Common use of Accounting Records and Reports Clause in Contracts

Accounting Records and Reports. All accounting records related to the Petroleum Operations shall be established and maintained by the CONTRACTOR within the Philippines during the development/production period. In implementing Section XI of the Contract, the CONTRACTOR shall render to the DEPARTMENT financial reports of all charges and credits to the Petroleum Operations summarized by appropriate classifications indicative of the nature thereof. Notwithstanding the generality of the foregoing, pursuant to Department Circular No. DC2024-01-0006, the CONTRACTOR shall make regular financial reports relating to the Petroleum Operations as follows: A. Expenditure Reports ● CERCD Form 1 – Exploration, Development and Production Summary ● CERCD Form 2 – Summary of Inventory ● CERCD Form 3 – Depreciable/ Amortizable Assets ● CERCD Form 4 – Direct Survey Expenditures ● CERCD Form 5 – Details of Direct Well Costs ● CERCD Form 6 – Direct Intangible Development Costs ● CERCD Form 8 – Overhead/ Indirect Expenses B. Production Reports ● CERCD Form 7 – Direct Production Expense Summary C. Reports of Revenue and Distribution ● CERCD Form 9 – Recoverable Investment and Production Sharing

Accounting Records and Reports. All accounting records related to the Petroleum Operations shall be established and maintained by the CONTRACTOR within the Philippines during the development/production period. In implementing Section XI of the Contract, the CONTRACTOR shall render to the DEPARTMENT GOVERNMENT financial reports of all charges and credits to the Petroleum Operations summarized by appropriate classifications indicative of the nature thereof. Notwithstanding the generality of the foregoing, pursuant to Department Circular No. DC2024-01-0006, the CONTRACTOR shall make regular financial reports relating to the Petroleum Operations as follows: A. Expenditure Reports ● CERCD Form 1 – - Exploration, Development and Production Summary ● CERCD Form 2 – - Summary of Inventory ● CERCD Form 3 – Depreciable/ Amortizable Assets ● CERCD Form 4 – Direct Survey Expenditures ● CERCD Form 5 – Details of Direct Well Costs ● CERCD Form 6 – Direct Intangible Development Costs ● CERCD Form 8 – Overhead/ Indirect Expenses B. Production Reports ● CERCD Form 7 – Direct Production Expense Summary C. Reports of Revenue and Distribution ● CERCD Form 9 – Recoverable Investment and Production Sharing

Accounting Records and Reports. All accounting records related to the Petroleum Operations shall be established and maintained by the CONTRACTOR within the Philippines during the development/production period. In implementing Section XI of the Contract, the CONTRACTOR shall render to the DEPARTMENT financial reports of all charges and credits to the Petroleum Operations summarized by appropriate classifications indicative of the nature thereof. Notwithstanding the generality of the foregoing, pursuant to Department Circular No. DC2024-01-0006, the CONTRACTOR shall make regular financial reports relating to the Petroleum Operations as follows: A. Expenditure Reports ● CERCD Form 1 – - Exploration, Development and Production Summary ● CERCD Form 2 – - Summary of Inventory ● CERCD Form 3 – Depreciable/ Amortizable Assets ● CERCD Form 4 – Direct Survey Expenditures ● CERCD Form 5 – Details of Direct Well Costs ● CERCD Form 6 – Direct Intangible Development Costs ● CERCD Form 8 – Overhead/ Indirect Expenses B. Production Reports ● CERCD Form 7 – Direct Production Expense Summary C. Reports of Revenue and Distribution ● CERCD Form 9 – Recoverable Investment and Production Sharing