Common use of Termination and Withdrawal Clause in Contracts

Termination and Withdrawal. (1) The Minister may terminate this Contract by giving the Contractor written notice, if the Contractor – (a) Fails to make any payment to the Government or the Minister required under this Contract for a period exceeding sixty (60) days; or (b) Is in material breach of any other obligation under this Contract; or (c) becomes insolvent, makes a composition with creditors, or goes into liquidation other than for reconstruction or amalgamation. (2) The period of notice in respect of sub-clause 6(1)(a) hereof shall be two (2) months, and in any other case three (3) months, but if the Contractor remedies the breach within the period of notice, the Minister shall withdraw the notice. Where the Minister reasonably believes the Contractor is using its best efforts to remedy the default, the Minister may extend the notice, accordingly. (3) When this Contract is terminated or expires in whole or in part, the Contractor shall conclude the Petroleum Operations in the area as to which this Contract has terminated or expired in an orderly manner minimising harm to the Government and third parties. Production Sharing Contract Block L16 Ministry of Energy Page 18

Termination and Withdrawal. (1) The Minister may terminate this Contract by giving the Contractor written notice, if the Contractor – (a) Fails to make any payment to the Government or the Minister required under this Contract for a period exceeding sixty (60) days; or (b) Is in material breach of any other obligation under this Contract; or (c) becomes insolvent, makes a composition with its creditors, or goes into liquidation other than for reconstruction or amalgamation. (2) The period of notice in respect of sub-clause 6(1)(a) hereof shall be two (2) months, and in any other case three (3) months, but if the Contractor remedies the breach within the period of notice, the Minister shall withdraw the notice. Where the Minister reasonably believes the Contractor is using its best efforts to remedy the default, the Minister may extend the notice, accordingly. (3) When this Contract is terminated or expires in whole or in part, the Contractor shall conclude the Petroleum Operations in the area as to which this Contract has terminated or expired in an orderly manner minimising harm to the Government and third parties. Production Sharing Contract Block L16 Ministry of Energy Page 18. PART III RIGHTS AND OBLIGATIONS OF THE CONTRACTOR

Termination and Withdrawal. (1) The Minister may terminate this Contract by giving the Contractor written notice, if the Contractor – (a) Fails to make any payment to the Government or the Minister required under this Contract for a period exceeding sixty (60) days; or (b) Is in material breach of any other obligation under this Contract; or (c) becomes insolvent, makes a composition with its creditors, or goes into liquidation other than for reconstruction or amalgamation. (2) The period of notice in respect of sub-clause 6(1)(a) hereof shall be two (2) months, and in any other case three (3) months, but if the Contractor remedies the breach within the period of notice, the Minister shall withdraw the notice. Where the Minister reasonably believes the Contractor is using its best efforts to remedy the default, the Minister may extend the notice, accordingly. (3) When this Contract is terminated or expires in whole or in part, the Contractor shall conclude the Petroleum Operations in the area as to which this Contract has terminated or expired in an orderly manner minimising harm to the Government and third parties. Production Sharing Contract Block L16 L28 Ministry of Energy Page 18

Termination and Withdrawal. (1) The Minister may terminate this Contract by giving the Contractor written notice, if the Contractor – (a) Fails to make any payment to the Government or the Minister required under this Contract for a period exceeding sixty (60) days; or (b) Is in material breach of any other obligation under this Contract; or (c) becomes insolvent, makes a composition with its creditors, or goes into liquidation other than for reconstruction or amalgamation. (2) The period of notice in respect of sub-clause 6(1)(a) hereof shall be two (2) months, and in any other case three (3) months, but if the Contractor remedies the breach within the period of notice, the Minister shall withdraw the notice. Where the Minister reasonably believes the Contractor is using its best efforts to remedy the default, the Minister may extend the notice, accordingly. (3) When this Contract is terminated or expires in whole or in part, the Contractor shall conclude the Petroleum Operations in the area as to which this Contract has terminated or expired in an orderly manner minimising harm to the Government and third parties. Production Sharing Contract Block L16 L1B Ministry of Energy Page 18

Termination and Withdrawal. (1) The Minister may terminate this Contract by giving the Contractor written notice, if the Contractor –Contractor (a) Fails to make any payment to the Government or the Minister required under this Contract for a period exceeding sixty (60) days; or (b) Is in material breach of any other obligation under this Contract; or (c) becomes insolvent, makes a composition with its creditors, or goes into liquidation other than for reconstruction or amalgamation. (2) The period of notice in respect of sub-clause 6(1)(a) hereof shall be two (2) months, and in any other case three (3) months, but if the Contractor remedies the breach within the period of notice, the Minister shall withdraw the notice. Where the Minister reasonably believes the Contractor is using its best efforts to remedy the default, the Minister may extend the notice, accordingly. (3) When this Contract is terminated or expires in whole or in part, the Contractor shall conclude the Petroleum Operations in the area as to which this Contract has terminated or expired in an orderly manner minimising harm to the Government and third parties. Production Sharing Contract Block L16 L27 Ministry of Energy Page 18

Termination and Withdrawal. (1) The Minister may terminate this Contract by giving the Contractor written notice, if the Contractor – (a) Fails to make any payment to the Government or the Minister required under this Contract for a period exceeding sixty (60) days; or (b) Is in material breach of any other obligation under this Contract; or (c) becomes insolvent, makes a composition with creditors, or goes into liquidation other than for reconstruction or amalgamation. (2) The period of notice in respect of sub-clause 6(1)(a) hereof shall be two (2) months, and in any other case three (3) months, but if the Contractor remedies the breach within the period of notice, the Minister shall withdraw the notice. Where the Minister reasonably believes the Contractor is using its best efforts to remedy the default, the Minister may extend the notice, accordingly. (3) When this Contract is terminated or expires in whole or in part, the Contractor shall conclude the Petroleum Operations in the area as to which this Contract has terminated or expired in an orderly manner minimising harm to the Government and third parties. Production Sharing Contract Block L16 Ministry of Energy Page 18. PART III RIGHTS AND OBLIGATIONS OF THE CONTRACTOR

Termination and Withdrawal. (1) The Minister may terminate this Contract by giving the Contractor written notice, if the Contractor – (a) Fails to make any payment to the Government or the Minister required under this Contract for a period exceeding sixty (60) days; or (b) Is in material breach of any other obligation under this Contract; or (c) becomes insolvent, makes a composition with its creditors, or goes into liquidation other than for reconstruction or amalgamation. (2) The period of notice in respect of sub-clause 6(1)(a) hereof shall be two (2) months, and in any other case three (3) months, but if the Contractor remedies the breach within the period of notice, the Minister shall withdraw the notice. Where the Minister reasonably believes the Contractor is using its best efforts to remedy the default, the Minister may extend the notice, accordingly. (3) When this Contract is terminated or expires in whole or in part, the Contractor shall conclude the Petroleum Operations in the area as to which this Contract has terminated or expired in an orderly manner minimising harm to the Government and third parties. Production Sharing Contract Block L16 11A Ministry of Energy Page 1817

Termination and Withdrawal. (1) The Minister may terminate this Contract by giving the Contractor written notice, if the Contractor –Contractor (a) Fails to make any payment to the Government or the Minister required under this Contract for a period exceeding sixty (60) days; or (b) Is in material breach of any other obligation under this Contract; or (c) becomes insolvent, makes a composition with its creditors, or goes into liquidation other than for reconstruction or amalgamation. (2) The period of notice in respect of sub-clause 6(1)(a) hereof shall be two (2) months, and in any other case three (3) months, but if the Contractor remedies the breach within the period of notice, the Minister shall withdraw the notice. Where the Minister reasonably believes the Contractor is using its best efforts to remedy the default, the Minister may extend the notice, accordingly. (3) When this Contract is terminated or expires in whole or in part, the Contractor shall conclude the Petroleum Operations in the area as to which this Contract has terminated or expired in an orderly manner minimising harm to the Government and third parties. Production Sharing Contract Block L16 Ministry of Energy Page 18.