Common use of Payments and Advances Clause in Contracts

Payments and Advances. 1.6.1 Upon approval of any Work Program, Budget and AFE each Party shall advance its Paying Share of estimated cash requirements for the succeeding month’s operations. Each such cash call shall be equal to the Joint Operating Team’s estimate of the money to be spent in the currencies required to perform its duties under the approved Work Program and Budget during the month concerned. The Joint Operating Team may determine that the cash to be called for a month may be paid in separate amounts within the month. For information purposes the cash call shall contain an estimate of the funds required for the succeeding two (2) months. 1.6.2 Each such cash call, detailed by major budget categories and AFE, shall be made in writing and delivered to all Parties not less than ten (10) Days before the payment due date. The due date for payment of such advances shall be set by the Joint Operating Team but shall be no sooner than the first Business Day of the month for which the advances are required. All advances shall be made without bank charges. Any charges related to receipt of advances from a Party shall be borne by that Party. 1.6.3 Each Party shall wire transfer its share of the full amount of each such cash call to the Joint Account on or before the due date, in Dollars to an account which is wholly and exclusively maintained for the receipt and payment of monies relating to Joint Operations at a properly constituted internationally reputable bank. For all payments made in currencies other than Dollars, the Joint Operating Team shall request payment from the Parties in Dollars. It is the intent that none of the Parties shall experience an exchange gain or loss at the expense of, or to the benefit of, the other Parties. 1.6.4 Notwithstanding the provisions of Clause 1.6.2 of this Section I, should it prove necessary to pay any sums of money for the Joint Operations which were unforeseen at the time of providing the Parties with said estimates of its requirements, the Joint Operating Team may make a written request of the Parties for special advances covering the Parties’ share of such payments. Each such Party shall make its proportional special advances within ten (10) Days after receipt of such notice. However, the Joint Operating Team shall make all efforts to avoid such special advances. 1.6.5 If a Party’s advances exceed its share of cash expenditures, the next succeeding cash advance requirements, after such determination, shall be reduced accordingly. A Party may request that its excess advances be refunded. The Joint Operating Team shall make such refund within ten (10) Days after receipt of the Party’s request. The Joint Operating Team will make best endeavors to place surplus funds in an interest bearing bank account 1.

Payments and Advances. 1.6.1 Upon approval of any Work Program, Budget and AFE AFE, if Operator so requests, each Party shall advance its Paying Share share of estimated cash requirements for or pledge its share from the succeeding month’s operations. Each such cash call shall be equal to the Joint Operating TeamOperator’s estimate of the money to be spent in the currencies required to perform its duties under the approved Work Program and Budget during the month quarter concerned. The Joint Operating Team Operator may determine that the cash to be called for a month may be paid in separate amounts within the month, if applicable. For information purposes the cash call shall contain an estimate of the funds required for the succeeding two one (21) monthsmonth. 1.6.2 Each such cash call, detailed by major budget categories and AFE, AFE shall be made in writing and delivered to all Parties not less than ten fifteen (1015) Days before the payment due date. The due date for payment of such advances shall be set by the Joint Operating Team Operator but shall be no sooner than the first Business Day of the month for which the advances are required. All advances shall be made without bank charges. Any charges related to receipt of advances from a Party shall be borne by that Party. 1.6.3 Each Party shall wire transfer its share or agree to allow its share to be debited of the full amount of each such cash call to the Joint Account Operator on or before the due date, in Dollars to an account which is wholly and exclusively maintained for US dollars or Cedi from the receipt and payment of monies relating to Joint Operations Project Account at a properly constituted internationally reputable bankthe bank designated by Operator. For all payments made by the Operator in currencies other than DollarsUS dollars, or Cedi the Joint Operating Team Operator shall request payment from the Parties in DollarsUS dollars. It is the intent that none of the Parties shall experience an exchange gain or loss at the expense of, or to the benefit of, the other Parties. 1.6.4 Notwithstanding the provisions of Clause 1.6.2 of this Section I1.6.2, should it prove necessary Operator be required to pay any sums of money for the Joint Operations which were unforeseen at the time of providing the Parties with said estimates of its requirements, the Joint Operating Team Operator may make a written request of the Parties for special advances covering the Parties’ share of such payments. Each such Party shall make its proportional special advances within ten (10) Days after receipt of such notice. However, the Joint Operating Team shall make all efforts to avoid such special advances. 1.6.5 If a is Party’s advances exceed its share of cash expenditures, the next succeeding cash advance requirements, after such determination, shall be reduced accordingly. A Party may request that its excess advances be refunded. The Joint Operating Team Operator shall make such refund or a credit to the parties within ten (10) Days after receipt of the Party’s requestrequest provided that the amount is in excess of $200,000. The Joint Operating Team Operator will make best endeavors to place surplus funds in an interest interest-bearing bank account 1account.

Payments and Advances. 1.6.1 Upon approval of any Work Program, Budget and AFE AFE, if Operator so requests, each Party shall advance its Paying Share share of estimated cash requirements for or pledge its share from the succeeding month’s operations. Each such cash call shall be equal to the Joint Operating TeamOperator’s estimate of the money to be spent in the currencies required to perform its duties under the approved Work Program and Budget during the month quarter concerned. The Joint Operating Team Operator may determine that the cash to be called for a month may be paid in separate amounts within the month, if applicable. For information purposes the cash call shall contain an estimate of the funds required for the succeeding two one (21) monthsmonth. 1.6.2 Each such cash call, detailed by major budget categories and AFE, AFE shall be made in writing and delivered to all Parties not less than ten fifteen (1015) Days before the payment due date. The due date for payment of such advances shall be set by the Joint Operating Team Operator but shall be no sooner than the first Business Day of the month for which the advances are required. All advances shall be made without bank charges. Any charges related to receipt of advances from a Party shall be borne by that Party. 1.6.3 Each Party shall wire transfer its share or agree to allow its share to be debited of the full amount of each such cash call to the Joint Account Operator on or before the due date, in Dollars to an account which is wholly and exclusively maintained for US dollars or Cedi from the receipt and payment of monies relating to Joint Operations Project Account at a properly constituted internationally reputable bankthe bank designated by Operator. For all payments made by the Operator in currencies other than DollarsUS dollars, or Cedi the Joint Operating Team Operator shall request payment from the Parties in DollarsUS dollars. It is the intent that none of the Parties shall experience an exchange gain or loss at the expense of, or to the benefit of, the other Parties. 1.6.4 Notwithstanding the provisions of Clause 1.6.2 of this Section I1.6.2, should it prove necessary Operator be required to pay any sums of money for the Joint Operations which were unforeseen at the time of providing the Parties with said estimates of its requirements, the Joint Operating Team Operator may make a written request of the Parties for special advances covering the Parties’ share of such payments. Each such Party shall make its proportional special advances within ten (10) Days after receipt of such notice. However, the Joint Operating Team shall make all efforts to avoid such special advances. 1.6.5 If a is Party’s advances exceed its share of cash expenditures, the next succeeding cash advance requirements, after such determination, shall be reduced accordingly. A Party may request that its excess advances be refunded. The Joint Operating Team Operator shall make such refund or a credit to the parties within ten (10) Days after receipt of the Party’s requestrequest provided that the amount is in excess of US$200,000. The Joint Operating Team Operator will make best endeavors to place surplus funds in an interest interest-bearing bank account 1account.

Payments and Advances. 1.6.1 Upon approval of any Work ProgramProgramme, Budget and AFE AFE, if Operator so requests, each Party shall advance its Paying Share share of estimated cash requirements for the succeeding month’s operations. Each such cash call shall be equal to the Joint Operating TeamOperator’s estimate of the money to be spent in the currencies required to perform its duties under the approved Work Program Programme and Budget during the month concerned. The Joint Operating Team Operator may determine that the cash to be called for a month may be paid in separate amounts within the month. For information purposes the cash call shall contain an estimate of the funds required for the succeeding two (2) months. 1.6.2 Each such cash call, detailed by major budget categories and AFE, AFE shall be made in writing and delivered to all Parties not less than ten fifteen (1015) Days before the payment due date. The due date for payment of such advances shall be set by the Joint Operating Team Operator but shall be no sooner than the first Business Day of the month for which the advances are required. All advances shall be made without bank charges. Any charges related to receipt of advances from a Party Non-Operator shall be borne by that PartyNon-Operator. 1.6.3 Each Party shall wire transfer its it share of the full amount of each such cash call to the Joint Account Operator on or before the due date, in Dollars to an account which is wholly and exclusively maintained for the receipt and payment of monies relating to Joint Operations US dollars at a properly constituted internationally reputable bankbank designated by Operator. For all payments made by the Operator in currencies other than DollarsUS dollars, the Joint Operating Team Operator shall request payment from the Parties in DollarsUS dollars. It is the intent that none of the Parties shall experience an exchange gain or loss at the expense of, or to the benefit of, the other Parties. If currency provided by a Non-Operator is other than US Dollars, then the entire 67 cost of converting to US Dollars shall be borne by the Non-Operator. 1.6.4 Notwithstanding the provisions of Clause 1.6.2 of this Section I1.6.2, should it prove necessary Operator be required to pay any sums of money for the Joint Operations which were unforeseen at the time of providing the Parties with said estimates of its requirements, the Joint Operating Team Operator may make a written request of the Parties for special advances covering the Parties’ share of such payments. Each such Party shall make its proportional special advances within ten (10) Days after receipt of such notice. However, the Joint Operating Team shall make all efforts to avoid such special advances. 1.6.5 If a PartyNon-Operator’s advances exceed its share of cash expenditures, the next succeeding cash advance requirements, after such determination, shall be reduced accordingly. A Party may request that its excess advances be refunded. The Joint Operating Team Operator shall make such refund within ten (10) Days after receipt of the Party’s requestrequest provided that the amount is in excess of US$500,000. The Joint Operating Team Operator will make best endeavors endeavours to place surplus funds in an interest bearing bank account 1account.

Payments and Advances. 1.6.1 Upon approval of any Work ProgramProgramme, Budget and AFE AFE, if Operator so requests, each Party shall advance its Paying Share share of estimated cash requirements for the succeeding month’s operations. Each such cash call shall be equal to the Joint Operating TeamOperator’s estimate of the money to be spent in the currencies required to perform its duties under the approved Work Program Programme and Budget during the month concerned. The Joint Operating Team Operator may determine that the cash to be called for a month may be paid in separate amounts within the month. For information purposes the cash call shall contain an estimate of the funds required for the succeeding two (2) months. 1.6.2 Each such cash call, detailed by major budget categories and AFE, AFE shall be made in writing and delivered to all Parties not less than ten fifteen (1015) Days before the payment due date. The due date for payment of such advances shall be set by the Joint Operating Team Operator but shall be no sooner than the first Business Day of the month for which the advances are required. All advances shall be made without bank charges. Any charges related to receipt of advances from a Party Non-Operator shall be borne by that PartyNon-Operator. 1.6.3 Each Party shall wire transfer its it share of the full amount of each such cash call to the Joint Account Operator on or before the due date, in Dollars to an account which is wholly and exclusively maintained for the receipt and payment of monies relating to Joint Operations US dollars at a properly constituted internationally reputable bankbank designated by Operator. For all payments made by the Operator in currencies other than DollarsUS dollars, the Joint Operating Team Operator shall request payment from the Parties in DollarsUS dollars. It is the intent that none of the Parties shall experience an exchange gain or loss at the expense of, or to the benefit of, the other Parties. If currency provided by a Non-Operator is other than US Dollars, then the entire cost of converting to US Dollars shall be borne by the Non-Operator. 1.6.4 Notwithstanding the provisions of Clause 1.6.2 of this Section I1.6.2, should it prove necessary Operator be required to pay any sums of money for the Joint Operations which were unforeseen at the time of providing the Parties with said estimates of its requirements, the Joint Operating Team Operator may make a written request of the Parties for special advances covering the Parties’ share of such payments. Each such Party shall make its proportional special advances within ten (10) Days after receipt of such notice. However, the Joint Operating Team shall make all efforts to avoid such special advances. 1.6.5 If a PartyNon-Operator’s advances exceed its share of cash expenditures, the next succeeding cash advance requirements, after such determination, shall be reduced accordingly. A Party may request that its excess advances be refunded. The Joint Operating Team Operator shall make such refund within ten (10) Days after receipt of the Party’s requestrequest provided that the amount is in excess of US$500,000. The Joint Operating Team Operator will make best endeavors endeavours to place surplus funds in an interest bearing bank account 1account.