Common use of Unitization Procedure Clause in Contracts

Unitization Procedure. The Contractor shall notify the Ministry of Energy and CNH within a period that shall not exceed (60) Business Days upon gathering the sufficient elements by which the existence of a shared reservoir is inferred. Such notice shall contain at least: (i) the underpinned technical analysis that determines the possible existence of a shared reservoir; (ii) the general characteristics of the shared reservoir; (iii) the geological, geophysical and other types of assessments used to determine the possible existence of such shared reservoir including, given the case, the information obtained during the drilling of ▇▇▇▇▇ that helped determine that the Discovery exceeded the limits of the Contract Area; (iv) a proposal of a Work Program for the Petroleum Activities prior to the unitization agreement between the Contractor and/or the third parties involved, and (v) additional information the Contractor deems convenient. Once the notice is received, the following shall occur: (a) CNH will send to the Ministry of Energy, in a period not exceeding forty five (45) Business Days upon the corresponding information receipt, its technical opinion regarding the possible existence of a shared field. (b) Upon the receipt of the information referred to in subparagraph (a) the Ministry of Energy shall have ten (10) Business Days to send to the Ministry of Finance the opinion prepared by CNH and other information deemed necessary to submit its opinion regarding the unitization in a period not exceeding thirty (30) Business Days. (c) Once the opinion of the Ministry of Finance has been received, the Ministry of Energy shall have thirty (30) Business Days to instruct the Contractor about the unitization of the shared reservoir and will request to the Contractor the information referred to in the Applicable Laws regarding the unitization agreement. The Contractor shall have one hundred and twenty (120) Business Days to submit such information. (d) In the event the Contractor does not submit to the Ministry of Energy the information referred in subparagraph (c) above and other information indicated in the Applicable Laws, the Ministry of Energy shall establish the terms and conditions under which the unitization shall be conducted. The aforementioned, during the next Year upon the end of the term referred in subparagraph (c) above. Based on the unitization agreement and on the participation proposal in the Petroleum Activities prior to the unitization agreement, as applicable, CNH may approve the assigned operator for the conduction of the activities of Exploration and Extraction in the shared reservoir, in a such way that the corresponding Work Units may be distributed among the parties as per the established participation in the unitization agreement. Further, the activities developed for the determination of the existence of a shared field shall be considered towards the fulfilment of with the Minimum Work Program, the Minimum Program Increase or, in such case, the additional commitments acquired for the Additional Exploration Period.

Unitization Procedure. The Contractor shall notify the Ministry of Energy and CNH within a period that shall not exceed exceeding (60) Business Days upon gathering the sufficient elements by which the existence of a shared reservoir is inferred. Such notice shall contain at least: (i) the underpinned technical analysis that determines the possible existence of a shared reservoir; (ii) the general characteristics of the shared reservoir; (iii) the geological, geophysical and other types of assessments used to determine the possible existence of such shared reservoir including, given the case, the information obtained during the drilling of ▇▇▇▇▇ that helped determine that the Discovery exceeded the limits of the Contract Area; (iv) a proposal of a Work Program for the Petroleum Activities prior to the unitization agreement between the Contractor and/or the and third parties involved, and (v) additional information the Contractor deems convenient. Once the notice is received, the following shall occur: (a) CNH will send to the Ministry of Energy, in a period not exceeding forty five (45) Business Days upon the corresponding information receipt, its technical opinion regarding the possible existence of a shared field. (b) Upon the receipt of the information referred to in subparagraph (a) the Ministry of Energy shall have ten (10) Business Days to send to the Ministry of Finance the opinion prepared by CNH and other information deemed necessary to submit its opinion regarding the unitization in a period not exceeding thirty (30) Business Days. (c) Once the opinion of the Ministry of Finance has been received, the Ministry of Energy shall have thirty (30) Business Days to instruct the Contractor about the unitization of the shared reservoir and will request to the Contractor the information referred to in the Applicable Laws regarding the unitization agreement. The Contractor shall have one hundred and twenty (120) Business Days to submit such information. (d) In the event the Contractor does not submit to the Ministry of Energy the information referred in subparagraph (c) above and other information indicated in the Applicable Laws, the Ministry of Energy shall establish the terms and conditions under which the unitization shall be conducted. The aforementioned, during the next Year upon the end of the term referred in subparagraph (c) above. Based on the unitization agreement and on the participation proposal in the Petroleum Activities prior to the unitization agreement, as applicable, CNH may approve the assigned operator for the conduction of the activities of Exploration and Extraction in the shared reservoir, in a such way that the corresponding Work Units may be distributed among the parties as per the established participation in the unitization agreementparticipation. Further, the The activities developed for the determination of the existence of a shared field shall be considered accounted for towards the fulfilment of compliance with the Minimum Work Program, the Increase in the Minimum Program Increase or, in such case, the additional commitments acquired for the Additional Exploration Period.

Unitization Procedure. The Contractor shall notify the Ministry of Energy and the CNH within a period that shall not exceed (60) Business Days upon gathering all the sufficient elements by which to infer the existence of a shared reservoir is inferredreservoir. Such notice shall contain at least: (i) the underpinned technical analysis that determines the possible existence of a shared reservoir; (ii) the general characteristics of the shared reservoir; (iii) the geological, geophysical and other types of assessments used to determine the possible existence of such shared reservoir including, given if the casecase may be, the information obtained during the drilling of ▇▇▇▇▇ that helped determine that the Discovery reservoir exceeded the limits of the Contract Area; (iv) a proposal of for a Work Program work program for the Petroleum Activities prior to the unitization agreement between the Contractor and/or the and third parties involved, and (v) any additional information the Contractor deems convenient. Once the notice is received, the following shall occur: (a) The CNH will send to the Ministry of Energy, in a period not exceeding within forty five (45) Business Days upon receiving the corresponding information receiptinformation, its technical opinion regarding the possible existence of a shared field. (b) Upon the receipt of receiving the information referred to in subparagraph (a) the Ministry of Energy shall have send to the Ministry of Finance, within ten (10) Business Days to send to the Ministry of Finance the opinion prepared issued by the CNH and any other information deemed necessary to submit its opinion regarding the unitization in a period not exceeding within thirty (30) Business Days. (c) Once the opinion of the Ministry of Finance has been received, the Ministry of Energy shall have thirty (30) Business Days to instruct the Contractor about the unitization of the shared reservoir and will make a request to the Contractor for the information referred to in the Applicable Laws regarding the unitization agreement. The Contractor shall have one hundred and twenty (120) Business Days to submit such information. (d) In the event case the Contractor does not submit to the Ministry of Energy the information referred in subparagraph (c) above and above, as well as other information indicated in the Applicable Laws, the Ministry of Energy shall establish the terms and conditions under which the unitization shall be conducted. The aforementionedforegoing, during the next Year upon the end of the term referred in subparagraph (c) above. Based on the unitization agreement and on the participation proposal in the Petroleum Activities prior to the unitization agreement, as applicable, the CNH may approve the assigned operator for the conduction carrying out of the Exploration activities of Exploration and Extraction in the shared reservoir, in a such way that the corresponding Work Units may be distributed among the parties as per the established participation in the unitization agreementparticipation. Further, the The activities developed for the determination of determining the existence of a shared field reservoir shall be considered towards the fulfilment of accounted for compliance with the Minimum Work Program, the Minimum Program Increase or, in such case, the additional commitments acquired for the First Additional Exploration Period or the Second Additional Exploration Period.

Unitization Procedure. The Contractor shall notify the Ministry of Energy and CNH within a period that shall not exceed (60) Business Days upon gathering the sufficient elements by which the existence of a shared reservoir is inferred. Such notice shall contain at least: (i) the underpinned technical analysis that determines the possible existence of a shared reservoir; (ii) the general characteristics of the shared reservoir; (iii) the geological, geophysical and other types of assessments used to determine the possible existence of such shared reservoir including, given the case, the information obtained during the drilling of ▇▇▇▇▇ that helped determine that the Discovery exceeded the limits of the Contract Area; (iv) a proposal of a Work Program for the Petroleum Activities prior to the unitization agreement between the Contractor and/or the third parties involved, and (v) additional information the Contractor deems convenient. Once the notice is received, the following shall occur: (a) CNH will send to the Ministry of Energy, in a period not exceeding forty forty-five (45) Business Days upon the corresponding information receipt, its technical opinion regarding the possible existence of a shared field. (b) Upon the receipt of the information referred to in subparagraph (a) the Ministry of Energy shall have ten (10) Business Days to send to the Ministry of Finance the opinion prepared by CNH and other information deemed necessary to submit its opinion regarding the unitization in a period not exceeding thirty (30) Business Days. (c) Once the opinion of the Ministry of Finance has been received, the Ministry of Energy shall have thirty (30) Business Days to instruct the Contractor about the unitization of the shared reservoir and will request to the Contractor the information referred to in the Applicable Laws regarding the unitization agreement. The Contractor shall have one hundred and twenty (120) Business Days to submit such information. (d) In the event the Contractor does not submit to the Ministry of Energy the information referred in subparagraph (c) above and other information indicated in the Applicable Laws, the Ministry of Energy shall establish the terms and conditions under which the unitization shall be conducted. The aforementioned, during the next Year upon the end of the term referred in subparagraph (c) above. Based on the unitization agreement and on the participation proposal in the Petroleum Activities prior to the unitization agreement, as applicable, CNH may approve the assigned operator for the conduction of the activities of Exploration and Extraction in the shared reservoirreservoir area, in a such way that the corresponding Work Units may be distributed among the parties as per the established participation in the unitization agreement. Further, the activities developed for the determination of the existence of a shared field shall be considered towards the fulfilment of with the Minimum Work Program, the Minimum Program Increase or, in such case, the additional commitments acquired for the Additional Exploration Period.