One week in advance of the bidding date applicants must provide a Bid Bond to the ANH in the amount of US$ 5 million for each block they wish to bid. Only one bid bond is required to support each bid, whether proponents are bidding individually or within a consortium or temporary union.
The winning Proponent will exchange the Bid Bond for a Guarantee covering 100% of the Minimum
Exploratory Work and 50% of the Additional Exploratory Work offered, as well as a general corporate guarantee of performance after executing
the E&P Contract within the term established by