EXPLORATION EXPENDITURE Sample Clauses
The Exploration Expenditure clause defines the financial obligations a party must fulfill regarding spending on exploration activities within a specified area or project. Typically, it sets minimum annual or total amounts that must be invested in exploration work, such as geological surveys, drilling, or sampling, and may require the party to provide evidence of such expenditures. This clause ensures that the holder of exploration rights actively pursues resource development, preventing the area from being left idle and promoting timely progress in exploration efforts.
EXPLORATION EXPENDITURE. 31.5.1 Exploration Expenditure shall consist of all direct, indirect and allotted costs incurred in the search for Petroleum in the Licence Area, including but not limited to expenditure on:
EXPLORATION EXPENDITURE. Exploration Expenditure shall consist of all direct, indirect and allocated costs incurred in the search for and appraisal of Petroleum in the Contract Area, including but not limited to, expenditure for:
a) Aerial, geographical, geochemical, paleontological, geological, bathymetrical, topographical and seismic surveys, other geophysical studies and all relevant studies and their interpretation;
b) Borehole drilling and water well drilling;
c) Labour, consumables, materials and services used in drilling ▇▇▇▇▇ with the objective of finding new Petroleum reservoirs or for the purpose of appraising of Petroleum reservoirs already discovered, provided such ▇▇▇▇▇ arc not completed as producing ▇▇▇▇▇ save such ▇▇▇▇▇ temporarily abandoned for future use as producing well;
d) Facilities used solely for Exploration Operations, including access roads, where applicable, and purchased geological and geophysical information;
e) All Service Costs allocated to the Exploration Operations on an equitable basis;
f) All General and Administrative Expenses allocated to Exploration Operations based on the percentage share of projected budget expenditure which will be adjusted to actual expenditure at the end of each Calendar Year;
g) Direct costs of technical work performed by Contractor, Affiliates and Subcontractors in Exploration Operations;
h) All of the above costs in connection with or related to an Appraisal Programme.
EXPLORATION EXPENDITURE. Within 1 (ONE) year of the Effective Date, the Prospector is obliged to have spent an amount of Exploration Expenditure on the Properties of R1 000 000,00 (ONE MILLION RAND). This amount shall be placed in trust with the Grantor’s attorneys within 3 (THREE) days of the Effective Date. Such Attorneys shall release moneys out of the trust account to the Prospector on the Prospector producing invoices for Exploration Expenditure spent on the Properties. If the Prospector does not complete R1 000 000,00 (ONE MILLION RAND) of Exploration Expenditures on the Properties within one year of the Effective Date the Grantor shall provide notice to the Prospector of the failure to satisfy this requirement of the Agreement. If the Prospector does not provide reasonable confirmation of the completion of this required R1 000 000,00 (ONE MILLION RAND) program of Exploration Expenditures on the Properties with in 30 (THIRTY) days of receipt of this notice this agreement will terminate. 1003/GEO/KJW/MF 26/02/2003
EXPLORATION EXPENDITURE. Exploration Expenditures shall consist of all necessary, appropriate and economical direct and allocated indirect costs incurred in the search for Petroleum and the appraisal of Discoveries in the Contract Area and are expenditures in respect of:
(a) aerial, geophysical, geochemical, paleontological, geological, topographical and seismic surveys and studies and their interpretation;
(b) core hole drilling and water well drilling as part of Exploration activities;
(c) labour, materials and services used in drilling ▇▇▇▇▇ with the object of finding new Petroleum Reservoirs or for the purpose of appraising the extent of or subsequently producing Petroleum Reservoirs already discovered provided such ▇▇▇▇▇ are dry or are otherwise not completed as producing ▇▇▇▇▇;
(d) facilities used solely in support of activities under this paragraph 2.1 including access roads and purchased geological and geophysical information acquired in connection with Exploration Activities;
(e) a portion of all Service Costs (as hereinafter defined) allocated to Exploration Activities on an equitable basis and consistently applied;
(f) a portion of all General and Administrative Expenses (as hereinafter defined) allocated to Exploration Activities based on projected budget expenditures subject to adjustment on the basis of actual expenditure at the end of the Calendar Year concerned.
(g) subject to agreement by the Parties, any other Contract Expenses incurred after the Effective Date prior to the commencement of Commercial Production in a Development Area and not otherwise covered by paragraph 2.2 below subject to paragraph 4.2.
EXPLORATION EXPENDITURE. Exploration Expenditure shall consist of all direct, indirect and allotted costs incurred in Exploration Operations, in the search for Petroleum in the Contract Area, including but not limited to expenditure on:
a) aerial, geographical, geochemical, paleontological, geological, bathymetrical, topographical and seismic surveys, and all relevant studies and their interpretation;
b) borehole drilling and water well drilling;
c) labour, consumables, materials and services used in drilling ▇▇▇▇▇ with the objective of finding new Petroleum reservoirs or for the purpose of appraising of Petroleum reservoirs already discovered, provided such ▇▇▇▇▇ are not completed as producing ▇▇▇▇▇ save such ▇▇▇▇▇ temporarily abandoned for future use as producing ▇▇▇▇▇;
d) facilities used solely for Exploration Operations, including access roads, where applicable, and purchased geological and geophysical information;
e) all service costs allotted to the Exploration Operations on an equitable basis;
f) all General and Administrative Expenses allotted to Exploration Operations based on the percentage share of projected budget expenditure which will be adjusted to actual expenditure at the end of each year.
g) all of the above costs in connection with or related to an Appraisal Programme.