Exploration Expenditures. After delivery of the Royalty in accordance with Article 12, and reimbursement of Operating Expenditures in accordance with Sub-article 13.2 and Development Expenditures in accordance with Sub-article 13.3, Contractor (excluding Staatsolie) shall be entitled to an amount of Crude Oil from the Contract Area, which, when valued at the Market Price, equals the Exploration Expenditures and those carried forward pursuant to Sub-articles 13.5 and
Exploration Expenditures. All Exploration Expenditures shall be paid by Contractor.
Exploration Expenditures. For the purposes of this Agreement, “Exploration Expenditures” shall mean and include all direct and indirect costs incurred on or for the benefit of the Property and for Exploration and Prospecting (as defined in Section 4), and for payments authorized, expressly or implicitly, pursuant to this Agreement, including, without limitation, the following: (a) costs of surveying (including, without limitation, geophysical, geochemical and geomagnetic surveys), mapping, exploration, prospecting, sampling, bulk sampling, drilling, and trenching; (b) costs of operations and payments in connection with obtaining or maintaining exploration or similar or related permits, licenses, approvals, consents or authorizations; (c) costs of conducting required environmental, wildlife or similar, related or associated studies, reports, analyses or documents; (d) costs of any filing, recording, or other fees paid to perfect or maintain the Property, including, but not limited to, all payments made to the Bureau of Land Management to file, perfect and maintain the claims comprising the Property; and (e) all other costs incurred in the conduct of other activities that are incidental to, in furtherance of, in preparation for or associated with any or all of the foregoing; provided, however, that the term “Exploration Expenditures” shall not include off-site office or overhead charges.
Exploration Expenditures. “Exploration Expenditures” as used herein shall mean a program designed and directed toward discovery and delineation of deep-seated gold deposits and other precious minerals on the Property. Permissible expenditures shall include:
Exploration Expenditures. Subject to the limitations provided in this Agreement, McMoRan shall be entitled to expend monies for Exploration Expenditures of the Program on behalf of itself and Participant without the prior approval of Participant. The term "Exploration Expenditures" means all actual charges allocable to each Prospect established prior to the end of the Program Term, determined in accordance with generally accepted industry standards, which charges are incurred by the Program prior to (i) the completion of the first Exploratory Well drilled by the Program on an Onshore Prospect that is completed as a well capable of production in Paying Quantities or (ii) the plugging, or the temporary abandonment if not plugged, of the first two Exploratory Xxxxx drilled by the Program on an Offshore Prospect, as applicable, and such other costs applicable to exploration activities in the Program Area prior to the expiration of the Program Term or with respect to Prospects established prior to the end of the Program Term, which charges, among others, shall include the following:
Exploration Expenditures. Optionee will spend a total of $1,200,000 on exploration of the Property as follows:
(i) $50,000 by December 31, 2019;
(ii) $100,000 between January 1, 2020 and December 31, 2020;
(iii) $300,000 between January 1, 2021 and December 31, 2021; and
(iv) $750,000 between January 1, 2022 and December 31, 2022, (collectively, the “Exploration Expenditures” and each, an “Exploration Expenditure”). If Optionor spends more in any year than the Exploration Expenditure for that year, Optionor may apply the excess to the Exploration Expenditure for the next year(s). If Optionor spends less in any year than the Exploration Expenditure for that year, Optionor may correct the default in accordance with Section 7 and maintain the Agreement in good standing by making cash payment to Optionor in an amount equal to the shortfall.
Exploration Expenditures. Exploration Expenditures are those costs, whether of a capital or operating nature, which directly relate to Exploration for Hydrocarbons incurred under the Contract, including costs of:
a) Surveys, including labor, material and services, used in aerial, geophysical, geochemical, geological and seismic surveys and core hole drilling, including desk studies and interpretation of survey data.
b) Drilling Xxxxx, including labor, material and services, provided such Xxxxx are not completed as producing Xxxxx.
c) Facilities used solely in support of the performance of activities mentioned in paragraphs (a) and (b).
Exploration Expenditures. The Optionee shall make an aggregate of $425,000 in Exploration expenditures on the Property on or before the following dates:
Exploration Expenditures fund exploration and development work on the Property in 2022 totalling at least $300,000;
Exploration Expenditures. Subject to the limitations provided in this Agreement, McMoRan shall be entitled to expend monies for Exploration Expenditures of the Program on behalf of itself and Participant without the prior approval of Participant. The term "Exploration Expenditures" means all actual charges allocable to each Prospect in accordance with generally accepted industry standards, which charges are incurred by the Program prior to (i) the completion of the first Exploratory Well drilled by the Program on an Onshore Prospect that is completed as a well capable of production in Paying Quantities or (ii) the plugging, or the temporary abandonment if not plugged, of the first two Exploratory Xxxxx drilled by the Program on an Offshore Prospect, as applicable, and such other costs applicable to exploration activities in the Program Area as are otherwise provided for in this Agreement, which charges, among others, shall include the following:
