Common use of Initial Exploration Period Clause in Contracts

Initial Exploration Period. (i) Minimum exploration work (To be specified in detail) (ii) Minimum exploration expenditure The amount to be specified here should: (a) reflect the minimum amount to be spent in completing the minimum exploration work in (i) above but excluding the cost of residential and office accommodation, annual charges payable under clause 13.1(b) and the annual sum to be spent pursuant to clause 22.3; (b) be an amount expressed in constant price terms at price levels pertaining on the date of signature.

Initial Exploration Period. (i) Minimum exploration work (To be specified in detail) (ii) Minimum exploration expenditure The amount to be specified here should: (a) : reflect the minimum amount to be spent in completing the minimum exploration work in (i) above but excluding the cost of residential and office accommodation, annual charges payable under clause 13.1(b) and the annual sum to be spent pursuant to clause 22.3; (b) ; be an amount expressed in constant price terms at price levels pertaining on the date of signature.