Common use of ASSESSMENT REPORT Clause in Contracts

ASSESSMENT REPORT. THE CONTRACTOR will present ▇▇▇ a full report of the results of the Assessment Program within the three (3) months following the date of its termination. Said report will include at least: a geologic description of the Discovery and its structural configuration; the physical properties of the rocks and fluids present in the fields associated to the Discovery; the pressure, volume and analysis of the field fluids temperature; the production capacity (per well and for the entire Discovery); and an estimate of the recoverable reserves of hydrocarbons. Paragraph 1: If THE CONTRACTOR includes the drilling of Exploration ▇▇▇▇▇ in the Assessment programs undertaken during the Exploration Period, it may credit both compliance of the Exploration Program as well as corresponding Assessment Program by drilling two (2) Exploration ▇▇▇▇▇, provided that the same type of Exploration Well is contemplated in the phase of the Exploration Program immediately following the beginning of the Assessment Program and drilling concludes prior to the date of termination of the Assessment Program in which they were included or the phase of the Exploration Program to which said ▇▇▇▇▇ correspond, whichever is closest. In this case, THE CONTRACTOR will return ▇▇▇ the portion of the Contract Area in which no exploration activities will be undertaken during the time remaining in the Exploration Period. Paragraph 2: In case the discovery of Non Associated Natural Gas or Heavy Liquid Hydrocarbons or Non Conventional Hydrocarbons, and at any time during the second half of the Assessment Period, THE CONTRACTOR may request ▇▇▇ an extension of the Assessment Program for up to two (2) additional years; this term may be extended at ANH’s criteria, with the purpose of undertaking feasibility studies to build infrastructure, with regards to production methods and/ or market development. In these cases, the request will include in the Assessment Program, the information related to the feasibility studies that THE CONTRACTOR considers necessary to undertake. At the end of the extension granted, THE CONTRACTOR will provide ▇▇▇ the conclusions and recommendations of the feasibility studies. Paragraph 3: This clause only applies to discovering Exploration ▇▇▇▇▇ drilled by THE CONTRACTOR outside of the areas designated as Assessment or Production. Consequently, when new volumes of Hydrocarbons found are part of one same Assessment or production Area, there will be no new Assessment Period.