Preparation of Programmes and Budgets Clause Samples

Preparation of Programmes and Budgets. The Operator shall, not less than one month prior to the Annual Budget Meeting (which shall be held annually in December as provided in Clause 8.6 of the Agreement), prepare and submit to the relevant Committee for recommendation to the boards of directors of the Participants for the next ensuing Budgetary Period separate proposed Programmes and Budgets for Exploration and for Development and Mining. Any Programme which includes the undertaking of an Approved Expansion Project (or the relevant part of it) shall be based upon the programme for implementation thereof contained in the Feasibility Study relating thereto. Each Programme and/or Budget, as proposed and approved, shall contain, as appropriate, a breakdown on a quarterly basis of the following: (a) a reasonably detailed description of the Joint Operations to be undertaken with respect to each of ▇▇▇▇▇▇▇▇ ▇▇▇▇ ▇▇▇▇▇ ▇ ▇▇▇ ▇▇▇▇▇▇▇▇ ▇▇▇▇ ▇▇▇▇▇ ▇; (b) an itemised estimate of the Capital Costs and Operating Costs to be incurred, distinguishing between Replacement Capital Costs and new Capital Costs and between Exploration and Development and Mining and between ▇▇▇▇▇▇▇▇ ▇▇▇▇ ▇▇▇▇▇ ▇ ▇▇▇ ▇▇▇▇▇▇▇▇ ▇▇▇▇ ▇▇▇▇▇ ▇; (c) itemised schedules of estimated production of Products; (d) itemised estimates of revenues; (e) estimates of the amounts and timing of expected cash requirements from the Participants; and (f) such other items as the Operator may deem necessary or desirable or as either Participant may reasonably require.