Common use of Payments and Advances Clause in Contracts

Payments and Advances. 1.6.1 Upon approval of any Work Program, Budget and AFE, if Operator so requests, each Party shall advance its share of estimated cash requirements or pledge its share from the succeeding month’s operations. Each such cash call shall be equal to the Operator’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 quarter concerned. The 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 one (1) month. 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 fifteen (15) Days before the payment due date. The due date for payment of such advances shall be set by 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. 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 Operator on or before the due date, in US dollars or Cedi from the Project Account at the bank designated by Operator. For all payments made by the Operator in currencies other than US dollars, or Cedi the Operator shall request payment from the Parties in US 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 Section 1.6.2, should Operator be required to pay any sums of money for the Operations which were unforeseen at the time of providing the Parties with said estimates of its requirements, 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. 1.6.5 If a is Party’s advances exceed its share of expenditures, the next succeeding cash advance requirements, after such determination, shall be reduced accordingly. A Party may request that its excess advances be refunded. Operator shall make such refund or a credit to the parties within ten (10) Days after receipt of the Party’s request provided that the amount is in excess of $200,000. The Operator will make best endeavors to place surplus funds in an interest-bearing bank account.

Payments and Advances. 1.6.1 Upon approval of any Work ProgramProgramme, Budget and AFE, if Operator so requests, each Party shall advance its share of estimated cash requirements or pledge its share from for the succeeding month’s operations. Each such cash call shall be equal to the Operator’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 quarter month concerned. The 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 one two (12) monthmonths. 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 fifteen (15) Days before the payment due date. The due date for payment of such advances shall be set by 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 Non-Operator shall be borne by that Non-Operator. 1.6.3 Each Party shall wire transfer its it share or agree to allow its share to be debited of the full amount of each such cash call to Operator on or before the due date, in US dollars or Cedi from the Project Account at the a bank designated by Operator. For all payments made by the Operator in currencies other than US dollars, or Cedi the Operator shall request payment from the Parties in US 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 Section 1.6.2, should 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, 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. 1.6.5 If a is PartyNon-Operator’s advances exceed its share of expenditures, the next succeeding cash advance requirements, after such determination, shall be reduced accordingly. A Party may request that its excess advances be refunded. Operator shall make such refund or a credit to the parties within ten (10) Days after receipt of the Party’s request provided that the amount is in excess of $200,000US$500,000. The Operator will make best endeavors endeavours to place surplus funds in an interest-interest bearing bank account.

Payments and Advances. 1.6.1 Upon approval of any Work Program, Budget and AFE, if Operator so requests, each Party shall advance its share of estimated cash requirements or pledge its share from the succeeding month’s operations. Each such cash call shall be equal to the Operator’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 quarter concerned. The 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 one (1) month. 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 fifteen (15) Days before the payment due date. The due date for payment of such advances shall be set by 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. 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 Operator on or before the due date, in US dollars or Cedi from the Project Account at the bank designated by Operator. For all payments made by the Operator in currencies other than US dollars, or Cedi the Operator shall request payment from the Parties in US 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 Section 1.6.2, should Operator be required to pay any sums of money for the Operations which were unforeseen at the time of providing the Parties with said estimates of its requirements, 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. 1.6.5 If a is Party’s advances exceed its share of expenditures, the next succeeding cash advance requirements, after such determination, shall be reduced accordingly. A Party may request that its excess advances be refunded. Operator shall make such refund or a credit to the parties within ten (10) Days after receipt of the Party’s request provided that the amount is in excess of $US$200,000. The Operator will make best endeavors to place surplus funds in an interest-bearing bank account.

Payments and Advances. 1.6.1 Upon approval of any Work ProgramProgramme, Budget and AFE, if Operator so requests, each Party shall advance its share of estimated cash requirements or pledge its share from for the succeeding month’s operations. Each such cash call shall be equal to the Operator’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 quarter month concerned. The 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 one two (12) monthmonths. 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 fifteen (15) Days before the payment due date. The due date for payment of such advances shall be set by 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 Non-Operator shall be borne by that Non-Operator. 1.6.3 Each Party shall wire transfer its it share or agree to allow its share to be debited of the full amount of each such cash call to Operator on or before the due date, in US dollars or Cedi from the Project Account at the a bank designated by Operator. For all payments made by the Operator in currencies other than US dollars, or Cedi the Operator shall request payment from the Parties in US 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 Section 1.6.2, should 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, 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. 1.6.5 If a is PartyNon-Operator’s advances exceed its share of expenditures, the next succeeding cash advance requirements, after such determination, shall be reduced accordingly. A Party may request that its excess advances be refunded. Operator shall make such refund or a credit to the parties within ten (10) Days after receipt of the Party’s request provided that the amount is in excess of $200,000US$500,000. The Operator will make best endeavors endeavours to place surplus funds in an interest-interest bearing bank account.

Payments and Advances. 1.6.1 Upon approval of any Work Program, Budget and AFE, if Operator so requests, AFE each Party shall advance its share Paying Share of estimated cash requirements or pledge its share from for the succeeding month’s operations. Each such cash call shall be equal to the OperatorJoint 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 quarter month concerned. The Operator Joint Operating Team 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 one two (12) monthmonths. 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 fifteen ten (1510) Days before the payment due date. The due date for payment of such advances shall be set by Operator 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 or agree to allow its share to be debited of the full amount of each such cash call to Operator the Joint Account on or before the due date, in US dollars or Cedi from Dollars to an account which is wholly and exclusively maintained for the Project Account receipt and payment of monies relating to Joint Operations at the bank designated by Operatora properly constituted internationally reputable bank. For all payments made by the Operator in currencies other than US dollarsDollars, or Cedi the Operator Joint Operating Team shall request payment from the Parties in US dollarsDollars. 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 1.6.2I, should Operator be required 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, Operator 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 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. Operator The Joint Operating Team shall make such refund or a credit to the parties within ten (10) Days after receipt of the Party’s request provided that the amount is in excess of $200,000request. The Operator Joint Operating Team will make best endeavors to place surplus funds in an interest-interest bearing bank accountaccount 1.