Common use of CONTROL AND MAJOR ACCOUNTS Clause in Contracts

CONTROL AND MAJOR ACCOUNTS. (a) Exploration Obligation Control Accounts: CONTRACTOR will establish an Exploration Obligation Control Account and an offsetting contra account to control therein the total amount of Exploration expenditures reported on Statements of activity prepared per Article I (b) (1) of this Annex, less any reductions agreed to by EGPC and CONTRACTOR following written exceptions taken by a non-operator pursuant to Article I (c) (1) of this Annex, in order to determine when minimum Exploration obligations have been met.

CONTROL AND MAJOR ACCOUNTS. (a) Exploration Obligation Control Accounts: CONTRACTOR will establish an Exploration Obligation Control Account and an offsetting contra account to control therein the total amount of Exploration expenditures reported on Statements of activity prepared per Article I (b) (1) of this Annex, less any reductions agreed to by EGPC GANOPE and CONTRACTOR following written exceptions taken by a non-operator pursuant to Article I (c) (1) of this Annex, in order to determine when minimum Exploration obligations have been met.

CONTROL AND MAJOR ACCOUNTS. (a) Exploration Obligation Control Accounts: CONTRACTOR will shall establish an Exploration Obligation Control Account and an offsetting contra account to control therein the total amount of Exploration expenditures reported on Statements of activity prepared per in accordance with Article I (b) (1I(b)(1) of this Annex, less any reductions agreed to by EGPC EGAS and CONTRACTOR following written exceptions remarks taken by a non-operator pursuant to Article I (c) (1I(c)(1) of this Annex, in order to determine when minimum Minimum Exploration obligations Work Obligations have been met.

CONTROL AND MAJOR ACCOUNTS. (a) Exploration Obligation Control Accounts: CONTRACTOR will shall establish an Exploration Obligation Control Account and an offsetting contra account to control therein the total amount of Exploration expenditures reported on Statements of activity prepared per in accordance with Article I (b) (1I(b)(1) of this Annex, less any reductions agreed to by EGPC EGAS and CONTRACTOR following written exceptions remarks taken by a non-operator pursuant to Article I (c) (1I(c)(1) of this Annex, in order to determine when minimum Exploration obligations have been met.