Authorisation for expenditure. (1) The expenditure entered in the budget shall be authorised for the duration of one accounting period unless the Financial Regulations provide otherwise.
Authorisation for expenditure. Art. 43 EPC
Authorisation for expenditure. Before entering into any commitment incurring any expenditure under an approved appraisal Program and Budget, Operator shall, except as provided in Article 5.8, submit an AFE to the Parties for the Program. The AFE shall include the information set out in, and be prepared in accordance with the provisions of the Accounting Procedure. Provided that the AFE is within the limits of and is in accordance with the Budget, the Operating Committee shall be deemed to have approved the AFE unless, within twenty (20) days of its submission to the Parties, a Party or Parties having individually or in the aggregate a Percentage Interest of at least thirty percent (30%) give(s) notice to Operator that they require such AFE to be formally approved by the Operating Committee. To the extent that the Operating Committee approves or is deemed to approve an AFE, Operator shall be authorised and obligated, in accordance with the provisions of the Accounting Procedure, but subject to Article 10.3, to proceed with such commitment or expenditure.
Authorisation for expenditure. Except as provided in Article 5.8, Operator shall submit an AFE to the Parties, before entering into any capital commitment or incurring any Capital Expenditure in excess of $100,000 with respect to an approved development Program and Budget. To the extent that the AFE is approved or deemed to be approved by the Parties, Operator shall be authorised and obligated, subject to Article 11.3, to proceed with such commitment or expenditure. In cases where no AFE is required the approval of the development Program and Budget shall constitute the necessary authority to Operator to proceed with such commitment or expenditure.
Authorisation for expenditure. (AFE) Procedure
Authorisation for expenditure. 7.5.1 Operator shall request approval of an AFE in accordance with Articles 9, 10, 11 or 12 of the Agreement at a time when the main details of the relevant commitment or expenditure can be ascertained but consistent with giving the Non-Operators twenty-eight (28) days advance notice of the date by which approval is required. If any Non-Operator shall not after fourteen (14) days from the submission of the AFE have given notice to Operator that it approves and votes in favour of the AFE or that it requires such AFE to be formally approved at a meeting of the Operating Committee Operator shall forthwith telex such Non-Operator reminding it of the date by which approval of the AFE is required. An AFE within an approved Program and Budget shall be deemed to be approved by the Operating Committee unless within 28 days of its submission to the Non-Operators any Non-Operator gives notice to Operator that it requires such AFE to be formally approved at a meeting of the Operating Committee. In circumstances beyond its control Operator may reduce the period of twenty-eight (28) days advance notice to such period as may be reasonable. Operator will inform the Non-Operators of such shorter period and the reason therefore when it submits the AFE.
Authorisation for expenditure. Except as provided in clause 6.10.2, the Operator shall, before entering into any commitment or incurring any capital expenditure or seismic expenditure in excess of fifty thousand Pounds (£50,000) under an approved exploration and/or appraisal Programme and Budget submit to the Participants an AFE for it in accordance with the Accounting Procedure. To the extent that the Joint Operating Committee approves an AFE, the Operator shall be authorised and obliged, subject to clauses 6.5 and 10.3, to proceed with such commitment or expenditure. The Operator shall prepare and submit to the Participants a separate AFE for each exploration or appraisal well, on a dry-hole basis. Drill stem testing shall be a contingent item.
Authorisation for expenditure. Except as provided in clause 6.10.2, the Operator shall, before entering into any commitment or incurring any capital expenditure in excess of one hundred thousand Pounds (£100,000) with respect to the preparation of a development Programme and Budget or under an approved development Programme and Budget submit to the Participants an AFE for it in accordance with the Accounting Procedure. To the extent that the Joint Operating Committee approves an AFE, the Operator shall be authorised and obliged, subject to clauses 6.5 and 11.3, to proceed with such commitment or expenditure. The Operator shall prepare and submit to the Participants a separate AFE for each development well.
Authorisation for expenditure. Except as provided in clause 6.10.2, the Operator shall, before entering into any commitment or incurring any capital expenditure in excess of fifty thousand pounds (£50,000) under an approved Decommissioning Programme and Decommissioning Budget, submit to the Participants an AFE for it in accordance with the Accounting Procedure. To the extent that the Joint Operating Committee approves an AFE, such approval not to be unreasonably withheld or delayed where the AFE is consistent with the approved Decommissioning Programme and Budget, the Operator shall be authorised and obliged, subject to clauses 6.5 and 13.3, to proceed with such commitment or expenditure.
Authorisation for expenditure. AFEs in respect of capital expenditures within an approved Work Programme and Budget will be issued on a timely basis to Non-Operators for their consideration consistent with giving them at least twenty-one
