Common use of Preparation and Decision Clause in Contracts

Preparation and Decision. At such time as the Operating Committee determines that a proposal for a development Programme and Budget for one or more storage sites shall be prepared, it shall direct the Operator to carry out such preparations. The Operating Committee shall establish a sub committee to supervise the preparations. The Operator shall keep this sub committee fully informed about the progress of the work and submit major decisions for the consideration of the sub committee. The proposal shall include: (a) a description of the site(s) to be used for storage with detailed analysis and evaluations of geological conditions, technical aspects of the reservoir and storage, and economic factors; (b) a storage plan with particulars concerning the potential date for commencement of storage and the potential magnitude of the annual storage capacity for each Year the storage site could sustain in operation. If the plan encompasses more than one storage site, such particulars shall be given for each storage site covered by the plan as well as for the cumulative storage anticipated under the plan; (c) a general description of the facilities planned to be installed, including the number and type of xxxxx, and equipment for measurement, storage and processing, and of pipelines between individual parts of the facilities, as well as a more detailed description of the transportation system planned for the CO2 to be stored; (d) a risk analysis for the planned facilities with a statement of measures to be taken to reduce identified risks; (e) a plan for the manner in which the development project is to be carried out, including a time schedule and organisational plan for the execution of the project; and (f) a detailed description of any elements of uncertainty in the project with respect to capacity, the time schedule, economics etc., together with all other data, studies, interpretations, map models etc., which may be necessary for an evaluation of the project. The proposed Programme and Budget shall be put before the Operating Committee as soon as possible after their preparation. If the proposed Programme and Budget are approved, each of the Parties shall, within the next one hundred (100) days or such longer period as may be determined by the Operating Committee (however, not exceeding one hundred and eighty (180) days), declare in writing to the other Parties whether it will participate in the development and the expenses thereof to the extent of its Percentage Interest share. The Programme and Budget shall be renewed and updated annually until the Programme has been completed. If fewer than all the Parties decide to participate in such development, the provisions of Section 8.6.3 shall apply. If the Operating Committee fails to approve the proposed Programme and Budget, the provisions of Section 8.6.2 shall apply.

Preparation and Decision. At such time as the Operating Committee determines that a proposal for a development Programme and Budget for one or more storage sites Deposits shall be prepared, it shall direct the Operator to carry out such preparations. The Operating Committee shall establish a sub development sub- committee to supervise the preparations. The Operator shall keep this sub sub-committee fully informed about the progress of the work and submit major decisions for the consideration of the sub sub-committee. The proposal shall include: (a) a A description of the site(sDeposit(s) to be used for storage produced with a detailed analysis and evaluations of geological conditions, technical aspects of the reservoir and storageproduction, and economic factors; (b) a storage A production plan with particulars concerning the potential date for commencement of storage production and the potential anticipated magnitude of the annual storage capacity production for each Year the storage site could sustain Deposit is planned to be in operationproduction. If the plan encompasses more than one storage siteDeposit, such particulars shall be given for each storage site Deposit covered by the plan as well as for the cumulative storage production anticipated under the plan; (c) a A general description of the facilities planned to be installed, including the number and type of xxxxx, and equipment for production, reinjection, measurement, storage and processing, and of pipelines between individual parts of the facilities, as well as a more detailed description of the transportation system planned for the CO2 to be storedproduced Hydrocarbons; (d) a A risk analysis for the planned facilities with a statement of measures to be taken to reduce identified risks; (e) a A plan for the manner in which the development project is to be carried out, including a time schedule and organisational organizational plan for the execution of the project; and; (f) a A detailed description of any elements of uncertainty in the project with respect to capacityreserves, the time schedule, economics economics, etc., together with all other data, studies, interpretations, map models models, etc., which may be necessary for an evaluation of the project; (g) An environmental impact assessment in accordance with Section 8.07(b) of the Licence; and (h) An abandonment plan with a description of measures to be taken in relation to abandonment (which expression shall include demolition and removal together with any necessary site reinstatement) of facilities, equipment, installations and pipelines used in connection with the Joint Operations including cost estimates for such abandonment, proposed financing in accordance with Section 18.03 of the Licence and security for the Parties' liability to meet the abandonment costs in accordance with the Licence and the Mineral Resources Act. The proposed Programme and Budget shall be put before the Operating Committee as soon as possible after their preparation. If the proposed Programme and Budget are approved, each of the Parties shall, within the next one hundred ninety (10090) days or such longer period as may be determined by the Operating Committee (however, however not exceeding one hundred and eighty (180) days), declare in writing to the other Parties whether it will participate in the development and the expenses thereof to the extent of its Percentage Interest share. If less than all the Parties decide to participate in such development, the provisions in Article 7.5 shall apply. The Programme and Budget shall be renewed and updated annually until the Programme has been completed. If fewer than all the Parties decide to participate in such development, the provisions of Section 8.6.3 shall apply. If the Operating Committee fails to approve the proposed Programme and Budget, the provisions of Section 8.6.2 shall apply.

Preparation and Decision. At such time as the Operating Committee determines that a proposal for a development Programme Pro- gramme and Budget for one or more storage sites shall be prepared, it shall direct the Operator Opera- tor to carry out such preparations. The Operating Committee shall establish a sub sub-committee to supervise the preparations. The Operator shall keep this sub sub-committee fully informed about the progress of the work and submit major decisions for the consideration of the sub sub- committee. The proposal shall include: (a) a description of the site(s) to be used for storage with detailed analysis and evaluations evalua- tions of geological conditions, technical aspects of the reservoir and storage, and economic factors; (b) a storage plan with particulars concerning the potential date for commencement of storage and the potential anticipated magnitude of the annual storage capacity for each Year the storage site could sustain is planned to be in operationproduction. If the plan encompasses more than one storage site, such particulars shall be given for each storage site covered by the plan as well as for the cumulative storage anticipated under the plan; (c) a general description of the facilities planned to be installed, including the number and type of xxxxx, and equipment for , , measurement, storage and processing, and of pipelines between individual parts of the facilities, as well as a more detailed description de- scription of the transportation system planned for the CO2 to be storedstored Carbon Dioxide; (d) a risk analysis for the planned facilities with a statement of measures to be taken to reduce identified risks; (e) a plan for the manner in which the development project is to be carried out, including includ- ing a time schedule and organisational plan for the execution of the project; and (f) a detailed description of any elements of uncertainty in the project with respect to capacity, the time schedule, economics etc., together with all other data, studies, interpretationsin- terpretations, map models etc., which may be necessary for an evaluation of the projectpro- ject. The proposed Programme and Budget shall be put before the Operating Committee as soon as possible after their preparation. If the proposed Programme and Budget are approved, each of the Parties shall, within the next one hundred (100) days or such longer period as may be determined de- termined by the Operating Committee (however, not exceeding one hundred and eighty (180) days), declare in writing to the other Parties whether it will participate in the development and the expenses thereof to the extent of its Percentage Interest share. The Programme and Budget Budg- et shall be renewed and updated annually until the Programme has been completed. If fewer than all the Parties decide to participate in such development, the provisions of Section 8.6.3 7.6.3 shall apply. If the Operating Committee fails to approve the proposed Programme and Budget, the provisions of Section 8.6.2 7.6.2 shall apply.

Preparation and Decision. At such time as the Operating Committee determines that a proposal for a development Programme and Budget for one or more storage sites deposits shall be prepared, it shall direct the Operator to carry out such preparations. The Operating Committee shall establish a sub sub-committee to supervise the preparations. The Operator shall keep this sub sub-committee fully informed about the progress of the work and submit major decisions for the consideration of the sub sub-committee. The proposal shall include: (a) a description of the site(sdeposit(s) to be used for storage produced with detailed analysis and evaluations of geological conditions, technical aspects of the reservoir and storageproduction, and economic factors; (b) a storage production plan with particulars concerning the potential date for commencement commen­cement of storage production and the potential an­ticipated magnitude of the annual storage capacity production for each Year the storage site could sustain deposit is planned to be in operationproduction. If the plan encompasses more than one storage sitedeposit, such particulars shall be given for each storage site deposit covered by the plan as well as for the cumulative storage production anticipated under the plan; (c) a general description of the facilities planned to be installed, including the number and type of xxxxx, and equipment for measurementproduc­tion, reinjection, measure­ment, storage and processing, and of pipelines between individual parts of the facilities, as well as a more detailed description of the transportation system planned for the CO2 to be storedproduced Hydrocarbons; (d) a risk analysis for the planned facilities with a statement of measures to be taken to reduce identified iden­tified risks; (e) a plan for the manner in which the development project is to be carried out, including a time schedule and organisational plan for the execution of the project; and (f) a detailed description of any elements of uncertainty in the project with respect to capacityreserves, the time schedule, economics etc., together with all other data, studies, interpretations, map models etc., which may be necessary for an evaluation of the project. The proposed Programme and Budget shall be put before the Operating Committee as soon as possible after their preparationprepa­ration. If the proposed Programme and Budget are approved, each of the Parties shall, within the next one hundred (100) days or such longer period as may be determined by the Operating Committee (however, not exceeding one hundred and eighty (180) days), declare in writing to the other Parties whether it will participate in the development develop­ment and the expenses thereof to the extent of its Percentage Interest share. The Programme and Budget shall be renewed and updated annually until the Programme has been completed. If fewer than all the Parties decide to participate in such development, the provisions of Section 8.6.3 7.6.3 shall apply. If the Operating Committee fails to approve the proposed Programme and Budget, the provisions of Section 8.6.2 7.6.2 shall apply.