by the Concessionaire; or the volume of the Discovery is such that its commercial feasibility depends on additional Discoveries to be made in the same Block or in adjacent Blocks, aiming at the joint Development of all Operations. The Concessionaire may request ANP that the period for postponement of the submission of the Declaration of Commercial Feasibility is extended for five (5) additional years. Extension of the term for submission of the Declaration of Commercial Feasibility shall apply exclusively to the area previously retained for Discovery Assessment. During extension of the term for submission of the Declaration of Commercial Feasibility, the Agreement shall be suspended with respect to the area previously retained for Discovery Assessment. If ANP considers that the reason that caused the postponement provided for in paragraphs 8.4 7.4 and 8.5 7.5 has been overcome, it shall notify the Concessionaire to submit, at its discretion, a Declaration of Commercial Feasibility within thirty (30) days. If it decides to submit the Declaration of Commercial Feasibility, the Concessionaire shall submit a Development Plan for approval by ANP no later than one hundred and eighty (180) days of such notice, and paragraph 10.1 19.2 shall not apply. DEVELOPMENT AND The Agreement shall be suspended during postponement of the term for submission of the Declaration of Commercial Feasibility. CHAPTER III – PRODUCTION

Postponement of the Declaration of Commercial Feasibility. If the main accumulation of hydrocarbons hydrocarbon discovered and assessed in a Concession Area is Natural Gas, the Concessionaire may request to ask ANP an authorization permission to postpone the Declaration of Commercial Feasibility feasibility in up to five 5 (5five) years, in under the following casesassumptions: lack Lack of market for the Natural Gas to be produced, expected to be created with the expectation of its creation in a term of less than five 5 (5five) years; lack . Lack or inadequacy of transportation infrastructure for transportation the movement of the Natural Gas to be produced by the Concessionaire, expected to be implemented with the expectation of its deployment in less than five 5 (5five) years. The request for postponement of Commercial feasibility Declaration must be made in a detailed, formal and in writing manner. If the main accumulation of hydrocarbons hydrocarbon discovered and assessed in a Concession Area is Oil, the Concessionaire may request to ask ANP an authorization permission to postpone the Declaration of Commercial Feasibility feasibility in up to five 5 (5five) years, in under the following casesassumptions: lack Lack of technology for the Production, outflow, marketing or refining, expected to be created refining with expectation of its emergence in a term of less than 5 (five) years. the The volume of the Discovery is such that which its commercial feasibility depends on additional Discoveries to be made in the same very Block or in adjacent Blocks, aiming at the joint Development development of all Operationsoperations. The request for postponement of Commercial feasibility Declaration must be made in a detailed, formal and in writing manner. The Concessionaire may request ANP that which the period phase for which the Declaration of Commercial feasibility is postponed be extended for 5 (five) additional years. If ANP, at its sole discretion, deems the reason which caused the postponement mentioned in paragraphs 8.2 and 8.3 to be overcome, the Concessionaire shall have a phase of 30 (thirty) days to, at its sole discretion, to submit the Declaration of Commercial feasibility. In this case, the Concessionaire shall have the phase of up to 180 (one hundred and eighty) days to submit a Development Plan for the approval of ANP, not applying the provisions in paragraph 10.2. The Contract shall be suspended during the postponement of the deadline for delivery of the Declaration of Commercial feasibility. The postponement of the deadline for the submission of the Declaration of Commercial Feasibility is extended for five (5) additional years. Extension of the term for submission of the Declaration of Commercial Feasibility feasibility shall apply be applied exclusively to the area previously retained withheld for Discovery Assessment. During extension of the term for submission of the Declaration of Commercial Feasibility, the Agreement shall be suspended with respect to the area previously retained for Discovery Assessment. If ANP considers that the reason that caused the postponement provided for in paragraphs 8.4 and 8.5 has been overcome, it shall notify the Concessionaire to submit, at its discretion, a Declaration of Commercial Feasibility within thirty (30) days. If it decides to submit the Declaration of Commercial Feasibility, the Concessionaire shall submit a Development Plan for approval by ANP no later than one hundred and eighty (180) days of such notice, and paragraph 10.1 shall not apply. DEVELOPMENT AND PRODUCTION.

Postponement of the Declaration of Commercial Feasibility. If the main accumulation of hydrocarbons discovered and assessed in a Concession Area is Natural Gas, the Concessionaire may request to from ANP an authorization to postpone the Declaration of Commercial Feasibility in by up to five (5) years, in the following cases: lack of market markets for the Natural Gas to be produced, expected to be created in less than five (5) years; lack or inadequacy of infrastructure for transportation of the Natural Gas to be produced by the Concessionaire, expected to be implemented in less than five (5) years. If the main accumulation of hydrocarbons discovered and assessed in a Concession Area is Oil, the Concessionaire may request to from ANP an authorization to postpone the Declaration of Commercial Feasibility in by up to five (5) years, in the following cases: lack of technology for the Production, outflow, or refiningRefining, expected to be created in less than 5 (five) years. ; the volume of the Discovery is such that its commercial feasibility depends on additional Discoveries to be made in the same Block or in adjacent Blocks, aiming at the joint Development of all Operations. The Concessionaire may request ANP that to extend the period for postponement of the submission of the Declaration of Commercial Feasibility is extended for another five (5) additional years. Extension of the term period for submission of the Declaration of Commercial Feasibility shall apply exclusively to the area previously retained for Discovery Assessment. During extension of the term period for submission of the Declaration of Commercial Feasibility, the Agreement shall be suspended with respect to the area previously retained for Discovery Assessment. If ANP considers that the reason that caused the postponement provided for in paragraphs 8.4 and 8.5 has been overcome, it shall notify the Concessionaire to submit, at its discretion, a Declaration of Commercial Feasibility within thirty (30) days. If it decides to submit the Declaration of Commercial Feasibility, the Concessionaire shall submit a Development Plan for approval by of ANP no later than one hundred and eighty (180) days of such notice, and paragraph 10.1 shall not apply. DEVELOPMENT AND PRODUCTION

Postponement of the Declaration of Commercial Feasibility. If the main accumulation of hydrocarbons discovered and assessed in a Concession Area is Natural Gas, the Concessionaire may request to ANP an authorization to postpone the Declaration of Commercial Feasibility in up to five (5) years, in the following cases: lack of market for the Natural Gas to be produced, expected to be created in less than five (5) years; lack or inadequacy of infrastructure for transportation of the Natural Gas to be produced by the Concessionaire, expected to be implemented in less than five (5) years. the volume of the Discovery is such that its commerciality depends on additional Discoveries to be made in the Block itself or in adjacent Blocks, aiming at the joint Development of the Operations. If the main accumulation of hydrocarbons discovered and assessed in a Concession Area is Oil, the Concessionaire may request to ANP an authorization to postpone the Declaration of Commercial Feasibility in up to five (5) years, in the following cases: lack of technology for the Production, outflow, or refining, expected to be created in less than 5 (five) years. the volume of the Discovery is such that its commercial feasibility depends on additional Discoveries to be made in the same Block or in adjacent Blocks, aiming at the joint Development of all Operations. The Concessionaire may request ANP that the period for postponement of the submission of the Declaration of Commercial Feasibility is extended for five (5) additional years. Extension of the term for submission of the Declaration of Commercial Feasibility shall apply exclusively to the area previously retained for Discovery Assessment. During extension of the term for submission of the Declaration of Commercial Feasibility, the Agreement shall be suspended with respect to the area previously retained for Discovery Assessment. If ANP considers that the reason that caused the postponement provided for in paragraphs 8.4 and 8.5 has been overcome, it shall notify the Concessionaire to submit, at its discretion, a Declaration of Commercial Feasibility within thirty (30) days. If it decides to submit the Declaration of Commercial Feasibility, the Concessionaire shall submit a Development Plan for approval by ANP no later than one hundred and eighty (180) days of such notice, and paragraph 10.1 shall not apply. DEVELOPMENT AND PRODUCTION

Postponement of the Declaration of Commercial Feasibility. If the main accumulation of hydrocarbons discovered and assessed in a Concession Area is Natural Gas, the Concessionaire may request to ANP an authorization to postpone the Declaration of Commercial Feasibility in up to five (5) years, in the following cases: lack of market for the Natural Gas to be produced, expected to be created in less than five (5) years; lack or inadequacy of infrastructure for transportation of the Natural Gas to be produced by the Concessionaire, expected to be implemented in less than five 5 (5five) years. If the main accumulation of hydrocarbons discovered and assessed in a Concession Area is Oil, the Concessionaire may request to ANP an authorization to postpone the Declaration of Commercial Feasibility in up to five (5) years, in the following cases: lack of technology for the Production, outflow, or refining, expected to be created in less than 5 (five) years. the volume of the Discovery is such that its commercial feasibility depends on additional Discoveries to be made in the same Block or in adjacent Blocks, aiming at the joint Development of all Operations. The Concessionaire may request ANP that the period for postponement of the submission delivery of the Declaration of Commercial Feasibility is extended for five (5) additional years. Extension If ANP, at its sole discretion, considers that the reason that caused the postponement provided for in paragraphs 8.4 and 8.5 has been overcome, it shall notify the Concessionaire, which shall have a term of the term for submission of up to thirty (30) days to, at its sole discretion, submit the Declaration of Commercial Feasibility Feasibility. If it decides to submit the Declaration of Commercial Feasibility, the Concessionaire shall, within one hundred and eighty (180) days of the notice provided for in this paragraph, submit a Development Plan for approval of ANP, and paragraph 10.2 shall apply exclusively to the area previously retained for Discovery Assessmentnot apply. During extension of the term for submission of the Declaration of Commercial Feasibility, the Agreement shall be suspended with respect to the area previously retained for Discovery Assessment. If ANP considers that Extension of the reason that caused term for submission of the postponement provided for in paragraphs 8.4 and 8.5 has been overcome, it shall notify the Concessionaire to submit, at its discretion, a Declaration of Commercial Feasibility within thirty (30) days. If it decides shall apply exclusively to submit the Declaration of Commercial Feasibility, the Concessionaire shall submit a Development Plan area previously retained for approval by ANP no later than one hundred and eighty (180) days of such notice, and paragraph 10.1 shall not applyDiscovery Assessment. DEVELOPMENT AND PRODUCTION

Postponement of the Declaration of Commercial Feasibility. If the main accumulation of hydrocarbons discovered and assessed in a Concession Area is Natural Gas, the Concessionaire may request to ANP an authorization to postpone the Declaration of Commercial Feasibility in up to five (5) years, in the following cases: lack of market for the Natural Gas to be produced, expected to be created in less than five (5) years; lack or inadequacy of infrastructure for transportation of the Natural Gas to be produced by the Concessionaire, expected to be implemented in less than five (5) years. If the main accumulation of hydrocarbons discovered and assessed in a Concession Area is Oil, the Concessionaire may request to ANP an authorization to postpone the Declaration of Commercial Feasibility in up to five (5) years, in the following cases: lack of technology for the Production, outflow, or refiningRefining, expected to be created in less than 5 (five) years. ; the volume of the Discovery is such that its commercial feasibility depends on additional Discoveries to be made in the same Block or in adjacent Blocks, aiming at the joint Development of all Operations. The Concessionaire may request ANP that the period for postponement of the submission of the Declaration of Commercial Feasibility is extended for five (5) additional years. Extension of the term for submission of the Declaration of Commercial Feasibility shall apply exclusively to the area previously retained for Discovery Assessment. During extension of the term for submission of the Declaration of Commercial Feasibility, the Agreement shall be suspended with respect to the area previously retained for Discovery Assessment. If ANP considers that the reason that caused the postponement provided for in paragraphs 8.4 and 8.5 has been overcome, it shall notify the Concessionaire to submit, at its discretion, a Declaration of Commercial Feasibility within thirty (30) days. If it decides to submit the Declaration of Commercial Feasibility, the Concessionaire shall submit a Development Plan for approval by ANP no later than one hundred and eighty (180) days of such notice, and paragraph 10.1 shall not apply. DEVELOPMENT AND PRODUCTION

Postponement of the Declaration of Commercial Feasibility. If the main accumulation of hydrocarbons discovered and assessed in a Concession Area is Natural Gas, the Concessionaire may request to ANP an authorization to postpone the Declaration of Commercial Feasibility in up to five (5) years, in the following cases: lack of market for the Natural Gas to be produced, expected to be created in less than five (5) years; lack or inadequacy of infrastructure for transportation of the Natural Gas to be produced by the Concessionaire, expected to be implemented in less than five (5) years. the volume of the Discovery is such that its commerciality depends on additional Discoveries to be made in the Block itself or in adjacent Blocks, aiming at the joint Development of the Operations. If the main accumulation of hydrocarbons discovered and assessed in a Concession Area is Oil, the Concessionaire may request to ANP an authorization to postpone the Declaration of Commercial Feasibility in up to five (5) years, in the following cases: lack of technology for the Production, outflowOutflow, or refiningRefining, expected to be created in less than 5 (five) years. the volume of the Discovery is such that its commercial feasibility depends on additional Discoveries to be made in the same Block or in adjacent Blocks, aiming at the joint Development of all Operations. The Concessionaire may request ANP that the period for postponement of the submission of the Declaration of Commercial Feasibility is extended for five (5) additional years. Extension of the term for submission of the Declaration of Commercial Feasibility shall apply exclusively to the area previously retained for Discovery Assessment. During extension of the term for submission of the Declaration of Commercial Feasibility, the Agreement shall be suspended with respect to the area previously retained for Discovery Assessment. If ANP considers that the reason that caused the postponement provided for in paragraphs 8.4 6.4 and 8.5 6.5 has been overcome, it shall notify the Concessionaire to submit, at its discretion, a Declaration of Commercial Feasibility within thirty (30) days. If it decides to submit the Declaration of Commercial Feasibility, the Concessionaire shall submit a Development Plan for approval by ANP no later than one hundred and eighty (180) days of such notice, and paragraph 10.1 8.2 shall not apply. DEVELOPMENT AND PRODUCTION