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Kavala Institute of Technology MSc in Essential oil & Gas Technology “CONTRACT LAW” “THE INTERPRETATION OF LEGAL CONDITIONS ABOUT CONTRACTUAL OBLIGATIONS OF THE PARTIES WITHIN AN OIL OR PERHAPS GAS EXPLORATION/EXTRACTION CONTRACT” Writers: Andreou Christos Georgiou Manolis Kakanis Iordanis Skarvelas Stathis Supervisor: Public relations. K. KalamboukaNovember 2012 FUZY The purpose of this assignment is always to identify the contractual responsibilities of the get-togethers in coal and oil exploration and extraction legal agreements.

The assignment will be based upon the contract between Cyprus Government as well as the authorized organization as is approved by the Cypriot Parliament and is harmonized to “Directive 94/22/EC of the European Parliament and of the Authorities of 40 May year 1994 on the conditions for approving and applying authorizations intended for the prospection, exploration and production of hydrocarbons” Contents Introduction four 1 . Conditions and requirements for allowing authorizations 5 2 .

Basic and certain information published by the consumer 5 several. Grant of the authorization 5 4. Life long an documentation for prospection 6 your five. Duration of an authorization pertaining to exploration 6th 6. Relinquishment of location 6 six. Duration of an authorization to get exploitation several 8. Scholarhip of legal rights to the owners of authorizations 7 being unfaithful. Transfer of an authorization or perhaps assignment of rights arising from an consent 8 15. Control of a holder of authorization with a third region or a countrywide of a third country eight 11.

Function practices 8 12. Guidelines of the Ressortchef (umgangssprachlich) to owners of an documentation in case of faute of Rules 11 being unfaithful 13. Going operations10 13. Protection of the environment11 12-15. Construction and maintenance of installation, pipelines and related equipment12 16. Measurement of hydrocarbons14 17. Official officers15 18. Unit development16 19. Records17 20. Reports17 21. Hydrocarbons production records19 22. Obligations in case of end of contract of an authorization20 23. Confidentiality20 24.

Forces of the The courtroom for seizure and confiscation21 25. Abandonment21 26. Abandonment of the well22 27. References23 INTRODUCTION Gas and oil contracts are shaped by national and international laws that relate to common sector transactions. With standardized contracts being used across different jurisdictions, it is important that these legal guidelines are properly understood. The increasing shortage of natural resources can make it more, instead of less, likely that legal issues will be analyzed in the coal and oil sector.

The accelerated pace of change in the gas and oil industry makes one of the planet’s most difficult and complicated sectors in which to understand, draft and discuss contracts. The legal and regulatory platform of upstream oil and gas market contracts is constantly changing, therefore it is critical that all lawyers, business and agreements managers working in this sector are up-to-speed. OBLIGATIONS Conditions and requirements for allowing authorizations ) The authorizations may be awarded on this kind of conditions and requirements in order to ensure: a) the proper functionality of the activities permitted by the authorization b) the economic contribution in money or a contribution in hydrocarbons c) national protection d) general public safety e) public health f) security of transport g) protection in the environment pursuant to section 11 plus the terms specified in the Polices made beneath this Rules h) protection of natural and nutrient resources and of national treasures possessing artsy, historic or archaeological worth i) safety of installation and of workers ) planned management of hydrocarbon resources, such as particularly the rate when hydrocarbons are depleted or the optimization of their recovery, and k) the necessity to secure revenues to the Republic. made to situations and requirements in the course of the process of examining the applications, shall be informed to all interested entities Basic and particular information published by the customer ) A software for a great authorization intended for exploration shall contain the next specific info: l) the designation from the area or areas which is why an application has been made, and if the application is manufactured in respect greater than one area, the priority given to each location m) a detailed description from the exploration system proposed pertaining to the area or areas sent applications for and its geographical distribution above such location or areas n) the minimum responsibilities to be carried out relating to function and expenses during the query period o) a brief notice concerning this individual exploration actions and the results which are prone to have within the environment, and the measures which the exploration work program intends to take for dealing with p) proposals relating to the education and career of excellent of the Republic and the lowest expenditures to become incurred to this effect q) proposals associated with the monetary terms and conditions required as requirements for the evaluation from the application, including the financial consideration and/or the sharing of production between applicant as well as the Government of the Republic r) any contract between any persons concerning the manner by which hydrocarbons operations are to be financed and s) any other info as might be required by the Minister or perhaps under the suitable model contract or which the applicant would like the Ressortchef (umgangssprachlich) to consider Grant associated with an authorization 3) The Ressortchef (umgangssprachlich) shall work out the conditions and conditions of the Deal with the picked applicant.

In case where the settlement is successful, the text of the Deal shall be posted to the Authorities of Ministers for approval, and afterwards, if authorized and signed by both parties, the relevant consent shall be awarded. Duration of a great authorization to get prospection 4) An consent for prospection shall be approved for a period not going above one year. Duration of an consent for query 5) (1) An documentation for pursuit shall be granted for a basic period certainly not exceeding 3 years and may become renewed for about two conditions, each term not exceeding two years, so long as the conditions reported in passage (2) will be fulfilled. 2) The consent for pursuit may be restored, pursuant to paragraph (1), provided that the holder of such authorization has fulfilled all his obligations arising from the documentation and has submitted an application to the Authorities of Ministers two months before the expiry in the current term.

You go through ‘The Interpretation of Legal Terms About Contractual’ in category ‘Essay examples’ (3) The Contract may provide that in case where an appraisal function program regarding a finding is in improvement and has not been completed in the expiry of the second vitality referred to in paragraph (1), the holder of an authorization may affect the Authorities of Ministers for action of the search period, which in turn, however , may well not exceed 6 months, in case of commodity future trading discovery and twenty-four a few months in case of natural gas discovery.

In the event of natural gas breakthrough the Authorities of Ministers, may prolong the pursuit period for any turnover the twenty-four a few months, if it believes that such period is necessary to determine whether a commercially viable natural gas market is present or/and shall be created. (4) Notwithstanding the provisions of paragraph (2), where the holder of an consent has not fulfilled all his obligations arising from the authorization, the Authorities of Ministers may decide to replenish the documentation under these kinds of terms and conditions since the Authorities of Ministers may regard proper to impose. Relinquishment of location 6) (1) Upon every single renewal of the authorization pertaining to exploration, the holder of the authorization relinquishes at least twenty-five percent (25%) with the initial surface area of the place that is as part of the authorization naturally. 2) After expiry of the renewal with the authorization pertaining to exploration, since possibly renewed and/or prolonged pursuant towards the provisions of Regulation being unfaithful, the holder of an documentation relinquishes each of the remaining part of the area that may be included in the documentation granted: Provided the area to be relinquished underneath this section shall not range from the areas included in an authorization for exploitation. Duration of a great authorization pertaining to exploitation 7) (1) The duration of an authorization for exploitation for each exploitation area shall not go over twenty-five years and may become renewed for any period about ten years, susceptible to the terms of the Contract. (2) The authorization to get exploitation may be renewed, pursuant to passage (1), so long as the holder of this sort of authorization offers fulfilled every his responsibilities arising from the authorization and has submitted an application to the Council of Ministers, through the Minister, one year 11 prior to the expiry in the current term. Grant of rights to the holders of authorizations ) (1) The authorization pertaining to the prospection of hydrocarbons shall grant to the holder of an authorization the right to prospective client for hydrocarbons in the place for which the authorization was granted, (2) The consent for the exploration of hydrocarbons shall offer to the holder of an authorization exclusive privileges to explore to get hydrocarbons in the area that the documentation was awarded, under the conditions and requirements of the authorization granted, in addition to the case of any commercial breakthrough of hydrocarbons, the right to always be granted an exploitation consent related to this kind of a breakthrough, in accordance with the provisions of this Law and the Regulations. 3) The consent for the exploitation of hydrocarbons shall grant for the holder of your authorization special rights to exploit hydrocarbons inside the area which is why the consent was naturally, under the circumstances and requirements of the consent granted within the conditions and requirements from the authorization granted. Transfer of the authorization or perhaps assignment of rights arising from an documentation 9) Simply no holder associated with an authorization may transfer a great authorization or perhaps assign the rights arising from an documentation to another business, except upon the consent of the Authorities of Ministers, which may be granted if t) it does not risk national security ) the Council of Ministers is content that an business to whom the authorization can be transferred or the rights as a result of an authorization would be given has sufficient technical knowledge, experience and financial resources to obtain the proper exercise of the actions of prospecting, exploring pertaining to and taking advantage of hydrocarbons v) the enterprise to which the authorization would be transferred or the rights arising from an consent would be designated undertakes to comply with this sort of other circumstances and requirements as the Council of Ministers may well deem right to inflict. Control of a holder of authorization with a third country or a countrywide of a third country 10) (1) Not any entity may well, after the offer of an authorization thereto, come under the immediate or indirect control of a 3rd country, or a national of a third region, without the previous approval of the Council of Ministers. 2) Any holder of an documentation that comes under the immediate or indirect control of another country or a national of a third region without the previous approval from the Council of Ministers, shall commit a great offence and shall be responsible on dedication to imprisonment for a term not exceeding twelve months in order to a fine not exceeding 8-10 hundred fifty four thousands of and 300 Euros or to both this sort of penalties. Work practices 11) (1) Every single holder associated with an authorization shall carry out hydrocarbons operations within a proper, safe and workmanlike manner and in accordance with good oilfield practices. Just about every holder of your authorization is bound to comply with these types of Regulations and any other legal guidelines regulating function practices, employers’ obligations, protection and health at work as well as the rights of employees. (2) Every holder of an documentation is bound to: ) ensure that every materials, items, machinery, flower, equipment and installations employed by him or perhaps by subcontractors comply with generally accepted standards in the international petroleum industry and are of proper building and retained in very good working order b) use the natural solutions of the place that is included in the authorization granted as proficiently as despejado c) stop damage to generating formations and ensure that hydrocarbons discovered, off-road or any various other fluids or substances usually do not escape or be lost d) prevent damage to hydrocarbon and normal water bearing strata that are adjacent to a creating formation or perhaps formations and stop water by entering any kind of strata bearing hydrocarbons, besides where water injection strategies are used for second recovery operations or are planned otherwise in accordance with generally recognized international petroleum industry practice e) effectively store hydrocarbons in containers constructed for your purpose, and never store commodity future trading in an earthen reservoir, other than temporarily in an emergency and f) apply the conditions of the Solid and Hazardous Squander Law as regards the hydrocarbon waste Directions of the Ressortchef (umgangssprachlich) to slots of an consent in case of contravention of Legislation 11 12) (1) In cases where the Ressortchef (umgangssprachlich) scertains that any holder of an documentation has not acted in accordance with Regulation 13, he might notify these kinds of holder of the authorization in writing accordingly and require him to show trigger, within a particular time-period, how come he offers omitted to behave in accordance with Regulation 13 (2) Where the holder of an authorization to whom a written notice has become sent, in accordance with paragraph (1), fails within the specified time period, to satisfy the Minister that he offers acted according to Regulation 13 or to prove that such omission is justified, the Ressortchef (umgangssprachlich) may direct in writing the holder of the authorization to take such steps as may be necessary expecting to to ensuring complying of the holder of an consent with Control 13 (3) Where the holder of an consent fails to conform to the Minister’s directions pursuant to section (2) a) the holder of an consent shall be doing an offence and shall on confidence be prone to imprisonment for any term certainly not exceeding 2 yrs or to a fine not going above one million seven-hundred eight thousands of and six hundred one euro or to equally such charges: Provided that in the event of a prosecution against the holder of an documentation in respect of the offence reported in this subparagraph, it should be a defense if the holder of an documentation proves that he rapidly took all necessary actions in accordance with great oilfield techniques in order to adhere to the Minister’s directions b) the Minister may take any any of the actions required simply by his guidelines. In such a case, any kind of costs received by the Minister shall be payable by the holder of an authorization and should be collected being a civil debt due to the Republic Drilling operations 3) (1) The holder of an authorization is bound to make certain that the very well design and conduct of drilling operations, including it is casing, cementing, well space and insert operations, will be in conformity with generally accepted intercontinental petroleum sector practice (2) Every well is recognized by a name, number and geographic runs, which are displayed on maps, plans and similar documents which the holders of an consent are bound to keep. The holders of an authorization need to promptly notify the Ressortchef (umgangssprachlich) in writing of any transform of the aforementioned particulars (3) At least seven days prior to commencing virtually any drilling or other work together with respect to the well or perhaps recommencing virtually any drilling or other work with respect to the well which work has become discontinued for over six months, the holders of an authorization are bound to inform the Ressortchef (umgangssprachlich) in writing of their intention to do so. Such notice shall develop the following: a) the official name and range of the very well ) a description of the precise site by mention of the geographical coordinates c) a detailed report for the drilling strategy to be used, an estimate of times and depth required, the material to be utilized and the safety measures to be taken and d) a well location record along with the geological and geophysical data and any understanding thereof, upon which the particular site was chosen (4) Exactly where any going or different work with value to any very well is stopped for a period exceeding four weeks, the holders of an authorization shall promptly notify the Minister on paper (5) By least two days before recommencing any drilling or any function, with respect to any kind of well where work have been discontinued for more than thirty days but also for less than six months, the cases of an consent are certain to inform the Minister on paper of their goal to do so (6) No holder of an consent may drill a well any part of which can be less than two hundred meters by a border of the location that is contained in the authorization granted except after the prior written approval from the Minister and under these kinds of terms and conditions since the Ressortchef (umgangssprachlich) may regard fit to impose Security of the environment 4) (1) The holder of an consent shall ensure that hydrocarbons functions are conducted in an ecologically acceptable and safe manner, consistent with the environmental legal guidelines in force for now and the very good international sector practice, and shall exercise effective control for that purpose (2) The holder of the authorization is bound to take all of the necessary steps in order to: a) minimize any avoidable environmental pollution or damage to water, the ground or the ambiance, in relation to hydrocarbons operations b) comply with the provisions in the International Convention on Municipal Liability pertaining to Oil Polluting of the environment Damage, which usually entered into power internationally for the 19th 06 1975, the Protocol hich was agreed upon on the 19th November, 1976 and created force internationally on the eighth April, 1981 and the Worldwide Convention on Civil Legal responsibility for Olive oil Pollution Harm of 69 and its Process of 1976 (Ratification) and Matters Connected Therewith Legislation of 1989 (3) In case the holder associated with an authorization omits to abide by the conditions of sentences (1) and (2) and any environmental pollution can be caused in water, the soil and also the atmosphere, the holder of the authorization shall take almost all reasonable and necessary procedures to remedy or eliminate such pollution (4) If the Minister deems that any works or installations erected by holders of the authorization or any type of operations executed by the owners of an authorization endanger or may endanger persons or perhaps property of a third-party or perhaps cause air pollution or harm to the environment, wildlife or marine organisms to a degree which the Minister deems unacceptable, the Minister may require the holder of an documentation to take further measures in a reasonable period of time specified by Minister, and to repair virtually any damage to environmental surroundings.

If the Ressortchef (umgangssprachlich) deems that necessary, he might submit a proposal towards the Council of Ministers, and the latter may well suspend the authorization until the holder of your authorization features taken this kind of corrective procedures or has repaired any environmental destruction (5) The measures and methods to provide by the owners of an documentation for the purpose of complying with section (2)(a) will probably be agreed in consultation together with the Minister after the commencement of the hydrocarbons operations or perhaps whenever there is a significant difference in the range or method of conducting hydrocarbons operations. The measures and methods must comply with the international requirements applicable in similar circumstances (6)a) Prior to the commencement of any going operations, the holder of your authorization shall prepare and submit for the Minister for evaluation and approval, a contingency cover hydrocarbon seapage and flames.

In such a case, the holder associated with an authorization shall immediately apply the relevant contingency plan b) case of any crisis or car accident other than these referred to in subparagraph (a) which impacts the environment, the holder associated with an authorization shall take all reasonable and necessary actions, in accordance with the generally accepted worldwide petroleum market practice (7) In the event that the holder associated with an authorization omits to take the measures presented to in sentences (1) to (6), in the time-period particular by the Ressortchef (umgangssprachlich), the Minister may immediate any actions which this individual deems required and need the holder of an authorization to pay any expenditures required for the execution of such actions

Construction and maintenance of installations, pipelines and related gear 15) (1) The holder of an documentation is bound to preserve in good condition and repair every structures, products and other installations used for the hydrocarbons businesses and being available in the location that is as part of the authorization naturally (2) In conducting offshore operations, the holder of your authorization, according to international petroleum industry practice and applicable legislation and regulations, is bound to ensure that constructions and installation to be built shall: a) be constructed, placed, marked, buoyed, outfitted and maintained so that there are safe and convenient stations for routing b) end up being fitted with navigational aids and become illuminated among sunset and sunrise in accordance with the procedures of the International Convention intended for the Prevention of Pollution from Ships of 1973, its Protocol of 1978 and the Promises MEPC 14(20) of 1984, MEPC 16(22) and MEPC 21(22) of 1985 c) be stored in very good repair and working purchase and ) not prevent navigation or fishing or perhaps cause polluting of the environment of the ocean or streams (3) Zero holder associated with an authorization might construct, adjust or operate a pipeline, pumping station, storage center or any similar facilities to get the conveyance or storage area of hydrocarbons from the area that is included in the authorization awarded except upon his crafted application and the approval with the Minister (4) Such crafted application, known in section (3) previously mentioned, shall develop the following data: a) the proposed design and development of the pipe, pumping place, storage center or other related facilities b) the suggested work software and spending budget and the technical and financial resources available to the holder of your authorization pertaining to the construction, modification or procedure of the canal, pumping train station, storage service or any similar facilities and c) the proposed route to be and then the pipe and the site of any pumping train station, storage service or other related facilities being constructed, improved or controlled (5) a) The Minister may, simply by Order published in the Recognized Gazette from the Republic, buy the construction of common installations, including sewerlines and other transport, processing, safe-keeping and conversation facilities, for different areas within the authorizations awarded, if this is justified by open public interest b) The owners of an authorization referred to in subparagraph (a) shall have all required measures and use their finest efforts to get to agreement around the construction and operation of such common facilities and shall are accountable to the Ressortchef (umgangssprachlich) every twelve to fifteen days for the progress with their negotiations.

If no arrangement is come to after the expiration of three months, the Ressortchef (umgangssprachlich) may pertain the question to a mediation procedure (6) a) Where there exists extra capacity, a holder associated with an authorization may, upon approval by the Ressortchef (umgangssprachlich), enter into a contract with one more holder of your authorization, to be able to use these kinds of facilities including pipelines and any other travel, processing, safe-keeping and conversation facilities b) If not any agreement is reached inside thirty days for the usage of the installations, the holder of an authorization who wishes to enter into a may submit an application to the Minister, who, if he deems it suitable, shall send the dispute to settlement or mediation Measurement of hydrocarbons 6) (1) a) Every holder of an consent is bo und to have, operate and maintain equipment intended for measuring the amount and quality of virtually any hydrocarbons made and saved from the location that is within the authorization approved to him including tools or other measuring products of the the law of gravity, density, heat and pressure b) Every such gear and equipment along with their allowable tolerances shall not be mounted or applied or changed or altered except together with the prior approval of the Ressortchef (umgangssprachlich) (2) These kinds of measurement, as referred to in paragraph (1), shall be carried out by the technique or methods customarily found in the worldwide petroleum market. The consistency and the computing operations must be submitted beforehand to the Minister for acceptance (3) The holder associated with an authorization shall give to the Minister two days’ detect of his intention to conduct computing operations and an authorized official may be present and examine such operations (4) Gear and testing devices shall be available for nspection and tests at all sensible times simply by any approved officers: Provided, any such inspection and testing does not block the normal operation of the establishments involved (5) If it is determined, following a complete evaluation of the repairs or evaluation referred to in paragraph (4), that the equipment, devices or procedures used for measurement will be inaccurate and exceed the permissible tolerances approved as anticipated for in paragraph (1), such inaccuracy is deemed to have existed for the entire period since the previous such inspection or test out, unless it is proved which the inaccuracy has been in existence for a for a longer time or short period. The holders of an authorization shall proceed to the appropriate adjustments within thirty days from the date of such ascertainment Authorized officials 7) (1) The Minister may, by simply notification published in the Official Gazette from the Republic, allow an appropriate person or individuals to act as authorized officers in the putting on this Rules and the Regulations made presently there under plus the conditions from the authorization (2) An authorized expert may execute any or all in the following serves: a) get into at all affordable times, showing his recommendations, if thus requested, and without prior see, any building or premises or any additional place, in which he has reasonable cause to believe that there is a contravention in the conditions of the holder’s consent or any various other contravention on this Law and the Regulations.

Provided that, an authorized officer may not enter in any residence without the previous securing of a judicial warrant b) accomplish such searches, examinations, tests, inspections, reviews and investigations that may be necessary for the purpose of ascertaining whether there is also a contravention from the conditions of the holder’s documentation or any different contravention of this Law and also to inspect, consider extracts or copies of documents related to the hydrocarbons operations c) keep copies of virtually any evidence or perhaps records which usually he has reasonable cause to believe that may be required for the purpose of proof in criminal or perhaps civil actions in respect of any offence pursuant to this Legislation and replications of any information required to be given to the Minister under section 17, upon condition that the provisions in the Processing of Personal Data (Protection of Individuals) Laws will be being complied with d) carry out something that he may consider ecessary and reasonable with a view to acquiring compliance while using provisions of the Law plus the Regulations built thereunder e) enter in any way reasonable occasions, showing his credentials, in the event that so expected and without virtually any prior see, any building, premises, location, vehicle, ship or airplane, and look at any machinery or equipment, which has been, is being or will be used in reference to the hydrocarbons operations f) enter at all reasonable moments, showing his credentials, if perhaps so wanted and without any prior detect, any building, premises, region, vehicle, yacht or plane, and analyze any machinery or products, which has been, will be or is to be used in connection with the hydrocarbons operations (3) Any holder of an authorization and any individual who is the particular owner, occupier or in charge of any building, premises, area, automobile, vessel or perhaps aircraft, machinery or tools referred to in subsection (2), is bound to give the Minister with all reasonable assistance, including the dotacion of important means of transfer, for the effective physical exercise of his powers Device development 8) (1) Pertaining to the functions of this Control, “unit development”, in relation to a hydrocarbon water tank, means the operations pertaining to the recovery of hydrocarbons being continued or, to be carried on within an area, for which an consent has been awarded and in which will there is part of a reservoir, that comes into an additional area that is included in a great authorization granted to another person by the Republic or additional state in addition to which operations for the recovery of hydrocarbons happen to be carried on or perhaps will be carried on (2) Not any holder of an authorization may possibly enter into a in writing with another person pertaining to, or pertaining to, the unit development of a hydrocarbon reservoir besides upon the submission of such an arrangement to the Ressortchef (umgangssprachlich) and his created approval (3) Subject to the provisions of paragraph (2), the Ressortchef (umgangssprachlich) may, both on his own movement or next an application built to him in writing by a holder of an consent in whose licensed place there is a a part of a particular hydrocarbon reservoir, when it comes to securing the more effective and productive restoration of hydrocarbons from that hydrocarbon reservoir, direct any such holder of an consent whose accredited area comes with part of that hydrocarbon tank to enter in to an agreement on paper within a specified period or perhaps or with regards to the unit advancement the hydrocarbon reservoir (4) Where a holder of an authorization, omits to into the agreement referred to in paragraph (3) within the specified period or perhaps enters into the agreement known in paragraphs (2) and (3) yet omits to submit it towards the Minister pertaining to approval, the Minister may well, by notice served for the holder of the authorization, request the distribution, within a specific period, of your action plan to get, or with regards to, the unit development of hydrocarbons (5) In case the hydrocarbon reservoir extends further than the typical line that separates the Exclusive Economical Zones in the Republic and a border country, the device development will be governed by relevant intercontinental agreements Records 9) Every single operator is likely to keep for his workplace in the Republic accurate data in respect of the location that is included in the authorization granted, containing full particulars from the following a) the areas in which any geological or geophysical work has become carried out b) accurate geological maps and plans, geophysical records and interpretations thereof c) drilling, operation, deepening, plugging or perhaps abandonment of wells d) the strata and subsoil through which wells are drilled e) the casing inserted in wells and any alteration to such casing f) virtually any hydrocarbons, drinking water and other economical minerals or perhaps dangerous substances encountered g) such additional matters while the Contract may offer or while the Minister may consider reasonably required to require by notice in writing served on the holder associated with an authorization Information 0) (1) The owners of an consent are guaranteed to inform the Minister of all major advancements in relation to the course of hydrocarbons operations (2) Without prejudice to those mentioned in section (1), the holders of your authorization shall submit for the Minister the next particulars a. as soon as possible following your same happen to be acquired or perhaps prepared we. copies of geological, geophysical and other technical reports, very well logs, maps, diagrams, magnet tapes, electric and other stored data, in any form, reports and understanding which have been made by or intended for the holder of an authorization and ii. representative geological samples which include cuts of core and cutting trials, properly branded, from almost all wells drilled b. for half-yearly times commencing through the completion of half a year from the offer of an consent iii. overview of all geological and geophysical works accomplished and the benefits thereof iv. a summary of all drilling procedures and the results thereof and v. a directory of maps, reviews and other geological and geophysical data prepared by or for the holder of an consent, in respect of the period concerned c. every year and within 59 days commencing from the completing one year in the grant of the authorization: ni. a report describing the outcomes of all hydrocarbons operations completed by the holder of an authorization within the season concerned and vii. estimates, if available, of economically recoverable stores of commodity future trading and natural gas at the end with the year worried d. ummaries of search wells drilled, including lithological groups and hydrocarbons areas and specific zones, within half a year of completing drilling or perhaps, in the case of details that cannot be reasonably obtained in that period, as soon as possible afterwards e. any other available info, data, reviews, assessments and interpretations related to the hydrocarbons operations since the Ressortchef (umgangssprachlich) may moderately require (3) No holder of an authorization may transfer outside the Republic originals of records, permanent magnetic tapes, digital and other kept records, in different form, besides upon the prior approval with the Minister, which might be granted if the Minister is satisfied that farrenheit. the permanent magnetic tapes or other data which will be prepared or reviewed outside the Republic shall be released only if the originals or replications shall remain in the Republic and g. n case where these kinds of originals of records, magnet tapes, digital and other stored records, in any form, will be exported outside the Republic, the said original shall be went back to the Republic within a sensible time-limit (4) Ownership coming from all original info and data referred to in this Regulation shall vest inside the Republic (5) The Ressortchef (umgangssprachlich) may get access to the originals of all records, permanent magnetic tapes, electric and other kept records in a form, and might, upon obtain, obtain two copies thereof from the holder of an documentation free of charge (6) The holder of an consent shall retain originals beyond the termination of the Contract for a period and under this kind of terms recommended in the Agreement Hydrocarbons production records 1) (1) The operator is bound to keep during the validity of the Contract in his office in the Republic accurate production records containing full specifics of the following: w) the gross amount of any commodity future trading and natural gas produced and saved from the area that is certainly included in the documentation granted x) the degrees, gravity and composition of any commodity future trading produced as well as the composition of any gas produced y) any quantities of commodity future trading, natural gas and sulfur, in a form, or any other minerals, gases, fluids or shades disposed of using sale or otherwise, the consideration received, the amount disposed of as well as the name and address with the natural or perhaps legal person to whom any such quantity was disposed of z) the quantity of crude oil, natural gas and other liquids or perhaps gases injected into a geological formation ) the quantity of commodity future trading and natural gas consumed to get drilling and also other development and production procedures, other than the quantity referred to in Sub passage (d), and the quantity of commodity future trading and natural gas consumed in pumping to field storage space, in the refineries of the Republic or to the delivery stage ) the quantity of natural gas treated in the Republic by or perhaps on behalf of the holder associated with an authorization intended for the removal of fluids and melted petroleum smells and the level of butane, lp and some other liquids, gas or any solids obtained therefrom ~) the number of natural gas flared or venting and ) any other details as the Contract may well provide or the Minister might reasonably require in writing by holder of the authorization Commitments in case of end of contract of an documentation 22) In the event of termination, revocation, suspension, termination or expiry of an consent, or upon relinquishment of any part of the area that may be included in the authorization granted, the holder of your authorization is definitely bound, inside seven days, to deliver to the Ressortchef (umgangssprachlich), in relation to the area, copies of such files or material not recently delivered.

The Minister may, by recognize in writing, need the holder of an documentation to deliver some other data when he may moderately deem necessary Confidentiality 23) (1) Subject to the conditions of section 20 from the Law, every returns, reviews, plans, info and other data submitted for the Minister pursuant to these Restrictions shall be cured as confidential within the meaning of section 13 with the Statistics Regulation, and will not be unveiled to third get-togethers prior to the relinquishment of the place to which the above-mentioned specifics relate or prior to the expiry of the pursuit period in the event such location is certainly not sooner relinquished, unless the Contract delivers otherwise (2) Notwithstanding the provisions of paragraph (1) ) virtually any surface geological maps and interpretations can be utilized anytime by the skilled authorities in the Republic pertaining to incorporation into official roadmaps b) annual statistical data may be printed at any time by Republic in a form which will does not disclose the procedures of any particular holder of an consent c) the Republic may communicate this sort of returns, reports, plans, data and other info at any time, in the event that deemed required, to specialist consultants, lawyers, legal agents, accountants, underwriters, creditors, authorities services and organizations and public companies (3) With no prejudice for the terms of the Contract, zero holder of an authorization may publish or perhaps communicate any kind of returns, reports, plans, data and other information compiled, received, kept or submitted pursuant to these Polices or the car finance terms except upon the prior created approval of the Minister (4) Notwithstanding the provisions of paragraph (3), the slots of an consent may, without the prior drafted approval in the Minister, communicate such comes back, reports, plans, data and other information offered, to professional consultants, lawyers, legal advisers, accountants, underwriters, creditors and companies when the holders of the authorization keep up with the majority in shares, or appoint nearly all members from the board of directors along with services and organizations and public organizations of the Republic that should be entitled to require he disclosure of this kind of information (5) Any notification or conversation made by the Minister or maybe a holder of your authorization pursuant to this Rules shall be manufactured on condition that the info so informed or communicated shall be considered to be and treated while confidential by natural or legal person that is the person receiving such details Powers from the Court intended for seizure and confiscation 24) The Courtroom may order that any kind of quantity of hydrocarbons that has been obtained as a result of the commission of the offence, and also any equipment, equipment, vehicle, ship or aircraft and in addition any construction that has been utilized during the commission payment thereof will probably be confiscated and/or seized. In which the confiscation of hydrocarbons is not possible, the Court may order the fact that person assigning the offence shall shell out a fine to the value of the amount of the hydrocarbons that have been unlawfully obtained Desertion 5) (1) Unless the Minister deems otherwise, on expiry of the time-period or termination associated with an authorization, the holder of the authorization is likely to: ) take out all products, installations, buildings, plants, devices and sewerlines from the location in accordance with the abandonment plan provided by the Contract ) perform most necessary internet site restoration actions in accordance with good international petroleum industry practice and consider all other necessary measures to avoid hazards to human your life or to the house of others or the environment (2) For the purpose of complying with the procedures of this Rules, the Ressortchef (umgangssprachlich) may, at any time, in accordance with the terms of the Contract, require the owners of an authorization to submit an assurance, for a sum determined by the Minister, or in the substitute, to establish a reserve for future approximated abandonment and site recovery costs Abandonment of the well 6) (1) Prior to the desertion of any well, the holders associated with an authorization happen to be bound to advise the Minister in writing of their intention to do so, in the case of a producing well, at least thirty days prior to the abandonment and, in the case of some other well, in least 2 days before the desertion. Such written notice shall contain a detailed prepare and a time-schedule for the abandonment and plugging of the very well. (2) Susceptible to the contract terms, the holder of an authorization may, after the termination of the relevant period specific in the see referred to in paragraph (1), or upon receipt by holder of the authorization with the written approval of the prepare by the Ressortchef (umgangssprachlich) as provided to get in passage (1), whatever is previously, commence the abandonment businesses in relation to these kinds of well. (3) The holder of an documentation is bound to: connect such very well with a view to avoiding pollution and feasible damage to the reservoir and, unless the Contract normally provides or the Minister in any other case decides, remove all gear, materials and facilities relating thereto ) ensure that corroborate strings or perhaps other forms of casing will not be withdrawn except together with the prior written approval of the Minister and ) enable an authorized police officer to inspect such abandonment operations. REFERENCES Marc Hammerson, Upstream Oil and Gas, Come july 1st 2011 Republic of Cyprus, The hydrocarbons (prospection, exploration and exploitation) regulations, 2007and 2009 Republic of Cyprus, The hydrocarbons (prospection, search and exploitation) law, 2007

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