Removal of the Operator. 3.2.1 The Operator shall be removed when it resigns, or when it is relieved of its function or when it ceases to hold any Percentage Interest or further when a Joint Operating Company is constituted in accordance with provisions of paragraph 3.2.6. of this Contract. 3.2.2 The Operator may at any time resign as Operator by giving notice in writing to ONHYM of such resignation. Such resignation shall be effective one hundred and eighty (180) days after the date of notice thereof or during such notice period, provided that a new operator has been appointed by the Parties and agrees to assume the obligations of the Operator in accordance with all the provisions of the Petroleum Agreement and this Contract. 3.2.3 The Operator shall be relieved of its duties if it can no longer perform them. It also can be relieved of its duties by a justifiable decision of the Management Committee. 3.2.4 Should the Operator so resign or be removed, it will be replaced by a successor Operator immediately appointed by the Management Committee provided, however, that any Operator having been removed as Operator may not be reappointed as Operator. 3.2.5 Removal or resignation of an Operator shall not in any way affect its right, title or interest in the Exploration Permits or Exploitation Concessions, nor any of its rights or obligations as a Party under this Contract. On the effective date of removal or resignation, the Operator shall deliver to the successor Operator any and all funds, equipment, materials, books, records, and rights acquired by it and in its custody for the Joint Account (including Available Hydrocarbons not delivered to the Parties) and shall account to the Parties for such items mentioned herein not delivered. 3.2.6 Two (2) years after commencement of commercial production from the first Exploitation Concession obtained in the Area of Interest, a jointly owned operating company shall be formed to replace the Operator. PETCO and its affiliates shall provide such Joint Operating Company such personnel and technical assistance as may be reasonably required, subject to the same reimbursement terms as provided for in paragraph 3.1.2.(i) of this Contract.
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Sources: Association Contract for Joint Exploration and Exploitation of Hydrocarbons, Association Contract for Joint Exploration and Exploitation of Hydrocarbons, Association Contract for Joint Exploration and Exploitation of Hydrocarbons