Common use of Budget Meetings and Reports Clause in Contracts

Budget Meetings and Reports. (a) On a quarterly basis, McMoRan shall hold a meeting in McMoRan's offices with Participant to discuss the contemplated activities of the Program for the following period. In such meetings, McMoRan shall advise Participant of the amounts of the Exploration Fund which have been committed to Prospects on which an Exploratory Well has not yet commenced. Such advise shall include the name of the Prospect, the amount of the Exploration Fund anticipated to be spent thereon and the anticipated commencement date of the Exploratory Well to be drilled thereon. On a monthly basis, McMoRan shall provide Participant with an accounting of the Exploration Expenditures of the prior month and Program Term to date reconciling prior xxxxxxxx and advance xxxxxxxx with expenditures. McMoRan will promptly advise Participant in writing when McMoRan reasonably believes that actual and committed Exploration Expenditures of the Program equal the Exploration Fund and will furnish reasonable data supporting such conclusion. In addition to the foregoing, McMoRan will furnish Participant on request and at Participant's expense any other data or information needed by Participant to comply with any governmental laws, rules and regulations, including those promulgated by the Securities and Exchange Commission.