Common use of Exploration Programmes and Budgets Clause in Contracts

Exploration Programmes and Budgets. The Operator shall submit to each of the Parties not later than September 1st of each Year a proposed exploration Programme and Budget for the following Year, and forecasts for the next following three (3) Years and for planning purposes estimates for the remaining exploration period if any. The Operating Committee shall meet to consider such exploration Programme and Budget and to make such revisions thereto as may be agreed as soon as practicable but in any event not later than November 1st. Not later than December 1st the Operating Committee shall approve an exploration Programme and Budget for the following Year and consider the forecasts for the next following three (3) Years.

Exploration Programmes and Budgets. The Operator shall submit to each of the Parties not later than September 1st of each Year a proposed exploration explora­tion Programme and Budget for the following Year, and forecasts for the next following three (3) Years and for planning purposes estimates for the remaining exploration period if any. The Operating Opera­ting Committee shall meet to consider such exploration Programme and Budget and to make such revisions thereto as may be agreed as soon as practicable but in any event not later than November 1st. Not later than December 1st the Operating Opera­ting Committee shall approve an exploration Programme and Budget for the following Year and consider the forecasts fore­casts for the next following three (3) Years.