Common use of Statements of Recovery of Costs and of Cost Recovery Petroleum Clause in Contracts

Statements of Recovery of Costs and of Cost Recovery Petroleum. CONTRACTOR shall, pursuant to Article VII of the Agreement, render to EGPC as promptly as practicable but not later than fifteen (15) days after receipt from Operating Company of the Statements for Development and Exploration Activity for the calendar quarter a Statement for that quarter showing: 1. Recoverable costs carried forward from the previous quarter, if any. 2. Recoverable costs incurred and paid during the quarter. 3. Total recoverable costs for the quarter (1) + (2). 4. Value of Cost Recovery Petroleum taken and separately disposed of by CONTRACTOR for the quarter. 5. Amount of costs recovered for the quarter. 6. Amount of recoverable costs carried into the succeeding quarter, if any. 7. Excess, if any, of the value of Cost Recovery Petroleum taken and separately disposed of by CONTRACTOR over costs recovered for the quarter. Pursuant to Article VII, EGPC shall audit and approve each Statement of Development and Exploration Activity submitted by the CONTRACTOR and the total production and pricing related to the relevant calendar quarter. Any comments made by EGPC shall be reflected by the CONTRACTOR on the statement produced for the next calendar quarter.

Statements of Recovery of Costs and of Cost Recovery Petroleum. CONTRACTOR shall, pursuant to Article VII VI of the Agreement, render to EGPC as promptly as practicable but not later than fifteen (15) days after receipt from Operating Company of the Statements for Development and Exploration Activity for the calendar quarter a Statement for that quarter showing: 1. Recoverable costs carried forward from the previous quarter, if any. 2. Recoverable costs incurred and paid during the quarter. 3. Total recoverable costs for the quarter (1) + (2). 4. Value of Cost Recovery Petroleum taken and separately disposed of by CONTRACTOR for the quarter. 5. Amount of costs recovered for the quarter. 6. Amount of recoverable costs carried into the succeeding quarter, if any. 7. Excess, if any, of the value of Cost Recovery Petroleum taken and separately disposed of by CONTRACTOR over costs recovered for the quarter. Pursuant to Article VIIVI, EGPC shall audit and approve each Statement of Development and Exploration Activity submitted by the CONTRACTOR and the total production and pricing related to the relevant calendar quarter. Any comments made by EGPC shall be reflected by the CONTRACTOR on the statement produced for the next calendar quarter.