Exploration Phase a.1) three percent (3%), when expenditures range from 0 to R$5 million; a.2) two percent (2%), when expenditures range from R$5 to R$15 million; a.3) one percent (1%), when expenditures exceed R$15 million;
Exploration Phase. Start and Duration
Exploration Phase contractual period in which the Exploration and Assessment must take place.
Exploration Phase. 4.1.1 The initial period of the Exploration Phase shall be ----------- years starting from the Effective Date. In accordance with the second paragraph of Section 28 (1) of the Petroleum Code, signature of this Contract constitutes the grant of an Exploration Authorisation.
4.1.2 The initial period of the Exploration Phase shall be renewed, at the request of the CONTRACTOR, for ------- additional period (s) of two (2) years (each). In such case, the renewal is granted to the CONTRACTOR in accordance with the terms provided in Section 28 of the Petroleum Code and Articles 21 and 22 of the Petroleum Regulation, and cannot be refused if the conditions required of the CONTRACTOR by these provisions have been fully satisfied.
4.1.3 Pursuant to Section 28, paragraph 5 of the Petroleum Code, the term of the Exploration Phase, over and above the renewals provided for in Article 4.1.2 above and subject to any extension in the event of Force Majeure pursuant to Article 24.5 hereafter, shall be extended:
(i) for an additional period of time that the Minister in charge of Hydrocarbons deems necessary for the CONTRACTOR to complete the current Exploration Drilling, or the appraisal and delineation of a Discovery, with the granted extension not being less than six (6) months and not exceeding one (1) year. The one (1) year limitation herein may be extended if the Minister in charge of Hydrocarbons deems such extension necessary to complete an on-going firm and approved appraisal program.
(ii) in the event of a Discovery of Non-Associated Natural Gas, for a term equal to two (2) years, renewable for an equivalent period by the Minister in charge of Hydrocarbons if the CONTRACTOR establishes that an additional extension is necessary for it to find commercial outlets sufficient for a profitable exploitation of the reservoir and to complete on-going negotiations with the STATE on the special terms for development and Exploitation of Natural Gas according to the provisions set forth in Article 22.3.1 of this Contract.
Exploration Phase geological, geophysical and/or geochemical studies; - surface geology; - seismic, gravimetric or magnetometric acquisition work; - processing and reprocessing of seismic data as well as its subsequent interpretation; - planned laboratory analyses; - the Drilling operations planned (by number of xxxxx, rig months, metres drilled and cost); - necessary logistical support (by cost ); - professional training programme for Cameroonian nationals other than those employed by the CONTRACTOR ; - other.
Exploration Phase. 6.1 During the Exploration Phase : 1256/AAP/KJW 26/04/2004
6.1.1 Plateau shall spend the following Exploration Expenditure on the JV Area for and on behalf of the Joint Venture, namely :
6.1.1.1 during the first year, [R1 215 000,00 (ONE MILLION TWO HUNDRED AND FIFTEEN THOUSAND RAND)];
6.1.1.2 during the second year [R1 822 500,00 (ONE MILLION EIGHT HUNDRED AND TWENTY TWO THOUSAND AND FIVE HUNDRED RAND)];
6.1.1.3 during the third year, [R2 430 000,00 (TWO MILLION FOUR HUNDRED AND THIRTY THOUSAND RAND)];
6.1.1.4 during the fourth year, [R3 105 000,00 (THREE MILLION ONE HUNDRED AND FIVE THOUSAND RAND)];
6.1.1.5 during the fifth year, [R3 780 000,00 (THREE MILLION SEVEN HUNDRED AND EIGHTY THOUSAND RAND)]; and shall maintain in force the Plateau Rights;
6.1.2 PPL shall maintain in force the PPL Rights; CIS/AAP/669 Page 38. 1256/AAP/KJW 26/04/2004
6.1.3 Plateau shall maintain in force its prospecting permit in terms of section 6 of the Act in respect of the Plateau Rights for the purposes of this Agreement and PPL shall maintain in force its mining authorisation in terms of section 9 of the Act in respect of, inter alia, the PPL Rights for the purposes of this Agreement;
6.1.4 this Agreement shall lapse at the end of any year of this Agreement if Plateau has not complied with its Exploration Expenditure commitments for any year of this Agreement as set out in clause 6.1.1 above;
6.1.5 in regard to the Exploration Expenditure referred to in clause 6.1.1 :
6.1.5.1 any Exploration Expenditure in excess of the amounts referred to in clause 6.1.1 in any year shall be carried forward as a credit to the following year or years;
6.1.5.2 the amounts in clause 6.1.1 are exclusive of value-added tax;
6.1.5.3 the Exploration Expenditure for year 1 (ONE) is committed by Plateau; CIS/AAP/669 Page 39 1256/AAP/KJW 26/04/2004
6.1.5.4 the Exploration Expenditure for years 2 (TWO), 3 (THREE), 4 (FOUR) and 5 (FIVE) are not committed but are at the discretion of Plateau. If it elects not to proceed to an ensuing year’s Exploration Expenditure, Plateau shall give PPL written notice of such election at least 60 (SIXTY) days prior to the end of the then current year of this Agreement;
6.1.5.5 Plateau shall furnish PPL with quarterly statements detailing Exploration Expenditure for the relevant quarter together with access to all documentation evidencing such expenditure and an annual audit certificate certifying the amount of such expenditure;
6.1.6 the activities of the Joint Venture...
Exploration Phase. 4.1.1 The initial period of the Exploration Phase shall be three (3) years starting from the Effective Date. In accordance with the 2nd paragraph of Section 28 (1) of the Petroleum Code, signature of this Contract constitutes the grant of an Exploration Authorisation.
Exploration Phase. With the exception of the following duties, royalties and the taxes, the Company is exempt from all other royalties, duties and taxes:
(A) FIXED DUTIES: - award or renewal 300 000 F CFA - transfer 000 000 X XXX - xxxxxxxxx 000 000 X XXX
(X) ANNUAL SURFACE RIGHTS: - first term of validity 100 F CFA/km(2) - second term of validity 200 F CFA/km(2) - third term of validity 400 F CFA/km(2) - extension 500 F CFA/km(2)
(C) VALUE ADDED TAX (VAT): The Value Added Tax (VAT) at the rate of nineteen per cent (19%) only on the provision of services associated with administrative operations.
(D) INCOME TAX PAYABLE BY EMPLOYEES: Income tax payable by employees with the exception of the Company's expatriate employees, whose activities are exclusively linked to the Agreement. Sub-contractors shall benefit from the same tax advantage for their expatriate employees in the same circumstances.
Exploration Phase. The Contractor must start Exploration activities from the time of the Effective Date.
Exploration Phase. 6.1 During the Exploration Phase :
6.1.1 the Participants shall spend sufficient Exploration Expenditure on the JV Area for and on behalf of the Joint Venture, in order for a Bankable Feasibility Study to be completed in respect of the JV Area, which Exploration Expenditure shall be borne by the Participants in accordance with their respective Participation Interests in the Joint Venture from time to time;
6.1.2 PTM shall contribute the AW Rights to the Joint Venture for no consideration;
6.1.3 AW shall contribute the AW Rights to the Joint Venture for no consideration;
6.1.4 the Participants shall procure the issue of a prospecting permit in terms of Section 6 of the Act (or equivalent right in terms of subsequent legislation) to the Participants in each of the Participants' names to the extent of their respective Participation Interests in the Joint Venture from time to time, in respect of the JV Area;
6.1.5 in regard to the Exploration Expenditure referred to in 6.1.1 the Manager shall furnish the Participants quarterly statements detailing Exploration Expenditure for the relevant quarter together with access to all documentation evidencing such expenditure and an annual audit certificate certifying the amount of such expenditure;
6.1.6 PTM's contribution to Exploration Expenditure of the Joint Venture may, at the election of PTM, be made in cash or services; AW's contribution to Exploration Expenditure shall also be made in cash and/or services;
6.1.7 the activities of the Joint Venture Project shall be to identify PGM extraction opportunities, exploration, and a pre-feasibility study leading to a Bankable Feasibility Study;
6.1.8 the Participants shall decide whether the Joint Venture shall proceed to a Bankable Feasibility Study in relation to the JV Area;
6.1.9 the Manager shall be obliged to submit for approval to the exploration committee referred to in 6.3 1 (ONE) year exploration Budgets;
6.1.10 the decision to proceed to the Exploitation Phase of the Joint Venture or not shall be taken by the Participants;
6.1.11 this Agreement shall constitute each Participant's written consent from time to time, in accordance with Section 6(1)(b) of the Act, to the other Participant to prospect for PGM's for its own account in, on and under the JV Area but only to the extent of the Participants' respective Participation Interests in the Joint Venture from time to time.
6.2 Should this Agreement be terminated or lapse without the Parties having commenced the E...
