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Technical Evaluation Agreement

Agencia Nacional de Hidrocarburos. Technical Evaluation Agreement. Content. Object and Scope Area and Duration Work and Operations Program Preference Right ANH´s Economic right and other rights Other conditions. Object and Scope. Object

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Technical Evaluation Agreement

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  1. Agencia Nacional de Hidrocarburos Technical Evaluation Agreement

  2. Content • Object and Scope • Area and Duration • Work and Operations Program • Preference Right • ANH´s Economic right and other rights • Other conditions

  3. Object and Scope Object This agreement grants the Evaluator the exclusive right to carry out Technical Evaluation Operations in the contract area, to evaluate the oil and gas potencial and to identify prospective zones. Scope Superficial exploration activities: Geology, geophysics, geochemistry, photogeolgy etc. Drilling of stratigraphic wells Perform seismic operations

  4. Tecnical evaluation area and duration Area Size according to assigment procedure rules – negotiable for special cases. Area relinquishment: optional or mandatory, total o partial Environmental responsabilities after relinquishment (restoration) Reduction of TEA´s area when E&P contract is signed Duration Onshore ≤ 18 months Offshore ≤ 24 months Extension: Automatic if the evaluator is acquiring seismic information or drilling stratigraphic wells, untill finishing activities plus 2 more months

  5. Work Program and operations Programs Work program – submited 30 days after the TEA is signed Adjustments when area is reduced Final evaluation report – Within 2 months after TEA termination Operations 100% Evaluator responsability Technical and administrative automomy for: planning, executing, Selection of subcontractors, etc. Must observe the Colombian Law and the Good Oil Industry practices

  6. Preference Right If ANH receives a Proposal for an E&P contract from a third party: Right Match or exceed the offer presented by a third party Duration Contract plus 2 months Conditions The E&P proposal presented by a third party must be acceptable for the ANH, according to the assigment rules Evaluator complied all TEA´s current obligations The evaluator must have not previously presented an E&P proposal Criteria Match or exceed the Minimun Exploration Program Procedure 30 days after ANH´s notification, to exercise the right and to submit the exploration program Negotiation 60 days to negociate E&P contract

  7. Anh´s economic rights and others Economic Right US$/hectares payment at the beginning Inspection Anytime E&P Contract with a third party When Preference Right is not exercised

  8. Other terms and conditions Information Obligation to submit all data and interpretations and the technical evaluation report Confidentiality for the same period of the Preference right Warranty Letter of credit for 10% of the work Min. US$ 50.000, Máx US$ 500.000 Duration: same as TEA plus 3 more moths Executed when partial or total unfulfiling of TEA´s obligations Cesión Only with ANH´s written authorization Environment Responsabilities Force Majeure and act of third parties Right to give up Termination Follows E&P Contract Spokesman Disputes solution Insurance Aplicable law

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