Common use of Annual Work Programs and Budgets Clause in Contracts

Annual Work Programs and Budgets. 4.1 Presentation of Annual Work Program No later than ninety (90) days before the beginning of each Calendar Year, or for the first Calendar Year, no later than sixty (60) days after the Effective Date, the Contractor will prepare and present for approval by the Ministry a detailed Annual Work Program divided into Quarters, together with the corresponding Annual Budget for the Contract Area explaining the Petroleum Operations the Contractor proposes to carry out during the Calendar Year. The Annual Budget will be presented in the Ministry's official format. 4.2 Form and Approval of the Annual Work Program Each Annual Work Program and corresponding Annual Budget will be broken down into the various Exploration Operations and, as applicable, according to the evaluation operations for each Evaluation Area, and the Development and Production Operations for each Development and Production Area. If no response is received within ninety (90) days of the reception of the Annual Work Program and corresponding Annual Budget, these will be considered approved. The Ministry may propose amendments or modifications to the Annual Work Program and corresponding Annual Budget, by giving notice to the Contractor and including reasons for the amendments or modifications, within sixty (60) days of receiving the Annual Work Program and Annual Budget. In such event, the Ministry and the Contractor will meet as soon as possible to review the amendments or modifications proposed by the Ministry and establish the Annual Work Program and corresponding Annual Budget by mutual agreement. The parts of the Annual Work Program for which the Ministry does not require amendment or modification will be considered approved and the Contractor must implement them within the stated time period, provided they can be undertaken on an individual basis, or with respect to an approved activity that depends technically or financially on an activity that is not approved. With respect to the parts of the Annual Work Program for which the Ministry proposes any amendment or modification, the date of approval of the Annual Work Program and corresponding Annual Budget will be the date on which the Ministry and the Contractor reach mutual agreement on them. If the Ministry and the Contractor do not reach an agreement about the amendments and modifications proposed by the Ministry before the end of the Calendar Year in which the Annual Work Plan and corresponding Annual Budget are submitted, the Contractor will continue operating in accordance with the most recent Annual Work Plan and corresponding Annual Budget approved by the Ministry until agreement is reached.

Annual Work Programs and Budgets. 4.1 Presentation 10.1 Contractor shall be responsible for the procurement of Annual installations, equipment and supplies and entering into contracts for the purchase of goods and services with Sub Contractors including Foreign Sub Contractors and others arising out of Petroleum Operations, all in accordance with approved Work Programs and Budgets. Operator shall assist the Contractor when requested in respect of the matters set out in the previous sentence, and shall implement domestic procurement operations as provided in Clause 7.2(c) in accordance with approved Work Programs and Budgets. 10.2 Contractor shall submit to a minimum Work Program No later than ninety (90) days and the corresponding Budget before the beginning Effective Date of the Agreement; Annex D. 10.3 Before the 31st October of each Calendar Year, or the Contractor shall prepare and submit to the Coordination Committee for its review a proposed annual Work Program and Budget for the first next Calendar Year. If the Coordination Committee agrees to modifications in an annual Work Program and/or Budget, no later than sixty the Contractor shall promptly make such modifications to the Work Program and/or Budget and resubmit the modified Work Program and Budget to the Coordination Committee. The Coordination Committee shall approve each Work Program and Budget within forty five (6045) days after receipt of same. If the Effective DateCoordination Committee fails to notify the Contractor of its approval of the Work Program and Budget within said forty-five (45) days after its receipt, the annual Work Program and Budget proposed by the Contractor together with any modifications timely requested by the Coordination Committee, shall be deemed to have been approved by the Coordination Committee. 10.4 In connection with the review and approval of the annual Work Program and Budget, the Contractor will prepare and present for approval Operator shall submit to the Coordination Committee such supporting data as reasonably requested by the Ministry a detailed Annual Work Program divided into Quarters, together with the corresponding Annual Budget for the Contract Area explaining the Petroleum Operations the Contractor proposes to carry out during the Calendar Year. The Annual Budget will be presented in the Ministry's official formatCoordination Committee. 4.2 Form and Approval of the Annual Work Program Each Annual Work Program and corresponding Annual Budget will be broken down into the various Exploration Operations and10.5 The Contractor may, as applicable, according to the evaluation operations for each Evaluation Area, and the Development and Production Operations for each Development and Production Area. If no response is received within ninety (90) days of the reception of the Annual Work Program and corresponding Annual Budget, these will be considered approved. The Ministry may propose amendments or modifications to the Annual Work Program and corresponding Annual Budget, by giving notice to the Contractor and including reasons for the amendments or modifications, within sixty (60) days of receiving the Annual Work Program and Annual Budget. In such event, the Ministry and the Contractor will meet as soon as possible to review the amendments or modifications proposed by the Ministry and establish the Annual Work Program and corresponding Annual Budget by mutual agreement. The parts of the Annual Work Program for which the Ministry does not require amendment or modification will be considered approved and the Contractor must implement them within the stated time period, provided they can be undertaken on an individual basis, or with respect to an approved activity that depends technically or financially on an activity that is not approved. With respect to the parts of the Annual Work Program for which the Ministry proposes any amendment or modification, the date of approval of the Annual Work Program and corresponding Annual Budget will be the date on which the Ministry and the Contractor reach mutual agreement on them. If the Ministry and the Contractor do not reach an agreement about the amendments and modifications proposed by the Ministry before the end of the Calendar Year in which the Annual Work Plan and corresponding Annual Budget are submitted, the Contractor will continue operating in accordance with the most recent Annual following provisions, incur expenditures in excess of the approved Budget or expenditures outside the approved Budget in carrying out the approved Work Plan Program, provided that the objectives in the approved Work Program are not substantially changed: a) In carrying out an approved Budget, the Contractor may, if necessary, incur excess expenditures of no more than ten percent (10%) of the approved Budget in any specified budgetary category. The Contractor shall report quarterly the aggregate amount of all such excess expenditures to the Coordination Committee for confirmation. b) For the efficient and corresponding Annual Budget approved by as required operative performance of Petroleum Operations, the Ministry until agreement is reached.Contractor may, without approval, undertake certain

Annual Work Programs and Budgets. 4.1 Presentation 10.1 Contractor shall be responsible for the procurement of Annual installations, equipment and supplies and entering into contracts for the purchase of goods and services with Foreign Subcontractors and others arising out of Petroleum Operations, all in accordance with approved Work Program No later than Programs and Budgets. Operator shall assist the Contractor when requested in respect of the matters set out in the previous sentence, and shall implement domestic procurement operations as provided in Clause 7.2(c) in accordance with approved Work Programs and Budgets. 10.2 Within ninety (90) days before the beginning of each Calendar Year, or for the first Calendar Year, no later than sixty (60) days after the Effective Date, Contractor shall submit to the Contractor will prepare and present Coordination Committee for its approval by the Ministry a detailed Annual Work Program divided into Quarters, together with and the corresponding Annual Budget for the Contract Area explaining next succeeding Calendar Year. 10.3 Before the Petroleum Operations 15th October of each Calendar Year, the Contractor proposes shall prepare and submit to carry out during the Coordination Committee for its review a proposed annual Work Program and Budget for the next Calendar Year. The Annual Budget will be presented If the Coordination Committee requests any modifications in the Ministry's official format. 4.2 Form and Approval of the Annual an annual Work Program Each Annual and/or Budget, the Contractor shall promptly make such modifications to the Work Program and/or Budget and resubmit the modified Work Program and corresponding Annual Budget will be broken down into the various Exploration Operations and, as applicable, according to the evaluation operations for Coordination Committee. The Coordination Committee shall approve each Evaluation Area, and the Development and Production Operations for each Development and Production Area. If no response is received within ninety (90) days of the reception of the Annual Work Program and corresponding Annual Budget, these will be considered approvedBudget within forty five (45) days after receipt of same. The Ministry may propose amendments or modifications If the Coordination Committee fails to notify the Annual Contractor of its approval of the Work Program and corresponding Annual Budget within said forty five (45) days after its receipt, the annual Work Program and Budget proposed by the Contractor together with any modifications timely requested by the Coordination Committee, shall be deemed to have been approved by the Coordination Committee. 10.4 In connection with the review and approval of the annual Work Program and Budget, by giving notice to the Contractor and including reasons for Operator shall submit to the amendments or modifications, within sixty (60) days of receiving the Annual Work Program and Annual Budget. In Coordination Committee such event, the Ministry and the Contractor will meet supporting data as soon as possible to review the amendments or modifications proposed may be requested by the Ministry and establish the Annual Work Program and corresponding Annual Budget by mutual agreement. Coordination Committee. 10.5 The parts of the Annual Work Program for which the Ministry does not require amendment or modification will be considered approved and the Contractor must implement them within the stated time periodmay, provided they can be undertaken on an individual basis, or with respect to an approved activity that depends technically or financially on an activity that is not approved. With respect to the parts of the Annual Work Program for which the Ministry proposes any amendment or modification, the date of approval of the Annual Work Program and corresponding Annual Budget will be the date on which the Ministry and the Contractor reach mutual agreement on them. If the Ministry and the Contractor do not reach an agreement about the amendments and modifications proposed by the Ministry before the end of the Calendar Year in which the Annual Work Plan and corresponding Annual Budget are submitted, the Contractor will continue operating in accordance with the most recent Annual following provisions, incur expenditures in excess of the approved Budget or expenditures outside the approved Budget in carrying out the approved Work Plan and corresponding Annual Program, provided that the objectives in the approved Work Program are not substantially changed: a) In carrying out an approved Budget, the Contractor may, if necessary, incur excess expenditures of no more than ten percent (10%) of the approved Budget approved by the Ministry until agreement is reached.in any specified budgetary category. The Contractor

Annual Work Programs and Budgets. 4.1 Presentation of Annual Work Program No later than ninety (90) days before the beginning of each Calendar Year, or for the first Calendar Year, no later than sixty (60) days after the Effective Date, the Contractor will prepare and present for approval by the Ministry a detailed Annual Work Program divided into Quarters, together with the corresponding Annual Budget for the Contract Area explaining the Petroleum Operations the Contractor proposes to carry out during the Calendar Year. The Annual Budget will be presented in the Ministry's official format. 4.2 Form and Approval of the Annual Work Program Each Annual Work Program and corresponding Annual Budget will be broken down into the various Exploration Operations and, as applicable, according to the evaluation appraisal operations for each Evaluation Appraisal Area, and the Development and Production Operations for each Development and Production Area. If no response is received within ninety (90) days of the reception of the Annual Work Program and corresponding Annual Budget, these will be considered approved. The Ministry may propose amendments or modifications to the Annual Work Program and corresponding Annual Budget, by giving notice to the Contractor and including reasons for the amendments or modifications, within sixty (60) days of receiving the Annual Work Program and Annual Budget. In such event, the Ministry and the Contractor will meet as soon as possible to review the amendments or modifications proposed by the Ministry and establish the Annual Work Program and corresponding Annual Budget by mutual agreement. The parts of the Annual Work Program for which the Ministry does not require amendment or modification will be considered approved and the Contractor must implement them within the stated time period, provided they can be undertaken on an individual basis, or with respect to an approved activity that depends technically or financially on an activity that is not approved. With respect to the parts of the Annual Work Program for which the Ministry proposes any amendment or modification, the date of approval of the Annual Work Program and corresponding Annual Budget will be the date on which the Ministry and the Contractor reach mutual agreement on them. If the Ministry and the Contractor do not reach an agreement about the amendments and modifications proposed by the Ministry before the end of the Calendar Year in which the Annual Work Plan and corresponding Annual Budget are submitted, the Contractor will continue operating in accordance with the most recent Annual Work Plan and corresponding Annual Budget approved by the Ministry until agreement is reached.

Annual Work Programs and Budgets. 4.1 Presentation (A) Not later than the first Day of Annual September of each preceding Calendar Year with respect to Calendar Year 2010 and thereafter, Unit Operator shall submit to the Parties a proposed Unit Work Program No later than ninety and Budget for Unit Operations for the applicable Calendar Year (90the “Annual Unit Work Program and Budget”), which shall with respect to development operations be consistent with the then-existing Unit Development Plan, along with reasonable and necessary supporting information, and a proposed update of the life of Unit Interval production forecast in the Unit Development Plan. Technical Operator shall submit its proposal for the relevant portions of the Annual Unit Work Program and Budget relating to Technical Operations to Unit Operator at least thirty (30) days Days prior to the date for Unit Operator’s submission of the Annual Unit Work Program and Budget to the Parties. Each Annual Unit Work Program and Budget submitted by Unit Operator shall contain an itemized estimate of the cost of Unit Operations and all other expenditures to be made for the Unit Account during the Calendar Year in question and shall, inter alia: (i) identify each work category in sufficient detail to afford the ready identification of the nature, scope and duration of the activity in question; (ii) include such reasonable information regarding each Operator’s allocation procedures and estimated manpower costs as the Unit Operating Committee may determine; and (iii) comply with the requirements of each Contract. Within thirty (30) Days of the Unit Operator’s delivery of the proposed Annual Unit Work Program and Budget and updated production forecast, the Unit Operating Committee shall meet to consider, modify (if necessary), and either approve or reject the proposed Annual Unit Work Program and Budget in accordance with Article 8.9; provided that no Annual Unit Work Program and Budget may provide for development operations that exceed the scope of, or conflict with, the previously approved Unit Development Plan or associated Development Unit Work Program and Budget unless amendments to such previously approved plan and budget are adopted at or before the beginning adoption of each the Annual Unit Work Program and Budget. (B) Any work that cannot be efficiently completed within a single Calendar Year, or for the first Calendar Year, no later than sixty (60) days after the Effective Date, the Contractor will prepare Year may be proposed in a multi-year Unit Work Program and present for Budget. Upon approval by the Ministry a detailed Annual Work Program divided into QuartersUnit Operating Committee, together with the corresponding Annual Budget for the Contract Area explaining the Petroleum Operations the Contractor proposes to carry out during the Calendar Year. The Annual Budget will be presented in the Ministry's official format. 4.2 Form and Approval of the Annual Work Program Each Annual such multi-year Unit Work Program and corresponding Budget shall, subject only to revisions approved by the Unit Operating Committee thereafter: (i) remain in effect as among the Parties (and the associated cost estimate shall be a binding pro-rata obligation of each Party) through the completion of the work; and (ii) be reflected in each Annual Unit Work Program and Budget. If either Contract requires that Work Programs and Budgets be submitted to the Government for approval, such multi-year Unit Work Program and Budget will shall be broken down into submitted to the various Exploration Operations and, Government either in a single request for a multi-year approval or as applicablepart of the annual approval process, according to the evaluation operations for each Evaluation Area, and the Development and Production Operations for each Development and Production Area. If no response is received within ninety (90) days terms of the reception Contract. (C) The Parties agree that approval of the an Annual Unit Work Program and corresponding Budget by the Unit Operating Committee shall constitute approval of a proportionate work program and budget under each Tract’s respective Joint Operating Agreement. Each Contract Group shall include its Tract Participation pro rata share of an Annual Budget, these will be considered approved. The Ministry may propose amendments or modifications to the Annual Unit Work Program and corresponding Annual Budget, by giving notice to the Contractor and including reasons for the amendments or modifications, within sixty (60) days of receiving the Annual Work Program and Annual Budget. In such event, the Ministry and the Contractor will meet as soon as possible to review the amendments or modifications proposed by the Ministry and establish the Annual Work Program and corresponding Annual Budget by mutual agreement. The parts of the Annual Work Program for which the Ministry does not require amendment or modification will be considered approved and the Contractor must implement them within the stated time period, provided they can be undertaken on an individual basis, or with respect to an approved activity that depends technically or financially on an activity that is not approved. With respect to the parts of the Annual Work Program for which the Ministry proposes any amendment or modification, the date of approval of the Annual Work Program and corresponding Annual Budget will be the date on which the Ministry and the Contractor reach mutual agreement on them. If the Ministry and the Contractor do not reach an agreement about the amendments and modifications proposed by the Ministry before the end of the Calendar Year in which the Annual Work Plan and corresponding Annual Budget are submitted, the Contractor will continue operating in accordance with the most recent Annual Work Plan and corresponding Annual Budget approved by the Ministry until agreement is reached.adopted under this

Annual Work Programs and Budgets. 4.1 Presentation 8.1 Without prejudice to the rights and obligations of Annual Licensee for day-to-day management of the operations, the Director General shall ensure that all Work Programs and Development Plans are complied with and also that accounting for costs and expenses and the maintenance of records and reports concerning the Petroleum Operations are carried out in accordance with this License and the accounting principles and procedures generally accepted in the international petroleum industry. 8.2 Each Work Program No later submitted to the Director General pursuant to this Article and every revision or amendment thereof shall be consistent with the requirements set out in this License relating to minimum work and expenditure for the period of the Exploration Period in which such Work Program or budget falls; 8.3 The work obligations referred to in Article 5 shall be described in an annual plan, drawn up in due detail and with the respective budget, to be prepared by the Licensee and submitted to the Director General for review and approval. 8.4 The annual work program should be submitted to the Director General no less than sixty (60) days before the start of the year in question. 8.5 The Director General will review Work Programs and budgets and any amendments or revisions thereto, and Appraisal Programs submitted to it by Licensee pursuant to this Article, and may only order it not to be implemented if it fails to comply with the Petroleum and Exploration Act of 2011 or any terms of this License. 8.6 In the event of all or part of the annual plan being refused, the Director General shall notify the Licensee of the fact within fifteen days of receiving the plan, indicating the reasons for the refusal. 8.7 In the event of refusal under the preceding paragraph, the Licensee shall draw up a new plan, or rectify the previous plan, which shall be submitted to the Director General. 8.8 If the plan is not refused within the period referred to in Aritcle 8 (6), the plan may be freely implemented. 8.9 The Licensee may submit addenda to the annual work plan to the Director General provided they are justified on technical grounds. 8.10 After the date of the first Commercial Discovery, Licensee may submit a proposal for the drilling of an Exploration Well or Xxxxx not associated with the Commercial Discovery and not otherwise required to be drilled hereunder. 8.11 From the first occurring Date of Commercial Discovery, the Licensee: i. Within sixty (60) days after the Date of Commercial Discovery Licensee shall prepare and submit to the Director General any revisions to its annual Work Program and budget that may be necessary for the remainder of that Contract Year and for the rest of the Exploration Period. ii. At least ninety (90) days before the beginning Commencement of each subsequent Calendar Year, or Year Licensee shall submit to the Director General for the first Calendar Year, no later than sixty (60) days after the Effective Date, the Contractor will prepare and present for approval by the Ministry review a detailed Annual Work Program divided into Quarters, together with the corresponding Annual Budget for the Contract Area explaining the Petroleum and budget setting forth all Development and Production Operations the Contractor which Licensee proposes to carry out during in that Calendar Year and the estimated cost thereof and shall also give an indication of Licensee’s plans for the succeeding Calendar Year; iii. The Annual Budget will be presented in the Ministry's official format. 4.2 Form and Approval of the Annual Work Program Each Annual Work Program and corresponding Annual Budget will be broken down into the various Exploration Operations and, as applicable, according to the evaluation operations for each Evaluation Area, and the Development and Production Operations for each Development and Production Area. If no response is received within ninety (90) days of the reception of the Annual Work Program and corresponding Annual Budget, these will be considered approved. The Ministry may propose amendments or modifications to the Annual Work Program and corresponding Annual Budget, by giving notice to the Contractor and including reasons for the amendments or modifications, within Within sixty (60) days of receiving the Annual Work Program Date of Commencement of Commercial Production and Annual Budget. In such eventthereafter not later than one hundred and twenty (120) days before the commencement of each Calendar Year, the Ministry and the Contractor will meet as soon as possible to review the amendments or modifications proposed by the Ministry and establish the Annual Work Program and corresponding Annual Budget by mutual agreement. The parts of the Annual Work Program for which the Ministry does not require amendment or modification will be considered approved and the Contractor must implement them within the stated time period, provided they can be undertaken on an individual basis, or with respect to an approved activity that depends technically or financially on an activity that is not approved. With respect Licensee shall submit to the parts of the Annual Work Program for Director General an annual production schedule which the Ministry proposes any amendment or modification, the date of approval of the Annual Work Program and corresponding Annual Budget will shall be the date on which the Ministry and the Contractor reach mutual agreement on them. If the Ministry and the Contractor do not reach an agreement about the amendments and modifications proposed by the Ministry before the end of the Calendar Year in which the Annual Work Plan and corresponding Annual Budget are submitted, the Contractor will continue operating in accordance with good international oilfield practice, and shall be designed to provide the most recent Annual Work Plan efficient, beneficial and corresponding Annual Budget approved by timely production of the Ministry until agreement is reachedPetroleum resources. 8.12 The Licensee shall provide The Director General with lifting schedules for Development and Production Areas as well as Licensee’s reports on the conduct of Petroleum Operations.