Common use of Sole Risk Development Clause in Contracts

Sole Risk Development. 7.5.1 In the event that a proposal is made to the Operating Committee that a development Programme and Budget should be prepared for a particular Discovery pursuant to Article 5.5 and such proposal is rejected then, provided that any appraisal programme approved by the Operating Committee and relating to that Discovery has been completed (but excluding any appraisal work included in an appraisal programme if an AFE therefore has been submitted to the Parties under Article 5.10 and the Operating Committee has voted against or failed to vote in favour of the same within the period specified by the Operator for consideration of the AFE pursuant to Article 5), any Party may give notice to the other Parties that it intends to prepare a development Programme and Budget for that Discovery. Such Party, together with such of the other Parties as within twenty-eight (28) days of such notice give counter- notice of their wish to participate therein, shall be entitled to proceed with the preparation thereof and to submit the same for approval by the Operating Committee in accordance with Article 5. 7.5.2 If a development Programme and Budget prepared in accordance with Article 7.5.1 or a revised form thereof is approved by the Operating Committee in accordance with Article 5 then the Party or Parties which prepared the development Programme and Budget shall be entitled to charge all reasonable costs incurred in the preparation thereof to the Joint Account together with interest calculated on a day to day basis at the rate of two (2) per cent per annum above the Cost of Fund Rate from the date on which the costs were incurred to the date of repayment. 7.5.3 In the event that, following the submission to the Operating Committee of a proposed development Programme and Budget for a particular Discovery in accordance with Article 5, the Operating Committee does not approve such development Programme and Budget within one hundred (100) days of its submission (or such other period as the Operating Committee may have agreed), then any Party may serve notice (and receipt of the notice which is the first in time, if more than one (1) notice is served, shall be effective) on all the other Parties of its intention to develop the Discovery at sole risk. Such notice shall be accompanied by details of its proposed development Programme and Budget. The other Parties may give counter-notice that they wish to participate in the development Programme: (a) Within twenty-eight (28) days of such notice if the proposed development Programme and Budget is the same as, or substantially similar to, that which was not approved by the Operating Committee; or (b) Otherwise within sixty (60) days of such notice. If all the other Parties elect to participate the Parties shall proceed with the development Programme in accordance with such development Programme and Budget and the provisions of Article 5 shall apply upon the HA authorising the commencement of the development Programme. Any Party failing to respond within the applicable time frame indicated above shall be deemed to have elected not to participate. 7.5.4 If the development Programme is carried out by all the Parties in accordance with the provisions of Article 7.5.3, then the Parties which prepared the development Programme and Budget shall be entitled to charge all reasonable costs incurred in the preparation thereof to the Joint Account together with interest thereon calculated on a day to day basis at the rate of five (5) per cent per annum above the Cost of Fund Rate from the date on which the costs were incurred to the date of repayment. 7.5.5 In the event that, following approval by the Operating Committee of a development Programme and Budget pursuant to Article 5.5 or following any notice served under Article 7.5.3, less than all the Parties elect to participate in the development plan within the periods therein respectively provided, those Parties which elected to participate shall be entitled to proceed with the development plan at their sole risk in accordance with the relevant development Programme and Budget provided that if, upon the HA authorising the commencement of the development plan, such development Programme and Budget has been or is required to be materially amended (which shall include any material change in the date of commencement of the development plan) then the Parties participating in the development plan shall as soon as practicable following such authorisation give notice to the other Parties of such amendments and within twenty-eight (28) days of such notice: (a) Any of the Parties participating in the development plan may, by notice to all the other Parties, elect not to proceed with the development plan; and/or (b) Any of the Parties not participating in the development plan may, by notice to all the other Parties elect to do so. Those Parties which, at the expiry of the said period of twenty-eight (28) days, are participating in the development plan shall be obligated to carry it out. 7.5.6 In the event that less than all the Parties participate in a development in respect of which no Sole Risk Drilling has been carried out then, unless the Parties participating in such development unanimously agree otherwise, the Percentage Interest of each Party in such development shall be in the proportion that its Percentage Interest bears to the sum of the Percentage Interests of all the participating Parties. 7.5.7 In the event that less than all the Parties participate in a development in respect of which Sole Risk Drilling has been carried out then, unless the Parties participating in such development unanimously agree otherwise: (a) If the original Sole Risk Party (or if more than one (1) such Party, all such Parties) participates in the development, then the Percentage Interest of each Party which was not an original Sole Risk Party in such development shall equal its Percentage Interest in the Licence, and the remaining Percentage Interest in the development shall be held by the original Sole Risk Party (if more than one (1), in proportion to their Percentage Interests in the Licence or in such other proportion as they may have agreed under Article 7.2.3); or (b) If less than all of the original Sole Risk Parties participate in the development, then the calculation under (a) above shall first be performed as though all the original Sole Risk Parties were participating. The Percentage Interests in such development of those original Sole Risk Parties who do not participate shall then be allocated to all the participating Parties, in proportion to the Percentage Interests obtained in such preliminary calculation. 7.5.8 Any Party which does not participate in a development plan undertaken pursuant to Article 7 shall have no further rights in either the development plan or the Sub-Area created in respect of such development plan pursuant to Article 7.2.9.

Sole Risk Development. 7.5.1 13.5.1 In the event that a proposal is made to the Operating Committee that a development Programme Program and Budget should be prepared for a particular Discovery Discovery, pursuant to Article 5.5 11.1.1, and such proposal is rejected then, provided that any appraisal programme Program approved by the Operating Committee and relating to that Discovery has been completed (but excluding any appraisal work included in an appraisal programme Program if an AFE therefore therefor has been submitted to the Parties as required under Article 5.10 11.2 and which the Operating Committee has voted against or failed to vote in favour of the same within the period specified by the Operator for consideration of the AFE pursuant to Article 5twenty-eight (28) days after submission), any Party may give notice to the other Parties that it intends to prepare a development Programme Program and Budget for that Discovery. Such Party, together with such of the other Parties as within twenty-eight (28) days of such notice give counter- counter-notice of their wish to participate therein, shall be entitled to proceed with the preparation thereof and to submit the same for approval by the Operating Committee in accordance with Article 511.1.2. 7.5.2 13.5.2 If a development Programme Program and Budget Budget, prepared in accordance with Article 7.5.1 13.5.1 or a revised form thereof thereof, is approved by the Operating Committee in accordance with Article 5 11.1.2, then the Party or Parties which prepared the development Programme Program and Budget shall be entitled to charge all reasonable costs incurred in the preparation thereof to the Joint Account together with interest calculated on a day to day basis at the rate of two three (23) per cent per annum above the Cost of Fund Base Rate from time to time from the date on which the costs were incurred to the date of repayment. 7.5.3 13.5.3 In the event that, following the submission to the Operating Committee of a proposed development Programme Program and Budget for a particular Discovery in accordance with Article 511.1.2, the Operating Committee does not approve such development Programme Program and Budget within one hundred (100) days of its submission (or such other the period as the Operating Committee may have agreed)therein provided, then any Party may serve notice (and receipt of the notice which is the first in time, if more than one (1) notice is served, shall be effective) on all the other Parties of its intention to develop the Discovery at sole risk. Such notice shall be accompanied by details of its proposed development Programme Program and Budget. The Within ninety (90) days of such notice the other Parties may give given counter-notice that they wish to participate in the development Programme: (a) Within twenty-eight (28) days of such notice if the proposed development Programme and Budget is the same as, or substantially similar to, that which was not approved by the Operating Committee; or (b) Otherwise within sixty (60) days of such noticedevelopment. If all the other Parties elect to participate the Parties shall proceed with the development Programme in accordance with such development Programme Program and Budget and the provisions of Article 5 11.1.4 shall apply upon the HA authorising the commencement of the development Programme. Any Party failing to respond within the applicable time frame indicated above shall be deemed to have elected not to participateapply. 7.5.4 13.5.4 If the development Programme of a Discovery is carried out by all the Parties in accordance with the provisions of Article 7.5.313.5.3, then the Parties which prepared the development Programme Program and Budget shall be entitled to charge all reasonable costs incurred in the preparation thereof to the Joint Account relating to that Discovery together with interest thereon calculated on a day to day basis at the rate of five (5) per cent per annum above the Cost of Fund Base Rate from time to time from the date on which the costs were incurred to the date of repayment. 7.5.5 13.5.5 In the event that, following approval by the Operating Committee of a development Programme Program and Budget pursuant to Article 5.5 11.1.2 or following any notice served under Article 7.5.3, 13.5.3 less than all the Parties Parties, or in the case of Article 13.5.3 less than all the Non-Sole Risk Parties, elect to participate in the development plan of a Discovery within the periods therein respectively provided, those Parties which elected to participate participate, or in the case of Article 13.5.3 the Sole Risk Party and those Non-Sole Risk Parties which elected to participate, shall be entitled to proceed with the development plan of the Discovery at their sole risk in accordance with the relevant development Programme Program and Budget provided that if, upon in connection with or as a condition to the HA authorising the commencement grant or coming into effect of any Government approval (whether by way of the grant of a petroleum lease under the Petroleum Law or in another form ) required in relation to that development planProgram and Budget, such development Programme Program and Budget has been or is required to be materially amended (which shall include for the avoidance of doubt including any material change in the date of commencement of the development planor in the proposed depth, or in the objective horizon, or in the number of wells required) then the Parties participating in the development plan shall as soon as practicable following such authorisation give given notice to the other Parties of such amendments and within twenty-eight (28) days of such notice: (ai) Any any of the Parties participating in the development plan of the Discovery may, by notice to all the other Parties, elect not to proceed with the development plandevelopment; and/or (bii) Any any of the Parties not participating in the development plan of the Discovery may, by notice to all the other Parties Parties, elect to do so. Those Parties which, at the expiry of the said period of twenty-eight (28) days, are participating in the development plan shall be obligated obliged to carry it out. 7.5.6 13.5.6 In the event that less than all any of the Parties participate in a development in respect of which no Sole Risk Drilling has been carried out then, unless the Parties participating in such development unanimously agree otherwise, the Percentage Interest of each Party in such development shall be in the proportion that its Percentage Interest bears elects not to the sum of the Percentage Interests of all the participating Parties. 7.5.7 In the event that less than all the Parties participate in a development in respect of which Sole Risk Drilling has been carried out then, unless the Parties participating in such development unanimously agree otherwise: (a) If the original Sole Risk Party (or if more than one (1) such Party, all such Parties) participates in the development, then the Percentage Interest of each Party which was not an original Sole Risk Party in such development shall equal its Percentage Interest in the Licence, and the remaining Percentage Interest in proceed with the development shall be held by the original Sole Risk Party (if more than one (1), in proportion to their Percentage Interests in the Licence or in such other proportion as they may have agreed under Article 7.2.3); or (b) If less than all of the original Sole Risk Parties participate in the development, then the calculation under (a) above shall first be performed as though all the original Sole Risk Parties were participating. The Percentage Interests in such development of those original Sole Risk Parties who do not participate shall then be allocated to all the participating Parties, in proportion to the Percentage Interests obtained in such preliminary calculation11. 7.5.8 Any Party which does not participate in a development plan undertaken pursuant to Article 7 shall have no further rights in either the development plan or the Sub-Area created in respect of such development plan pursuant to Article 7.2.9.

Sole Risk Development. 7.5.1 8.5.1 In the event that a proposal is made to the Operating Management Committee that a development Development Programme and Budget should be prepared for a particular Discovery pursuant to Article 5.5 Discovery, and such proposal is rejected does not receive the approval of all the Parties, then, provided that any appraisal programme Programme approved by the Operating Management Committee and relating to that Discovery has been completed (but excluding any appraisal work included in an appraisal programme if an AFE therefore has been submitted to the Parties under Article 5.10 and the Operating Committee has voted against or failed to vote in favour of the same within the period specified by the Operator for consideration of the AFE pursuant to Article 5), any Party may give notice to the other Parties that it intends to prepare a development Development Programme and Budget for that Discovery. Such Party, Party together with such of the other Parties as within twenty-eight thirty (2830) days of receipt of such notice give counter- counter-notice of their wish to participate therein, shall be entitled to proceed with the preparation thereof and to submit the same for approval by the Operating Committee in accordance with Article 5Management Committee. 7.5.2 8.5.2 If a development Development Programme and Budget prepared in accordance with Article 7.5.1 or a revised form thereof is approved by the Operating Management Committee then the Party which prepared the Development Programme and Budget shall be entitled to charge all reasonable costs incurred in the preparation thereof to the Joint Account. 8.5.3 In the event that, following the submission to the Management Committee of a proposed Development Programme and Budget for a particular Discovery the Management Committee does not approve such Development Programme and Budget within the period therein provided, then a Party may give notice to the other Parties of its intention to develop the Discovery as a Sole Risk Development. Such notice shall be accompanied by details of its proposed Development Programme and Budget. The other Parties may give counter-notice that they wish to participate in the proposed Development Programme: (i) within thirty (30) days of such notice if the proposed Development Programme and Budget is the same as, or substantially similar to, that which was not approved by the Management Committee; or (ii) within ninety (90) days of such notice if the proposed Development Programme and Budget is substantially different from that which was not approved by the Management Committee. If the other Parties elect to participate the Parties shall proceed with the development in accordance with such Development Programme and Budget. 8.5.4 If the development of a Discovery is carried out in accordance with the provisions of Article 5 8.5.3, then the Party or Parties which prepared the development Development Programme and Budget shall be entitled to charge all reasonable costs incurred in the preparation thereof to the Joint Account together with interest calculated on a day relating to day basis at the rate of two (2) per cent per annum above the Cost of Fund Rate from the date on which the costs were incurred to the date of repaymentthat Discovery. 7.5.3 In the event that, following the submission to the Operating Committee of a proposed development Programme and Budget for a particular Discovery in accordance with Article 5, the Operating Committee does not approve such development Programme and Budget within one hundred (100) days of its submission (or such other period as the Operating Committee may have agreed), then any Party may serve notice (and receipt of the notice which is the first in time, if more than one (1) notice is served, shall be effective) on all the other Parties of its intention to develop the Discovery at sole risk. Such notice shall be accompanied by details of its proposed development Programme and Budget. The other Parties may give counter-notice that they wish to participate in the development Programme: (a) Within twenty-eight (28) days of such notice if the proposed development Programme and Budget is the same as, or substantially similar to, that which was not approved by the Operating Committee; or (b) Otherwise within sixty (60) days of such notice. If all the other Parties elect to participate the Parties shall proceed with the development Programme in accordance with such development Programme and Budget and the provisions of Article 5 shall apply upon the HA authorising the commencement of the development Programme. Any Party failing to respond within the applicable time frame indicated above shall be deemed to have elected not to participate. 7.5.4 If the development Programme is carried out by all the Parties in accordance with the provisions of Article 7.5.3, then the Parties which prepared the development Programme and Budget shall be entitled to charge all reasonable costs incurred in the preparation thereof to the Joint Account together with interest thereon calculated on a day to day basis at the rate of five (5) per cent per annum above the Cost of Fund Rate from the date on which the costs were incurred to the date of repayment. 7.5.5 8.5.5 In the event that, following approval by the Operating Management Committee of a development Development Programme and Budget pursuant to Article 5.5 or following any notice served under Article 7.5.38.5.3, less than all the Parties Parties, or in the case of Article 8.5.3 less than all the Non-Sole Risk Parties, elect to participate in the development plan of a Discovery within the periods therein respectively provided, those Parties which elected elect to participate or in the case Article 8.5.3 the Sole Risk Party and those Non-Sole Risk Parties which elect to participate, shall be entitled to proceed with the development plan of the Discovery at their sole risk Sole Risk in accordance with the relevant development Development Programme and Budget provided that if, upon the HA Government authorising the commencement of the development plandevelopment, such development Development Programme and Budget has been or is required to be materially amended (which shall for the avoidance of doubt include any material change in the date of commencement of the development plandevelopment) then the Parties participating in the development plan Development Programme shall as soon as practicable following such authorisation give notice to the other Parties of such amendments and within twenty-eight thirty (2830) days of such notice: (ai) Any any of the Parties participating in the development plan such Development Programme may, by notice to all the other Parties, elect not to proceed with the development planDevelopment Programme; and/or (bii) Any any of the Parties not participating in the development plan Development Programme for the Discovery may, by notice to all the other Parties Parties, elect to do so. Those Parties which, at the expiry of the said period of twenty-eight thirty (2830) days, are participating in the development plan Development Programme shall be obligated obliged to carry it out. 7.5.6 8.5.6 In the event that, following the Government authorising the commencement of a development in which all the Parties are participating, any of the Parties elects not to proceed with the Development Programme, the other Parties shall be entitled to proceed with the Development Programme in accordance with the approved Development Programme and Budget (as amended) and, if they do so proceed, shall be obliged to carry out the Development Programme. 8.5.7 In the event that less than all the Parties participate in the Development Programme for a development in respect of which no Sole Risk Drilling has been carried out then, unless the Parties participating in such development unanimously agree otherwise, the Percentage Interest of each Party in such development shall be in the proportion that its Percentage Interest bears to the sum of the Percentage Interests of all the participating Parties. 7.5.7 In the event that less than all the Parties participate in a development Discovery in respect of which Sole Risk Drilling has been carried out then, unless the Parties participating in such development Development Programme unanimously agree otherwise: (a) If , the original Sole Risk Party (or if more than one (1) such Party, all such Parties) participates in the development, then the Percentage Participating Interest of each Party which was not an original Sole Risk Party in such development Development Programme shall equal be the percentage which its Percentage Interest in is of the Licence, and the remaining aggregate Percentage Interest in the development shall be held by the original Sole Risk Party (if more than one (1), in proportion to their Percentage Interests in the Licence or of those Parties participating in such other proportion as they may have agreed under Article 7.2.3); or (b) If less than all of the original Sole Risk Parties participate in the development, then the calculation under (a) above shall first be performed as though all the original Sole Risk Parties were participating. The Percentage Interests in such development of those original Sole Risk Parties who do not participate shall then be allocated to all the participating Parties, in proportion to the Percentage Interests obtained in such preliminary calculationDevelopment Programme. 7.5.8 8.5.8 Any Party which does not participate in the Development Programme for a development plan undertaken pursuant to Article 7 Discovery shall have no further rights in either the development plan or the Sub-Area created in respect of such development plan pursuant to Article 7.2.9Development Programme.

Sole Risk Development. 7.5.1 12.5.1 In the event that a proposal is made to the Joint Operating Committee that a development Programme and Budget should be prepared for a particular Discovery Discovery, pursuant to Article 5.5 Clause 10.1.1 and such proposal is rejected then, provided that any appraisal programme Programme approved by the Operating Committee and a Determination relating to that Discovery has been completed (but excluding any appraisal work included in an appraisal programme Programme if an AFE therefore therefor has been submitted to the Parties Participants under Article 5.10 Clause 9.2 and the Joint Operating Committee has voted against or failed to vote in favour of the same within the period specified by the Operator for consideration of the AFE pursuant to Article 5twenty-eight (28) days after submission), any Party Participant may give notice to the other Parties Participants that it intends to prepare a development Programme and Budget for that Discovery. Such PartyParticipant, together with such of the other Parties Participants as within twenty-eight (28) days of such notice give counter- counter-notice of their wish to participate therein, shall be entitled to proceed with the preparation thereof and to submit the same for approval by the Operating Committee a Determination in accordance with Article 5Clause 10.1.2. 7.5.2 12.5.2 If a development Programme and Budget Budget, prepared in accordance with Article 7.5.1 Clause 12.5.1 or a revised form thereof thereof, is approved by the Operating Committee a Determination in accordance with Article 5 Clause 10.1.2, then the Party Participant or Parties Participants which prepared the development Programme and Budget shall be entitled to charge all reasonable costs incurred in the preparation thereof to the Joint Account together with interest calculated on a day to day basis at the rate of two five (25) per cent per annum above the Cost of Fund Base Rate from time to time from the date on which the costs were incurred to the date of repayment. 7.5.3 12.5.3 In the event that, following the submission to the Joint Operating Committee of a proposed development Programme and Budget for a particular Discovery in accordance with Article 5Clause 10.1.2, the Operating Committee does not approve such development Programme and Budget is not approved by a Determination within one hundred (100) days of its submission (or such other the period as the Operating Committee may have agreed)therein provided, then any Party Participant may serve notice (and receipt of the notice which is the first in time, if more than one (1) notice is served, shall be effective) on all the other Parties Participants of its intention to develop the Discovery at sole riskas a Sole Risk Development. Such notice shall be accompanied by details of its proposed development Programme and Budget. The other Parties Participants may give counter-notice that they wish to participate in the development Programme:development:- (ai) Within within twenty-eight (28) days of such notice if the proposed development Programme and Budget is the same as, or substantially similar to, that which was not approved by the Operating Committeea Determination; or (bii) Otherwise within sixty ninety (6090) days of such noticenotice if the proposed development Programme and Budget is substantially different from that which was not approved by a Determination. If all the other Parties Participants elect to participate the Parties Participants shall proceed with the development Programme in accordance with such development Programme and Budget and the provisions of Article 5 Clause 10.1.4 shall apply upon the HA Secretary authorising the commencement of the development Programme. Any Party failing to respond within the applicable time frame indicated above shall be deemed to have elected not to participatedevelopment. 7.5.4 12.5.4 If the development Programme of a Discovery is carried out by all the Parties in accordance with the provisions of Article 7.5.3Clause 12.5.3, then the Parties Participants which prepared the development Programme and Budget shall be entitled to charge all reasonable costs incurred in the preparation thereof to the Joint Account relating to that Discovery together with interest thereon calculated on a day to day basis at the rate of five (5) per cent per annum above the Cost of Fund Base Rate from time to time from the date on which the costs were incurred to the date of repayment. 7.5.5 12.5.5 In the event that, following approval by the Operating Committee a Determination of a development Programme and Budget pursuant to Article 5.5 Clause 10.1.2 or following any notice served under Article 7.5.3, Clause 12.5.3 less than all the Parties Participants, or in the case of Clause 12.5.3 less than all the Non-Sole Risk Participants, elect to participate in the development plan of a Discovery within the periods therein respectively provided, those Parties Participants which elected to participate participate, or in the case of Clause 12.5.3 the Sole Risk Participant and those Non-Sole Risk Participants which elected to participate, shall be entitled to proceed with the development plan of the Discovery at their sole risk in accordance with the relevant development Programme and Budget provided that if, upon the HA Secretary authorising (whether by consenting or by approving or serving a Programme) under model clause 15 of the Licence the commencement of the development plandevelopment, such development Programme and Budget has been or is required to be materially amended (which shall for the avoidance of doubt include any material change in the date of commencement of the development plandevelopment) then the Parties Participants participating in the development plan shall as soon as practicable following such authorisation give notice to the other Parties Participants of such amendments and within twenty-twenty eight (28) days of such notice:notice:- (ai) Any any of the Parties Participants participating in the development plan of the Discovery may, by notice to all the other PartiesParticipants, elect not to proceed with the development plandevelopment; and/or (bii) Any any of the Parties Participants not participating in the development plan of the Discovery may, by notice to all the other Parties Participants elect to do so. Those Parties Participants which, at the expiry of the said period of twenty-eight (28) days, are participating in the development plan shall be obligated to carry it out. 7.5.6 In the event that less than all the Parties participate in a development in respect of which no Sole Risk Drilling has been carried out then, unless the Parties participating in such development unanimously agree otherwise, the Percentage Interest of each Party in such development shall be in the proportion that its Percentage Interest bears to the sum of the Percentage Interests of all the participating Parties. 7.5.7 In the event that less than all the Parties participate in a development in respect of which Sole Risk Drilling has been carried out then, unless the Parties participating in such development unanimously agree otherwise: (a) If the original Sole Risk Party (or if more than one (1) such Party, all such Parties) participates in the development, then the Percentage Interest of each Party which was not an original Sole Risk Party in such development shall equal its Percentage Interest in the Licence, and the remaining Percentage Interest in the development shall be held by the original Sole Risk Party (if more than one (1), in proportion to their Percentage Interests in the Licence or in such other proportion as they may have agreed under Article 7.2.3); or (b) If less than all of the original Sole Risk Parties participate in the development, then the calculation under (a) above shall first be performed as though all the original Sole Risk Parties were participating. The Percentage Interests in such development of those original Sole Risk Parties who do not participate shall then be allocated to all the participating Parties, in proportion to the Percentage Interests obtained in such preliminary calculation. 7.5.8 Any Party which does not participate in a development plan undertaken pursuant to Article 7 shall have no further rights in either the development plan or the Sub-Area created in respect of such development plan pursuant to Article 7.2.9.twenty eight

Sole Risk Development. 7.5.1 (A) In the event that a proposal is made to the Operating Committee that a development Programme Development Plan and Budget budget should be prepared for a particular Discovery pursuant to Article 5.5 VI and such proposal is rejected then, provided that any appraisal programme program approved by the Operating Committee and relating to that Discovery has been completed (but excluding any appraisal work included in an appraisal programme program if an AFE therefore therefor has been submitted to the Parties under Article 5.10 and the Operating Committee has voted against or failed to vote in favour of the same within the period specified not been approved by the Operator for consideration of the AFE pursuant to Article 5Parties within fourteen (14) days after submission), any Party may give notice to the other Parties that it intends to prepare a development Programme Development Plan and Budget budget for that Discovery. Such Party, together with such of the other Parties as within twenty-eight (28) days of such notice give counter- counter-notice of their wish to participate therein, shall be entitled to proceed with the preparation thereof and to submit the same for approval by the Operating Committee in accordance with Article 56.1 (B) and (C). 7.5.2 (B) If a development Programme Development Plan and Budget Budget, prepared in accordance with Article 7.5.1 7.4(A), or a revised form thereof thereof, is approved by the Operating Committee in accordance with Article 5 6.1 (B) and (C), then the Party or Parties which prepared the development Programme Development Plan and Budget budget shall be entitled to charge all reasonable costs incurred in the preparation thereof to the Joint Account together with interest calculated on a day to day monthly basis at the rate of two (2) per cent per annum above the Cost of Fund Agreed Interest Rate from the date on month in which the costs were incurred paid to the date of repayment. 7.5.3 (C) In the event that, following the submission to the Operating Committee of a proposed development Programme Development Plan and Budget budget for a particular Discovery in accordance with Article 56.1(B) and (C), the Operating Committee does not approve such development Programme Development Plan and Budget budget within one hundred (100) days of its submission (or such other the period as the Operating Committee may have agreed)therein provided, then any Party may serve notice (and receipt of the notice which is the first in time, if more than one (1) notice is served, shall be effective) on all the other Parties of its intention to develop the Discovery at its sole risk. Such notice shall be accompanied by details of its proposed development Programme Development Plan and Budget. The other Parties may give counter-notice that they wish to participate in the development Programmedevelopment: (a1) Within twenty-eight within forty five (2845) days of such notice if the proposed development Programme Program and Budget is the same as, or substantially similar to, that which was not approved by the Operating Committee; or (b2) Otherwise within sixty ninety (6090) days of such noticenotice if the proposed development Program and Budget is substantially different from that which was not approved by the Operating Committee. If all the other Parties elect to participate the Parties shall proceed with the development Programme in accordance with such development Programme Development Plan and Budget and the provisions of Article 5 shall apply upon the HA authorising the commencement of the development Programme. Any Party failing to respond within the applicable time frame indicated above shall be deemed to have elected not to participateBudget. 7.5.4 (D) If the development Programme of a Discovery is carried out by all the Parties in accordance with the provisions of Article 7.5.37.4(C), then the Parties which prepared the development Programme Development Plan and Budget budget shall be entitled to charge all reasonable costs incurred in the preparation thereof to the Joint Account relating to that Discovery together with interest thereon calculated on a day to day monthly basis at the rate of five (5) per cent per annum above the Cost of Fund Agreed Interest Rate from the date on month in which the costs were incurred paid to the date of repayment. 7.5.5 (E) In the event that, following approval by the Operating Committee of a development Programme Development Program and Budget pursuant to Article 5.5 6.1(B) and (C) or following any notice served under Article 7.5.3, 7(D)(1) less than all the Parties Parties, or in the case of Article 7(D)(3) less than all of the Non-Sole Risk Parties, elect to participate in the development plan of a Discovery within the periods therein respectively provided, those Parties which elected to participate participate, or in the case of Article 7(D)(3) the Sole Risk Party and those Non-Sole Risk Parties which elected to participate, shall be entitled to proceed with the development plan of the Discovery at their sole risk in accordance with the relevant development Programme Development Plan and Budget provided that if, upon all necessary consents (if any) pursuant to the HA authorising Petroleum Contract are obtained (and if any such consent is given on the commencement of basis that the development plan, such development Programme Development Plan and Budget has been or is required to budget must be materially amended (which shall include any material change in the date of commencement of the development planamended) then the Parties participating in the development plan shall as soon as practicable following such authorisation give notice to the other Parties of such amendments and within twenty-eight (28) days of such notice: (a1) Any any of the Parties participating in the development plan of the Discovery may, by notice to all the other Parties, elect not to proceed with the development plandevelopment; and/or (b2) Any any of the Parties not participating in the development plan of the Discovery may, by notice to all the other Parties elect to do so. , Those Parties which, at the expiry of the said period of twenty-eight (28) days, days are participating in the development plan shall be obligated obliged to carry it out. 7.5.6 (F) In the event that, any of the Parties elects not to proceed with the developments under Article 6.1(B) and (C) the other Parties shall be entitled to proceed with the Development Plan and budget (as amended) and, if they do so proceed, shall be obligated to carry out the development. (G) In the event that less than all the Parties participate in the development of a development Discovery in respect of which no Sole Risk Drilling has been carried out then, unless the Parties participating in such development unanimously agree otherwise, the Percentage Interest percentage interest of each Party in such development shall be in the proportion that its Percentage Interest bears to the sum of the Percentage Interests of all the participating Parties. 7.5.7 In the event that less than all the Parties participate in (H) The development of a development Discovery in respect of which Sole Risk Drilling has been carried out then, unless may only be carried out by a Party which participated in such Sole Risk Drilling (an “Original Sole Risk Party”). If less than all the Original Sole Risk Parties participating participate in the development of a Discovery in respect of which Sole Risk Drilling has been carried out then the interests in such development unanimously agree otherwise: (a) If the original of those Original Sole Risk Party (or if more than one (1) such Party, Parties which do not participate shall be allocated to all such Parties) participates in the development, then the Percentage Interest of each Party which was not an original participating Original Sole Risk Party in such development shall equal its Percentage Interest in the Licence, and the remaining Percentage Interest in the development shall be held by the original Sole Risk Party (if more than one (1), Parties in proportion to their Percentage Interests in the Licence or in such other proportion as they may have agreed under Article 7.2.3); orthat Sole Risk Drilling.: (bI) If less than all of the original Sole Risk Parties participate in the development, then the calculation under (a) above shall first be performed as though all the original Sole Risk Parties were participating. The Percentage Interests in such development of those original Sole Risk Parties who do not participate shall then be allocated to all the participating Parties, in proportion to the Percentage Interests obtained in such preliminary calculation. 7.5.8 Any A Party which does not participate in the development of a development plan undertaken pursuant to Article 7 Discovery in respect of which Sole Risk Drilling has been carried out shall have no further rights or obligations in either the respect of such a development plan or operations relating to the Sub-Area created in respect of such development plan pursuant to Article 7.2.9question.