Common use of LONG RANGE PLAN AND FORECAST Clause in Contracts

LONG RANGE PLAN AND FORECAST. 31.22.1 Licensee shall prepare and submit to the Director General the following: a) Estimated Exploration Costs showing outlays for each of the years or the number of years agreed and covered by the Plan. b) Details of seismic operations for each such year, c) Details of drilling activities planned for each such year; d) Details of infrastructure utilization and requirements. 31.22.2 The Exploration Plan shall be revised on each anniversary of the Effective Date. Licensee shall prepare and submit to the Director General the first Exploration Plan for the Initial Exploration Period of two (2) years within sixty (60) days of the Effective Date and thereafter shall prepare and submit to The Director General no later than forty-five (45) days before each anniversary of the Effective Date a revised Exploration Plan. a) In the event of a Development Plan being approved, the Licensee shall prepare a Development Forecast for each calendar year of the Development Period, which shall contain the following information: i. forecast of the capital expenditure portions of Development and Production expenditures for each Calendar Year of the Development Period; ii. forecast of operating costs for each Calendar Year; iii. forecast of Petroleum production for each Calendar Year; iv. description of main technologies employed; and b) The Development forecast shall be revised at the beginning of each Calendar Year commencing as of the second year of the first Development forecast. Licensee shall prepare and submit to the Director General the first Development forecast within one hundred and twenty (120) days of the date when the first Development Plan is approved by the Director General no later than forty-five (45) days before each Calendar Year commencing as of the second year of the first Development forecast.

LONG RANGE PLAN AND FORECAST. 31.22.1 Licensee 12.1 Contractor shall prepare and submit to the Director General GNPC the following: a) During Exploration Period, an Exploration Plan for each year commencing as of the Effective Date which shall contain the following information: i) Estimated Exploration Costs showing outlays for each of the years or the number of years agreed and covered by the Plan.; bii) Details of seismic operations for each such year,; ciii) Details of drilling activities planned for each such year; div) Details of infrastructure utilization utilisation and requirements. 31.22.2 . The Exploration Plan shall be revised on each anniversary of the Effective Date. Licensee Contractor shall prepare and submit to the Director General GNPC the first Exploration Plan for the First Subperiod of twelve months of the Initial Exploration Period of two (2) years within sixty (60) days of after the Effective Date and thereafter shall prepare and submit to The Director General GNPC no later than forty-forty five (45) days before each anniversary of the Effective Date a revised Exploration Plan. ab) In the event of a Development Plan being approved, the Licensee Contractor shall prepare a Development Forecast for each calendar year Calendar Year of the Development Period, which shall contain the following information: i. i) forecast of the capital expenditure portions of Development and Production expenditures for each Calendar Year of the Development Period; ii. ) forecast of operating costs for each Calendar Year; iii. ) forecast of Petroleum production for each Calendar Year; iv. ) forecast of number and types of personnel employed in the Petroleum Operations in the Republic of Ghana; v) description of proposed Petroleum marketing arrangements; vi) description of main technologies employed; and bvii) description of the working relationship of Contractor to GNPC. c) The Development forecast shall be revised at the beginning of each Calendar Year commencing as of the second year of the first Development forecast. Licensee forecast Contractor shall prepare and submit to the Director General GNPC the first Development forecast within one hundred and twenty (120) days of the date when the first Development Plan is approved by the Director General Minister and Contractor commences the implementation of such plan and thereafter shall prepare and submit a revised Development Forecast to GNPC no later than forty-five thirty (4530) days before each Calendar Year commencing as of the second year of the first Development forecast.