Common use of Annual Work and Budget Program of the Exploration Phase Clause in Contracts

Annual Work and Budget Program of the Exploration Phase. The Annual Budget and Work Programs shall strictly correspond to the other approved plans and programs. The Consortium Members shall submit to ANP, by October 31 of each year, the Annual Budget and Work Program for the following year, pursuant to the Applicable Laws and Regulations. The first Annual Budget and Work Program shall include the remainder of the current year and shall be submitted by the Consortium Members within sixty (60) days of the date of execution of this Agreement. In case of less than ninety (90) days to the end of the current year, the first Annual Budget and Work Program shall also contemplate the subsequent year separately. The content and the procedures for submitting, reviewing, and changing the Annual Work and Budget Programs of the Exploration Phase are those defined in the guidelines provided by ANP and set forth in the Applicable Laws and Regulations.

Annual Work and Budget Program of the Exploration Phase. The Annual Work and Budget and Work Programs shall strictly correspond to the other approved plans and programs. The Consortium Members Concessionaire shall submit to ANP, ANP by October 31 31st of each year, year the Annual Work and Budget and Work Program for the following year, pursuant to under the Applicable Laws and Regulations. The first Annual Work and Budget and Work Program shall include the remainder of the current year and shall be submitted by the Consortium Members Concessionaire within sixty (60) days of the date of execution of this Agreement. In case of If there is less than ninety (90) days to the end of the current year, the first Annual Work and Budget and Work Program shall also contemplate the subsequent year separately. The content and the procedures for submittingsubmission, reviewingrevision, and changing amendment to the Annual Work and Budget Programs of the Exploration Phase are those defined in the guidelines provided by ANP ANP’s instructions and set forth in the Applicable Laws and Regulations.