Common use of STATEMENT OF EXPENDITURES AND RECEIPTS Clause in Contracts

STATEMENT OF EXPENDITURES AND RECEIPTS. 9.1 Subsequent to the Date of Commencement of Commercial Production from the Contract Area, Contractor shall prepare with respect to each Quarter a Statement of Expenditures and Receipts. The Statement will distinguish between Exploration Expenditure and Development Expenditure and Production Expenditure and will identify major items of expenditure within these categories. The statement will show the following: a) actual expenditures and receipts for the Quarter in question; b) cumulative expenditure and receipts for the budget year in question; c) latest forecast of cumulative expenditures at the year end; and d) variations between budget forecast and latest forecast and explanations therefor. 9.2 The Statement of Expenditures and Receipts of each Quarter shall be submitted to GNPC not later than thirty (30) days after the end of such Quarter for provisional approval by GNPC.

STATEMENT OF EXPENDITURES AND RECEIPTS. 9.1 8.1 Subsequent to the Date of Commencement of Commercial Production from the Contract Area, Contractor Licensee shall prepare with respect to each Quarter a Statement of Expenditures and Receipts. The Statement will distinguish between Exploration Expenditure and Development Expenditure and Production Expenditure and will identify major items of expenditure within these categories. The statement will show the following: a) actual expenditures and receipts for the Quarter in question; b) cumulative expenditure and receipts for the budget year in question; c) latest forecast of cumulative expenditures at the year end; and d) variations between budget forecast and latest forecast and explanations therefortherefore. 9.2 8.2 The Statement of Expenditures and Receipts of each Calendar Quarter shall be submitted to GNPC the Director General not later than thirty forty-five (3045) days after the end of such Quarter for provisional approval by GNPCthe Director General.

STATEMENT OF EXPENDITURES AND RECEIPTS. 9.1 Subsequent to the Date of Commencement of Commercial Production from the Contract Area, Contractor shall prepare with respect to each Quarter a Statement of Expenditures and Receipts. The Statement will distinguish between Exploration Expenditure and Development Expenditure and Production Expenditure and will identify major items of expenditure within these categories. The statement will show the following: a) actual expenditures and receipts for the Quarter in question; b) cumulative expenditure and receipts for the budget year in question; c) latest forecast of cumulative expenditures at the year end; and d) variations between budget forecast and latest forecast and explanations therefor. 9.2 The Statement of Expenditures and Receipts of each Calendar Quarter shall be submitted to GNPC not later than thirty forty-five (3045) days after the end of such Quarter for provisional approval by GNPC.