Common use of SECTION TWELVE – DISCOVERY AND ASSESSMENT Clause in Contracts

SECTION TWELVE – DISCOVERY AND ASSESSMENT. Notification of Discovery Any Discovery in the Contract Area must be notified by the Consortium Members to ANP, on an exclusive basis, within no more than seventy-two (72) hours. Assessment, Discovery Assessment Plan, and Final Discovery Assessment Report The Consortium Members may, at their discretion, proceed to the Assessment of a Discovery at any time during the Exploration Phase. If the Consortium Members decide to proceed to the Discovery Assessment, they must submit for approval by ANP a proposal for a Discovery Assessment Plan. ANP shall have a term of up to sixty (60) days of receipt of the Discovery Assessment Plan to approve it or reasonably notify the Consortium Members for them to make modifications. The Consortium Members shall have a term of up to thirty (30) days of notification to submit the modifications to ANP, repeating the procedure provided for in paragraph 12.4. Any changes suggested by the Consortium Members shall be communicated to ANP, repeating the procedure provided for in paragraph 12.4. The Consortium Members shall be authorized to start implementing the Discovery Assessment Plan after its approval or upon authorization by ANP. Once the Discovery Assessment is completed, the Consortium Members shall submit to ANP a Final Discovery Assessment Report, which shall indicate and justify any proposal for withholding of the Development Area of the Commercial Discovery.

SECTION TWELVE – DISCOVERY AND ASSESSMENT. Notification of Discovery Any Discovery in the Contract Area must be notified by the Consortium Members to ANP, ANP on an exclusive basis, basis within no more than seventy-two (72) hours. Assessment, Discovery Assessment Plan, and Final Discovery Assessment Report The Consortium Members may, at their discretion, proceed to the Assessment of a Discovery Discovery, at any time during the Exploration Phase. If the Consortium Members decide to proceed to with the Discovery Assessment, they must submit for approval by ANP a proposal for a proposed Discovery Assessment PlanPlan for ANP’s approval. ANP shall have a term of up to sixty (60) days of after receipt of the Discovery Assessment Plan to approve it or reasonably notify the Consortium Members for them to make modifications. The Consortium Members shall have a term of up to thirty (30) days of notification to submit the modifications to ANP, repeating the procedure provided for in paragraph 12.4. Any changes suggested by the Consortium Members shall be communicated to ANP, repeating the procedure provided for in paragraph 12.4. The Consortium Members shall be authorized to start implementing implementation of the Discovery Assessment Plan after its approval or upon authorization by of ANP. Once the Discovery Assessment is completed, the Consortium Members shall submit to ANP a Final Discovery Assessment Report, which shall indicate and justify any proposal for withholding of the Development Area of the Commercial Discovery.