MODELEXPLORATION ANDPRODUCTION
                             SHARINGCONTRACT
                            REPUBLIC OFCYPRUS
                   MINISTRY OF COMMERCE,INDUSTRY AND TOURISM
                                [NICOSIA, FEBRUARY2012]
                                                                           1
                                    TABLE OFCONTENTS
           1    INTERPRETATION.............................................................................................5
           2    GRANT OF RIGHTS ANDTITLE TO HYDROCARBONS.........................14
           3    SCOPE.................................................................................................................. 15
           4    JOINT    OPERATING,     OPERATOR      AND     MANAGEMENT
                COMMITTEE...................................................................................................... 16
           5    EXPLORATION.................................................................................................. 18
           6    RELINQUISHMENTS........................................................................................23
           7    DEVELOPMENT AND PRODUCTION PERIOD..........................................26
           8    RECOVERY  OF  HYDROCARBONS  COSTS  AND  PRODUCTION
                SHARING ............................................................................................................ 33
           9    VALUATION....................................................................................................... 36
           10   MEASUREMENT................................................................................................ 38
           11   WORK PROGRAMMES ANDBUDGETS......................................................39
           12   DECOMMISSIONING.......................................................................................40
           13   CONTRACTOR’S GENERAL RIGHTS ANDOBLIGATIONS...................41
           14   SALE AND PURCHASE OF THE REPUBLIC’S PROFIT OIL AND
                PROFIT GAS....................................................................................................... 43
           15   SUPPLY TO THE DOMESTIC MARKET......................................................44
           16   INTERNAL CONTROL.....................................................................................45
           17   DATA AND INFORMATION............................................................................46
           18   BOOKS, ACCOUNTS ANDAUDITS...............................................................48
           19   REPORTING....................................................................................................... 49
           20   INSPECTIONS.................................................................................................... 50
           21   ASSIGNMENT AND CHANGE OF CONTROL.............................................51
           22   LIFTING/DISPOSAL..........................................................................................54
           23   CONSERVATION  OF  HYDROCARBONS  AND  PREVENTION  OF
                LOSS..................................................................................................................... 55
           24   OWNERSHIP AND TRANSFER OF ASSETS UPON TERMINATION.....56
           25   EMPLOYMENT AND TRAINING...................................................................57
           26   LOCAL GOODS AND SERVICES...................................................................58
           27   RESEACH AND DEVELOPMENT..................................................................59
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          28  IMPORT  AND  EXPORT  FROM A  THIRD  COUNTRY  AND
              TRANSFER  FROM  /  TO  ANOTHER  MEMBER  STATE OF  THE
              EUROPEAN UNION..............................