Over expenditures of Work Programs and Budgets. (A) For expenditures on any line item of an approved Work Program and Budget, Operator shall be entitled to incur without further approve of the Parties an over expenditure for such line item up to ten percent (10%) of the authorized amount for such line item, provided that the cumulative total of all over expenditures for a Calendar Year shall not exceed five percent (5%) of the overall total Work Program and Budget.
(B) At such time that Operator is certain that the limits of Article 6.7(A) will be exceeded, Operator shall furnish a supplemental AFE for the estimated over expenditures and shall provide the Parties with full details of such over expenditures. Operator shall promptly give notice of the amounts of over expenditures when actually incurred or prior to such overages being incurred.
(C) The restrictions contained in this Article VI shall be without prejudice to Operator’s rights to make expenditures as set forth herein.
Over expenditures of Work Programs and Budgets. (a) No further approval of the Operating Committee will be required for an over expenditure for such line item up to ten per cent (10%) of the authorized amount for such line item; provided that the cumulative total of all over expenditures of the total Work Program and Budget for a Calendar Year shall be directed by the Nigerian National Petroleum Corporation (NNPC).
(b) At such time that the Joint Operating Team is certain that the limits of Article 7.7
(a) will be exceeded, the Joint Operating Team shall furnish a supplemental AFE for the estimated over expenditures to the Operating Committee for its approval and shall provide the Parties with full details of such over expenditures. The Joint Operating Team shall promptly give notice of the amounts of over expenditures when actually incurred.
(c) The restrictions contained in this Article 6 shall be without prejudice to the Joint Operating Team’s rights to make expenditures as set out in Article 5.2(c)(iv).
Over expenditures of Work Programs and Budgets. A For commitments and expenditures with respect to any line item of an approved Work Program and Budget, Operator shall be entitled to incur in connection with the corresponding Joint Operation without further approval of the Operating Committee a combined over-commitment and over-expenditure for such line item up to ten percent (10%) of the authorized amount for such line item; provided that the cumulative total of all over-commitments and over-expenditures for a Calendar Year shall not exceed five percent (5%) of the total annual Work Program and Budget in question.
Over expenditures of Work Programs and Budgets. (A) For expenditures on any line item of an approved Work Program and Budget, Operator shall be entitled to incur without further approval of the Operating Committee an over expenditure for such line item up to ten percent (10%) of the authorized amount for such line item; provided that the cumulative total of all over expenditures for a Calendar Year shall not exceed five percent (5%) of the total annual Work Program and Budget in question.
(B) At such time as Operator reasonably anticipates the limits of Article 6.8
(A) will be exceeded, Operator shall furnish to the Operating Committee a reasonably detailed estimate for the Operating Committee’s approval. The Work Program and Budget shall be revised accordingly and the over expenditures permitted in Article 6.8(A) shall be based on the revised Work Program and Budget. Operator shall promptly give notice of the amounts of over expenditures when actually incurred.
(C) The restrictions contained in this Article 6 shall be without prejudice to Operator’s rights to make expenditures for Urgent Operational Matters and measures set out in Article 13.5 without the Operating Committee’s approval provided that the Operator seeks ratification of such expenditure by the Operating Committee at the soonest possible time thereafter.
Over expenditures of Work Programs and Budgets. (a) For commitments and expenditures with respect to any line item of an approved Work Program and Budget and any associated AFE, Operator shall be entitled to incur in connection with the corresponding Joint Operation without further approval of the Operating Committee a combined over-commitment and over-expenditure for such line item up to 10 per cent of the authorized amount for such line item; provided that the cumulative total of all over-commitments and over-expenditures for a Financial Year shall not exceed ten per cent in relation to an AFE for a Proposed New Operation and five per cent of the total annual Work Program and Budget in question. Amending Deed – Joint Operating Agreement (Beetaloo JV) 58
(b) At such time Operator reasonably anticipates that the total amount of the commitments and expenditures actually incurred plus the commitments to be incurred with respect to such line item exceeds the limits of clause 6.9(a), Operator shall furnish to the Operating Committee a supplemental AFE setting out Operator’s reasonably detailed estimate of the total commitments and expenditures required to carry out the Joint Operation corresponding to such line item, together with supporting information.
(c) If the Operating Committee approves such supplemental AFE, the Work Program and Budget shall be revised accordingly and the over-commitments and/or over-expenditures permitted in clause 6.9(a) shall be based on the revised Work Program and Budget.
(d) The requirements contained in this clause 6 shall be without prejudice to Operator’s rights and duties to make immediate expenditures, incur commitments and/or take actions for emergencies under clause 4.2(b)(xiv), provided that Operator shall promptly report the particulars of the emergency to the Parties, together with the future actions it intends to take and its estimate of the cost of expenditures and commitments incurred or to be incurred. As soon as practicable, Operator shall submit any necessary budget revision concerning such emergencies to the Operating Committee for approval and incorporation into the relevant Work Program and Budget.
