CHANGES OF PLAN AND FORECAST Sample Clauses

CHANGES OF PLAN AND FORECAST. 31.23.1 It is recognized by Licensee and The Director General that the details of the Exploration Plan and Development forecast may require changes in the light of existing circumstances, and nothing herein contained shall limit the flexibility to make such changes. Consistent with the foregoing the said Plan and Forecast may be revised annually.
Sample 1
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CHANGES OF PLAN AND FORECAST. It is recognised by the Concessionaires and the Government that the details of the Exploration Plan and Development Forecast may require changes in the light of existing circumstances and nothing herein contained shall limit the flexibility to make such changes. Consistent with the foregoing the revision of said Plan and Forecast is provided for annually.
Sample 1
CHANGES OF PLAN AND FORECAST. It is recognized by Licensee and The Director General that the details of the Exploration Plan and Development forecast may require changes in the light of existing circumstances and nothing herein contained shall limit the flexibility to make such changes. Consistent with the foregoing the said Plan and Forecast may be revised annually. Page 84 of 86 Form of Guarantee 1. In consideration of the Government of Sierra Leone represented by the Director General of the Petroleum Directorate (hereinafter referred to as “the State”) having entered into a Petroleum License for the block ________dated _________ (hereinafter referred to as “License”, which expression shall include all the amendments agreed to between the State and the Licensee, thereto), with M/s __________________ having its registered office at _____________ (hereinafter referred to as “Licensee”, which expression unless repugnant to the context or meaning thereof include all its successors, administrators, executors and assigns), and the State have agreed that the Licensee shall furnish to the State, a bank guarantee (hereinafter referred to as “Guarantee”) towards its minimum financial obligations as provided in the Contract for US$(xxx) for the performance of its obligations under the License.
Sample 1
CHANGES OF PLAN AND FORECAST. It is recognised by Contractor and GNPC that the details of the Exploration Plan and Development forecast may require changes in the light of existing circumstances and nothing herein contained shall limit the flexibility to make such changes. Consistent with the foregoing the said Plan and Forecast may be revised when appropriate. The Exploration Plan and Development Forecast are for planning purposes only. ANNEX 3 - SAMPLE AOE CALCULATION SAMPLE ADDITIONAL OIL ENTITLEMENT CALCULATION This sample calculation has been prepared to illustrate the Additional Oil Entitlement (AOE) provisions of Article 10 of the Petroleum Agreement to which this Annex 3 is attached and made a part thereof. The assumptions used, year-by-year cash flows, inflation rate, and resulting AOE payments are hypothetical only and are neither based upon nor do they represent an actual situation. They are designed to illustrate the mechanics of each of the hypothetical AOE calculations only. Sample AOE Calculation: Contractor’s Revenues minus Income Taxes minus “Petroleum Costs” Income Tax Rate: 35% Petroleum Costs: Contractor’s Petroleum Costs including costs advanced on GNPC’s behalf Additional Oil Entitlement (AOE): Discounted Cash Flow Real Rate of Return (%*) AOE Rate (%) 19% or less 0 % Over 19% 5 % Over 20% 10 % Over 25% 15 % Over 30% 20 % Over 40% 25 % *Rate of Return exclusive of Inflation SAMPLE AOE CALCULATION (MILLION US DOLLARS) YEAR NCF FAn@19 % p.a. AOE 1 @ 5% SAn@10 % P.a. AOE 2 @ 10% p.a. TAn@25 % p.a. AOE 3 @ 15% YAn @ 30% p.a. AOE 4 @ 20% p.a. ZAn @ 40% p.a. AOE 5 @ 25% Total AOE Payments 1 $ -2.0 $ -2.0 $ -2.0 $ -2.0 $ -2.0 $ -2.0 2 $ -15.0 $ -17.5 $ -17.5 $ -17.6 $ -17.7 $ -17.9 3 $ -150.0 $ -171.7 $ -171.9 $ -172.9 $ -173.9 $ -176.0 4 $ -20.0 $ -232.9 $ -234.8 $ -244.7 $ -254.8 $ -275.1 5 $ 10.0 $ -278.8 $ -283.6 $ -308.2 $ -333.9 $ -388.9 6 $ 340.0 $ -5.7 $ -14.4 $ -60.6 $ -110.8 $ -224.0 7 $ 220.0 $ 213.0 $ 10.6 $ 191.3 $ 19.1 $ 111.4 $ 16.7 $ 23.9 $ 4.8 $ -156.0 $ 51.3 8 $ 200.0 $ 200.0 $ 10.0 $ 190.0 $ 19.0 $ 171.0 $ 25.7 $ 145.4 $ 29.1 $ -110.0 $ 83.7 9 $ 150.0 $ 150.0 $ 7.5 $ 142.5 $ 14.3 $ 128.3 $ 19.2 $ 109.0 $ 21.8 $ -72.2 $ 62.8 10 $ 100.0 $ 100.0 $ 5.0 $ 95.0 $ 9.5 $ 85.5 $ 12.2 $ 72.7 $ 14.5 $ -46.6 $ 41.9 11 $ 65.0 $ 65.0 $ 3.3 $ 61.8 $ 6.2 $ 55.6 $ 8.3 $ 47.2 $ 9.4 $ -29.8 $ 27.2 12 $ 45.0 $ 45 $ 2.3 $ 42.8 $ 4.3 $ 38.5 $ 5.8 $ 32.7 $ 6.5 $ -17.1 $ 18.8 13 $ 35 $ 35.0 $ 1.8 $ 33.3 $ 3.3 $ 29.9 $ 4.5 $ 25.4 $ 5.1 $ -4.4 $ 14.7 14 $ 25.0 $ 25.0 $ 1.3 $ 23...
Sample 1
CHANGES OF PLAN AND FORECAST. It is recognized by Licensee and The Director General that the details of the Exploration Plan and Development forecast may require changes in the light of existing circumstances and nothing herein contained shall limit the flexibility to make such changes. Consistent with the foregoing the said Plan and Forecast may be revised annually. 1. In consideration of the Government of Sierra Leone represented by the Director General of the Petroleum Directorate (hereinafter referred to as “the State”) having entered into a Petroleum License for the block dated (hereinafter referred to as “License”, which expression shall include all the amendments agreed to between the State and the Licensee, thereto), with M/s having its registered office at (hereinafter referred to as “Licensee”, which expression unless repugnant to the context or meaning thereof include all its successors, administrators, executors and assigns), and the State have agreed that the Licensee shall furnish to the State, a bank guarantee (hereinafter referred to as “Guarantee”) towards its minimum financial obligations as provided in the Contract for US$(xxx) for the performance of its obligations under the License. 2. We (name of the Bank) registered under the Law of and having its registered office at (hereinafter referred to as “the Bank”, which expression shall unless repugnant to the context or meaning thereof includes all its successors, administrators, executors and assigns) do hereby guarantee and undertake to pay to the State, immediately on the first demand in writing, any/all money(s) to the extent of US$ (in figures) and (US$ _ in words) without any demur, reservation, contest or protest and/or without any reference to the Licensee. Any such demand made by the State on the Bank by serving a written notice shall be conclusive and binding, without any proof, on the Bank as regards the amount due and payable, notwithstanding any dispute(s) pending before any court, tribunal, arbitrator, sole expert, conciliator or any other authority and/or any other matter or thing whatsoever, as liability under these presents being absolute and unequivocal. We agree that the Guarantee herein contained shall be irrevocable and shall continue to be enforceable until it is discharged by the State in writing. This Guarantee shall not be determined, discharged or affected by the liquidation, winding up, dissolution or insolvency of the Licensee and shall remain valid, binding and operative against the Bank. 3...
Sample 1
CHANGES OF PLAN AND FORECAST. It is recognised by Contractor and GNPC that the details of the Exploration Plan and Development forecast may require changes in the light of existing circumstances and nothing herein contained shall limit the flexibility to make such changes. Consistent with the foregoing the said Plan and Forecast may be revised when appropriate. The Exploration Plan and Development Forecast are for planning and discussion purposes only. This sample calculation has been prepared to illustrate the Additional Oil Entitlement (AOE) provisions of Article 10 of the Petroleum Agreement to which this Annex 3 is attached and made a part thereof. The assumptions used, year-by-year cash flows, inflation rate, and resulting AOE payments are hypothetical only and are neither based upon nor do they represent an actual situation. Contractor’s Revenues minus Income Taxes minus “Petroleum Costs” · Income Tax Rate: 35% · Petroleum Costs: Contractor’s Petroleum Costs including costs advanced on GNPC’s behalf 121/2 or less 0 Over 121/2 12 Over 171/2 18 Over 221/2 24 Over 271/2 28 *Rate of Return exclusive of Inflation SAMPLE AOE CALCULATION (MILLION US DOLLARS) 1 (2.0 ) (2.0 ) — (2.0 ) — (2.0 ) — (2.0 ) — — 2 (15.0 ) (17.4 ) — (17.5 ) — (17.6 ) — (17.7 ) — — 3 (15.0 ) (35.4 ) — (36.4 ) — (37.4 ) — (38.4 ) — — 4 (20.0 ) (61.6 ) — (64.6 ) — (67.7 ) — (70.91 ) — — 5 (50.0 ) (122.4 ) — (129.1 ) — (136.3 ) — (143.9 ) — — 6 (75.0 ) (218.8 ) — (233.1 ) — (248.7 ) — (265.7 ) — — 7 75.0 (182.1 ) — (210.6 ) — (242.1 ) — (277,0 ) — — 8 80.0 (133.9 ) — (178.0 ) — (228.7 ) — (287.0 ) — — 9 100.0 (57.3 ) — (118.0 ) — (191.6 ) — (280.3 ) — — 10 150.0 82.6 9.9 (4.5 ) — (104.2 ) — (231.3 ) — 9.9 11 125.0 125.0 15.0 104.5 18.8 (41.7 ) — (215.3 ) — 33.8 12 75.0 75.0 9.0 66.0 11.9 1.0 0.2 (231.4 ) — 21.1 13 40.0 40.0 4.8 35.2 6.3 28.9 6.9 (284.6 ) — 18.1 14 20.0 20.0 2.4 17.6 3.2 14.4 3.5 (366.2 ) — 9.0 15 5.0 5.0 0.6 4.4 0.8 3.6 0.9 (482.5 ) — 2.3 TOTAL 493 41.7 41.0 11.5 — 94.2 1) RATES OF RETURN USED ABOVE INCLUDE INFLATION OF 5% 2) YEAR 10: AOE 1 = 0.12 * $82.6 MM (i.e. 0.12 TIMES CUMULATIVE CASH FLOWS COMPOUNDED AT 17.5% PER ANNUM) = $9.9 MM 3) YEARS 11 THROUGH 15: AOE1 IN Nth YEAR = Nth YEAR FA * 0.12 4) YEAR 10: SA = $118 MM * 1.225 + ($150 MM - $9.9 MM) = $4.5 MM 5) YEAR 11: AOE2 = 018 * $104.5 (i.e. AOE RATE TIMES CUMULATIVE CASH FLOW LESS AOE1 PAYMENTS COMPOUNDED AT 22.5% PER ANNUM) = $18.8 MM THIS GUARANTY AND SUPPORT AGREEMENT (herein called this “Guaranty”), dated as of , 2004, is made by Kosmos ...
Sample 1

Related to CHANGES OF PLAN AND FORECAST

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