Common use of Rules of Reduction and Return Clause in Contracts

Rules of Reduction and Return. The Contractor shall relinquish and return the Contract Area as set forth below: (a) If the Contractor is not granted the Additional Exploration Period, upon termination of the Initial Exploration Period, the Contractor shall relinquish and return one hundred per cent (100%) of the Contract Area that does not have a Development Plan approved by CNH, unless it has been designated as an Appraisal Area. Upon termination of the corresponding Evaluation Period(s), the Contractor shall relinquish and return one hundred percent (100%) of the relevant Appraisal Areas if, within the time periods provided by this Contract, it does not declare a Commercial Discovery or, having declared a Commercial Discovery, it does not submit a Development Plan for approval by CNH, or having submitted a Development Plan, it is not approved by CNH pursuant to the Applicable Laws; (b) Notwithstanding the provisions of Article 7.1 (a), if the Contractor was granted the Additional Exploration Period, upon termination of the Additional Exploration Period, the Contractor shall relinquish and return no less than fifty per cent (50%) of the Contract Area that does not have a Development Plan approved by CNH; (c) Upon termination of the Additional Exploration Period, the Contractor shall relinquish and return one hundred per cent (100%) of the Contract Area that does not have a Development Plan approved by CNH, unless it has been designated an Appraisal Area. Upon termination of the corresponding Appraisal Period(s), the Contractor shall relinquish and return one hundred percent (100%) of the relevant Appraisal Areas if, within the time periods provided by this Contract, it does not declare a Commercial Discovery or, having declared a Commercial Discovery, it does not submit a Development Plan for approval by CNH, or having submitted a Development Plan, it is not approved by CNH pursuant to the Applicable Laws, (d) In the event an extension of the term of this Contract is granted and upon a period of time of thirty (30) Years as of the Effective Date, the Contractor shall relinquish and return one hundred percent (100%) of the subsoil structures and stratigraphic traps excluded from the Development Plan modified in accordance with Article 3.3, and (e) Upon termination of this Contract for any reason or in the event CNH rescinds this Contract, the Contractor shall relinquish and return one hundred per cent (100%) of the Contract Area, including any Appraisal Area and Development Area.

Rules of Reduction and Return. The Contractor shall relinquish and return the Contract Area as set forth below: (a) If the Contractor is not granted the Additional Exploration Period, upon termination of the Initial Exploration Period, the Contractor shall relinquish and return one hundred per cent percent (100%) of the Contract Area that does not have a Development Plan approved by CNH, unless it has been designated as an Appraisal Area. Upon termination of the corresponding Evaluation Appraisal Period(s), the Contractor shall relinquish and return one hundred percent (100%) of the relevant Appraisal Areas if, within the time periods provided by this Contract, it does not declare a Commercial Discovery or, having declared a Commercial Discovery, it does not submit a Development Plan for approval by CNH, or having submitted a Development Plan, it is not approved by CNH pursuant to the Applicable Laws; (b) Notwithstanding the provisions of Article 7.1 (a), if the Contractor was granted the Additional Exploration Period, upon termination of the Additional Exploration Period, the Contractor shall relinquish and return no less than fifty per cent percent (50%) of the Contract Area that does not have a Development Plan approved by CNH; (c) Upon termination of the Additional Exploration Period, the Contractor shall relinquish and return one hundred per cent percent (100%) of the Contract Area that does not have a Development Plan approved by CNH, unless it has been designated an Appraisal Area. Upon termination of the corresponding Appraisal Period(s), the Contractor shall relinquish and return one hundred percent (100%) of the relevant Appraisal Areas if, within the time periods provided by this Contract, it does not declare a Commercial Discovery or, having declared a Commercial Discovery, it does not submit a Development Plan for approval by CNH, or having submitted a Development Plan, it is not approved by CNH pursuant to the Applicable Laws, (d) In the event an extension of the term of this Contract is granted and upon a period of time of thirty (30) Years as of the Effective Date, the Contractor shall relinquish and return one hundred percent (100%) of the subsoil structures and stratigraphic traps excluded from the Development Plan that is modified in accordance with Article 3.3, and (e) Upon termination of this Contract for any reason or in the event CNH rescinds this Contract, the Contractor shall relinquish and return one hundred per cent percent (100%) of the Contract Area, including any Appraisal Area and Development Area.

Rules of Reduction and Return. The Contractor shall relinquish and return the Contract Area as set forth below: (a) If the Contractor is not granted the Additional Exploration Period, upon termination of the Initial Exploration Period, the Contractor shall relinquish and return one hundred per cent percent (100%) of the Contract Area that does not have a Development Plan approved by CNH, unless it has been designated as an Appraisal Area. Upon termination of the corresponding Evaluation Appraisal Period(s), the Contractor shall relinquish and return one hundred percent (100%) of the relevant Appraisal Areas if, if within the time periods provided by this Contract, it does not declare a Commercial Discovery or, having declared a Commercial Discovery, it does not submit a Development Plan for approval by CNH, or having submitted a Development Plan, it is not approved by CNH pursuant to the Applicable Laws; (b) Notwithstanding the provisions of Article 7.1 (a), if the Contractor was granted the Additional Exploration Period, upon termination of the Additional Exploration Period, the Contractor shall relinquish and return no less than fifty per cent percent (50%) of the Contract Area that does not have a Development Plan approved by CNH; (c) Upon termination of the Additional Exploration Period, the Contractor shall relinquish and return one hundred per cent percent (100%) of the Contract Area that does not have a Development Plan approved by CNH, unless it has been designated an Appraisal Area. Upon termination of the corresponding Appraisal Period(s), the Contractor shall relinquish and return one hundred percent (100%) of the relevant Appraisal Areas if, if within the time periods provided by this Contract, Contract it does not declare a Commercial Discovery or, having declared a Commercial Discovery, it does not submit a Development Plan for approval by CNH, or having submitted a Development Plan, it is not approved by CNH pursuant to the Applicable Laws,; (d) In the event an extension of the term of this Contract is granted and upon a period of time of thirty (30) Years as of the Effective Date, the Contractor shall relinquish and return one hundred percent (100%) of the subsoil structures and stratigraphic traps excluded from the Development Plan that is modified in accordance with Article 3.3, and (e) Upon termination of this Contract for any reason or in the event CNH rescinds this Contract, the Contractor shall relinquish and return one hundred per cent percent (100%) of the Contract Area, including any Appraisal Area and Development Area.

Rules of Reduction and Return. The Contractor shall relinquish and return the Contract Area as set forth below: (a) If the Contractor is not granted the First Additional Exploration Period, upon termination of the Initial Exploration Period, the Contractor shall relinquish and return one hundred per cent (100%) of the Contract Area that does not have a Development Plan approved by CNH, unless it has been designated as an Appraisal Area. Upon termination of the corresponding Evaluation Appraisal Period(s), the Contractor shall relinquish and return one hundred percent (100%) of the relevant Appraisal Areas if, within the time periods provided by this Contract, it does not declare a Commercial Discovery or, having declared a Commercial Discovery, it does not submit a Development Plan for approval by CNH, or having submitted a Development Plan, it is not approved by CNH pursuant to the Applicable Laws; (b) Notwithstanding the provisions of Article 7.1 (a7.1(a), if the Contractor was granted the First Additional Exploration Period, upon termination at the end of the Additional Initial Exploration Period, the Contractor shall relinquish and return no less than fifty per cent (50%) of the Contract Area that does not have a Development Plan approved by CNH; (c) Upon If the Contractor is not granted the Second Additional Exploration Period, upon termination of the First Additional Exploration Period, the Contractor shall relinquish and return one hundred per cent (100%) of the Contract Area that does not have a Development Plan approved by CNH, unless it has been designated an Appraisal Area. Upon termination of the corresponding Appraisal Period(s), the Contractor shall relinquish and return one hundred percent (100%) of the relevant Appraisal Areas if, within the time periods provided by this Contract, it does not declare a Commercial Discovery or, having declared a Commercial Discovery, it does not submit a Development Plan for approval by CNH, or having submitted a Development Plan, it is not approved by CNH pursuant to the Applicable Laws,; (d) In Notwithstanding the event an extension provisions of Article 7.1(c), if the Contractor was granted the Second Additional Exploration Period, upon termination of the term of this Contract is granted First Additional Exploration Period, the Contractor shall relinquish and upon a period of time of thirty return no less than fifty per cent (3050%) Years as of the Effective Dateremaining Contract Area (as it may have been reduced pursuant to Article 7.1(b)) which does not have a Development Plan approved by CNH; (e) Upon termination of the Second Additional Exploration Period, the Contractor shall relinquish and return one hundred per cent (100%) of the Contract Area that does not have a Development Plan approved by CNH, unless it has been designated an Appraisal Area. Upon termination of the Appraisal Period(s), the Contractor shall relinquish and return one hundred percent (100%) of the subsoil structures and stratigraphic traps excluded from relevant Appraisal Areas if, within the time periods provided by this Contract, it does not declare a Commercial Discovery or, having declared a Commercial Discovery, it does not submit a Development Plan modified in accordance with Article 3.3for approval by CNH, or having submitted a Development Plan, it is not approved by CNH pursuant to the Applicable Laws, and (ef) Upon termination of this Contract for any reason or in the event CNH rescinds this Contractreason, the Contractor shall relinquish and return one hundred per cent (100%) of the Contract Area, including any Appraisal Area and Development Area.