1.

12 “Budget” means the estimates of the expenditure expected to be incurred for implementing an
approved Work Program for any Calendar Year or part thereof. 1.13 “Calendar Month” or “Month”
means in respect of any month in a Calendar Year, a period commencing on the first day of such month
and ending on the last day of the same month. 1.14 “Calendar Quarter” or “Quarter” means a period of
three consecutive Calendar Months commencing on the first day of January, April, July or October of any
Calendar Year. 1.15 “Calendar Year” means a period of twelve (12) consecutive Months commencing
with the first day of January and ending on the last day of December, both dates being inclusive,
according to the Gregorian calendar. 1.16 “Capital Cost” means all costs and expenditures, excluding
Operating Cost, related to Petroleum Operations pursuant to the Accounting Procedures (Annex C). 1.17
"Change of Control" means any direct or indirect change in control of a Company (excluding inter-
Affiliate transfers), whether through merger, sale of shares or other equity interests, or otherwise
through a single transaction or series of related transactions, from one or more transferors to one or
more transferees. 1.18 “Commercial Discovery” means a Discovery, or multiple Discoveries, if intended
for development within a Development Area under a single Development Plan, for which Contractor has
submitted a Declaration of Commerciality, and which has been approved as such by ROC. 1.19
“Commercial Production Rate” means the Adjusted Net Production Rate that Contractor must achieve in
order for Contractor to be entitled to Remuneration in accordance with Article 19.4. The Commercial
Production Rate shall be ten thousand (10,000) BOE per day 1.20 “Company” means any entity that is a
signatory party to this Contract and that forms part of Contractor and at any time thereafter shall
include its legal successors and permitted assignees. 1.21 “Companies” means, collectively, the
Companies that comprise Contractor and at any time thereafter shall include their legal successors and
permitted assignees. 1.22 “Contract” means this agreement between the Parties, including the Annexes
and Addenda attached hereto, as amended or supplemented from time to time in accordance with
Article 32 of thisContract. 1.23 “Contract Area” or “Block” means the exploration, appraisal,
development and production area covered by this Contract, as described in Annex A and outlined in
AnnexBest International Petroleum Industry Practices” means all those uses and practices that are, at
the time in question, generally accepted in the international petroleum industry as being good, safe,
economical, environmentally sound and efficient in exploring for, developing, producing, processing and
transporting Petroleum. They should reflect standards of service and technology that are either state-of-
the-art or otherwise appropriate to the operations in question and should be applied using standards in
all matters that are no less rigorous than those in use by the Companies in other global operations, and
should take into consideration the standards requested by ROC / IraqiMinistry of Oil. 1.12 “Budget”
means the estimates of the expenditure expected to be incurred for implementing an approved Work
Program for any Calendar Year or part thereof. 1.13 “Calendar Month” or “Month” means in respect of
any month in a Calendar Year, a period commencing on the first day of such month and ending on the
last day of the same month. 1.14 “Calendar Quarter” or “Quarter” means a period of three consecutive
Calendar Months commencing on the first day of January, April, July or October of any Calendar Year.
1.15 “Calendar Year” means a period of twelve (12) consecutive Months commencing with the first day
of January and ending on the last day of December, both dates being inclusive, according to the
Gregorian calendar. 1.16 “Capital Cost” means all costs and expenditures, excluding Operating Cost,
related to Petroleum Operations pursuant to the Accounting Procedures (Annex C). 1.17 "Change of
Control" means any direct or indirect change in control of a Company (excluding inter- Affiliate
transfers), whether through merger, sale of shares or other equity interests, or otherwise through a
single transaction or series of related transactions, from one or more transferors to one or more
transferees. 1.18 “Commercial Discovery” means a Discovery, or multiple Discoveries, if intended for
development within a Development Area under a single Development Plan, for which Contractor has
submitted a Declaration of Commerciality, and which has been approved as such by ROC. 1.19
“Commercial Production Rate” means the Adjusted Net Production Rate that Contractor must achieve in
order for Contractor to be entitled to Remuneration in accordance with Article 19.4. The Commercial
Production Rate shall be ten thousand (10,000) BOE per day 1.20 “Company” means any entity that is a
signatory party to this Contract and that forms part of Contractor and at any time thereafter shall
include its legal successors and permitted assignees. 1.21 “Companies” means, collectively, the
Companies that comprise Contractor and at any time thereafter shall include their legal successors and
permitted assignees. 1.22 “Contract” means this agreement between the Parties, including the Annexes
and Addenda attached hereto, as amended or supplemented from time to time in accordance with
Article 32 of thisContract. 1.23 “Contract Area” or “Block” means the exploration, appraisal,
development and production area covered by this Contract, as described in Annex A and outlined in
AnnexBest International Petroleum Industry Practices” means all those uses and practices that are, at
the time in question, generally accepted in the international petroleum industry as being good, safe,
economical, environmentally sound and efficient in exploring for, developing, producing, processing and
transporting Petroleum. They should reflect standards of service and technology that are either state-of-
the-art or otherwise appropriate to the operations in question and should be applied using standards in
all matters that are no less rigorous than those in use by the Companies in other global operations, and
should take into consideration the standards requested by ROC / IraqiMinistry of Oil. 1.12 “Budget”
means the estimates of the expenditure expected to be incurred for implementing an approved Work
Program for any Calendar Year or part thereof. 1.13 “Calendar Month” or “Month” means in respect of
any month in a Calendar Year, a period commencing on the first day of such month and ending on the
last day of the same month. 1.14 “Calendar Quarter” or “Quarter” means a period of three consecutive
Calendar Months commencing on the first day of January, April, July or October of any Calendar Year.
1.15 “Calendar Year” means a period of twelve (12) consecutive Months commencing with the first day
of January and ending on the last day of December, both dates being inclusive, according to the
Gregorian calendar. 1.16 “Capital Cost” means all costs and expenditures, excluding Operating Cost,
related to Petroleum Operations pursuant to the Accounting Procedures (Annex C). 1.17 "Change of
Control" means any direct or indirect change in control of a Company (excluding inter- Affiliate
transfers), whether through merger, sale of shares or other equity interests, or otherwise through a
single transaction or series of related transactions, from one or more transferors to one or more
transferees. 1.18 “Commercial Discovery” means a Discovery, or multiple Discoveries, if intended for
development within a Development Area under a single Development Plan, for which Contractor has
submitted a Declaration of Commerciality, and which has been approved as such by ROC. 1.19
“Commercial Production Rate” means the Adjusted Net Production Rate that Contractor must achieve in
order for Contractor to be entitled to Remuneration in accordance with Article 19.4. The Commercial
Production Rate shall be ten thousand (10,000) BOE per day 1.20 “Company” means any entity that is a
signatory party to this Contract and that forms part of Contractor and at any time thereafter shall
include its legal successors and permitted assignees. 1.21 “Companies” means, collectively, the
Companies that comprise Contractor and at any time thereafter shall include their legal successors and
permitted assignees. 1.22 “Contract” means this agreement between the Parties, including the Annexes
and Addenda attached hereto, as amended or supplemented from time to time in accordance with
Article 32 of thisContract. 1.23 “Contract Area” or “Block” means the exploration, appraisal,
development and production area covered by this Contract, as described in Annex A and outlined in
AnnexBest International Petroleum Industry Practices” means all those uses and practices that are, at
the time in question, generally accepted in the international petroleum industry as being good, safe,
economical, environmentally sound and efficient in exploring for, developing, producing, processing and
transporting Petroleum. They should reflect standards of service and technology that are either state-of-
the-art or otherwise appropriate to the operations in question and should be applied using standards in
all matters that are no less rigorous than those in use by the Companies in other global operations, and
should take into consideration the standards requested by ROC / IraqiMinistry of Oil. 1.12 “Budget”
means the estimates of the expenditure expected to be incurred for implementing an approved Work
Program for any Calendar Year or part thereof. 1.13 “Calendar Month” or “Month” means in respect of
any month in a Calendar Year, a period commencing on the first day of such month and ending on the
last day of the same month. 1.14 “Calendar Quarter” or “Quarter” means a period of three consecutive
Calendar Months commencing on the first day of January, April, July or October of any Calendar Year.
1.15 “Calendar Year” means a period of twelve (12) consecutive Months commencing with the first day
of January and ending on the last day of December, both dates being inclusive, according to the
Gregorian calendar. 1.16 “Capital Cost” means all costs and expenditures, excluding Operating Cost,
related to Petroleum Operations pursuant to the Accounting Procedures (Annex C). 1.17 "Change of
Control" means any direct or indirect change in control of a Company (excluding inter- Affiliate
transfers), whether through merger, sale of shares or other equity interests, or otherwise through a
single transaction or series of related transactions, from one or more transferors to one or more
transferees. 1.18 “Commercial Discovery” means a Discovery, or multiple Discoveries, if intended for
development within a Development Area under a single Development Plan, for which Contractor has
submitted a Declaration of Commerciality, and which has been approved as such by ROC. 1.19
“Commercial Production Rate” means the Adjusted Net Production Rate that Contractor must achieve in
order for Contractor to be entitled to Remuneration in accordance with Article 19.4. The Commercial
Production Rate shall be ten thousand (10,000) BOE per day 1.20 “Company” means any entity that is a
signatory party to this Contract and that forms part of Contractor and at any time thereafter shall
include its legal successors and permitted assignees. 1.21 “Companies” means, collectively, the
Companies that comprise Contractor and at any time thereafter shall include their legal successors and
permitted assignees. 1.22 “Contract” means this agreement between the Parties, including the Annexes
and Addenda attached hereto, as amended or supplemented from time to time in accordance with
Article 32 of thisContract. 1.23 “Contract Area” or “Block” means the exploration, appraisal,
development and production area covered by this Contract, as described in Annex A and outlined in
AnnexBest International Petroleum Industry Practices” means all those uses and practices that are, at
the time in question, generally accepted in the international petroleum industry as being good, safe,
economical, environmentally sound and efficient in exploring for, developing, producing, processing and
transporting Petroleum. They should reflect standards of service and technology that are either state-of-
the-art or otherwise appropriate to the operations in question and should be applied using standards in
all matters that are no less rigorous than those in use by the Companies in other global operations, and
should take into consideration the standards requested by ROC / IraqiMinistry of Oil. 1.12 “Budget”
means the estimates of the expenditure expected to be incurred for implementing an approved Work
Program for any Calendar Year or part thereof. 1.13 “Calendar Month” or “Month” means in respect of
any month in a Calendar Year, a period commencing on the first day of such month and ending on the
last day of the same month. 1.14 “Calendar Quarter” or “Quarter” means a period of three consecutive
Calendar Months commencing on the first day of January, April, July or October of any Calendar Year.
1.15 “Calendar Year” means a period of twelve (12) consecutive Months commencing with the first day
of January and ending on the last day of December, both dates being inclusive, according to the
Gregorian calendar. 1.16 “Capital Cost” means all costs and expenditures, excluding Operating Cost,
related to Petroleum Operations pursuant to the Accounting Procedures (Annex C). 1.17 "Change of
Control" means any direct or indirect change in control of a Company (excluding inter- Affiliate
transfers), whether through merger, sale of shares or other equity interests, or otherwise through a
single transaction or series of related transactions, from one or more transferors to one or more
transferees. 1.18 “Commercial Discovery” means a Discovery, or multiple Discoveries, if intended for
development within a Development Area under a single Development Plan, for which Contractor has
submitted a Declaration of Commerciality, and which has been approved as such by ROC. 1.19
“Commercial Production Rate” means the Adjusted Net Production Rate that Contractor must achieve in
order for Contractor to be entitled to Remuneration in accordance with Article 19.4. The Commercial
Production Rate shall be ten thousand (10,000) BOE per day 1.20 “Company” means any entity that is a
signatory party to this Contract and that forms part of Contractor and at any time thereafter shall
include its legal successors and permitted assignees. 1.21 “Companies” means, collectively, the
Companies that comprise Contractor and at any time thereafter shall include their legal successors and
permitted assignees. 1.22 “Contract” means this agreement between the Parties, including the Annexes
and Addenda attached hereto, as amended or supplemented from time to time in accordance with
Article 32 of thisContract. 1.23 “Contract Area” or “Block” means the exploration, appraisal,
development and production area covered by this Contract, as described in Annex A and outlined in
AnnexBest International Petroleum Industry Practices” means all those uses and practices that are, at
the time in question, generally accepted in the international petroleum industry as being good, safe,
economical, environmentally sound and efficient in exploring for, developing, producing, processing and
transporting Petroleum. They should reflect standards of service and technology that are either state-of-
the-art or otherwise appropriate to the operations in question and should be applied using standards in
all matters that are no less rigorous than those in use by the Companies in other global operations, and
should take into consideration the standards requested by ROC / IraqiMinistry of Oil. 1.12 “Budget”
means the estimates of the expenditure expected to be incurred for implementing an approved Work
Program for any Calendar Year or part thereof. 1.13 “Calendar Month” or “Month” means in respect of
any month in a Calendar Year, a period commencing on the first day of such month and ending on the
last day of the same month. 1.14 “Calendar Quarter” or “Quarter” means a period of three consecutive
Calendar Months commencing on the first day of January, April, July or October of any Calendar Year.
1.15 “Calendar Year” means a period of twelve (12) consecutive Months commencing with the first day
of January and ending on the last day of December, both dates being inclusive, according to the
Gregorian calendar. 1.16 “Capital Cost” means all costs and expenditures, excluding Operating Cost,
related to Petroleum Operations pursuant to the Accounting Procedures (Annex C). 1.17 "Change of
Control" means any direct or indirect change in control of a Company (excluding inter- Affiliate
transfers), whether through merger, sale of shares or other equity interests, or otherwise through a
single transaction or series of related transactions, from one or more transferors to one or more
transferees. 1.18 “Commercial Discovery” means a Discovery, or multiple Discoveries, if intended for
development within a Development Area under a single Development Plan, for which Contractor has
submitted a Declaration of Commerciality, and which has been approved as such by ROC. 1.19
“Commercial Production Rate” means the Adjusted Net Production Rate that Contractor must achieve in
order for Contractor to be entitled to Remuneration in accordance with Article 19.4. The Commercial
Production Rate shall be ten thousand (10,000) BOE per day 1.20 “Company” means any entity that is a
signatory party to this Contract and that forms part of Contractor and at any time thereafter shall
include its legal successors and permitted assignees. 1.21 “Companies” means, collectively, the
Companies that comprise Contractor and at any time thereafter shall include their legal successors and
permitted assignees. 1.22 “Contract” means this agreement between the Parties, including the Annexes
and Addenda attached hereto, as amended or supplemented from time to time in accordance with
Article 32 of thisContract. 1.23 “Contract Area” or “Block” means the exploration, appraisal,
development and production area covered by this Contract, as described in Annex A and outlined in
AnnexBest International Petroleum Industry Practices” means all those uses and practices that are, at
the time in question, generally accepted in the international petroleum industry as being good, safe,
economical, environmentally sound and efficient in exploring for, developing, producing, processing and
transporting Petroleum. They should reflect standards of service and technology that are either state-of-
the-art or otherwise appropriate to the operations in question and should be applied using standards in
all matters that are no less rigorous than those in use by the Companies in other global operations, and
should take into consideration the standards requested by ROC / IraqiMinistry of Oil. 1.12 “Budget”
means the estimates of the expenditure expected to be incurred for implementing an approved Work
Program for any Calendar Year or part thereof. 1.13 “Calendar Month” or “Month” means in respect of
any month in a Calendar Year, a period commencing on the first day of such month and ending on the
last day of the same month. 1.14 “Calendar Quarter” or “Quarter” means a period of three consecutive
Calendar Months commencing on the first day of January, April, July or October of any Calendar Year.
1.15 “Calendar Year” means a period of twelve (12) consecutive Months commencing with the first day
of January and ending on the last day of December, both dates being inclusive, according to the
Gregorian calendar. 1.16 “Capital Cost” means all costs and expenditures, excluding Operating Cost,
related to Petroleum Operations pursuant to the Accounting Procedures (Annex C). 1.17 "Change of
Control" means any direct or indirect change in control of a Company (excluding inter- Affiliate
transfers), whether through merger, sale of shares or other equity interests, or otherwise through a
single transaction or series of related transactions, from one or more transferors to one or more
transferees. 1.18 “Commercial Discovery” means a Discovery, or multiple Discoveries, if intended for
development within a Development Area under a single Development Plan, for which Contractor has
submitted a Declaration of Commerciality, and which has been approved as such by ROC. 1.19
“Commercial Production Rate” means the Adjusted Net Production Rate that Contractor must achieve in
order for Contractor to be entitled to Remuneration in accordance with Article 19.4. The Commercial
Production Rate shall be ten thousand (10,000) BOE per day 1.20 “Company” means any entity that is a
signatory party to this Contract and that forms part of Contractor and at any time thereafter shall
include its legal successors and permitted assignees. 1.21 “Companies” means, collectively, the
Companies that comprise Contractor and at any time thereafter shall include their legal successors and
permitted assignees. 1.22 “Contract” means this agreement between the Parties, including the Annexes
and Addenda attached hereto, as amended or supplemented from time to time in accordance with
Article 32 of thisContract. 1.23 “Contract Area” or “Block” means the exploration, appraisal,
development and production area covered by this Contract, as described in Annex A and outlined in
Annex