WORK PROGRAM AND EXPENDITURES. 4.1 CONTRACTOR shall commence Petroleum Operations hereunder not later than ninety (90) calendar days after the Effective Date.
4.2 CONTRACTOR shall be entitled to employ any person qualified, in the judgment of CONTRACTOR, to undertake on its behalf such geological and geophysical surveys, drillings or similar investigations as it may decide. Any subcontractor retained by CONTRACTOR shall have the necessary professional experience to perform the task assigned and shall be required, by written agreement with CONTRACTOR, to abide by all relevant terms of this Contract and all applicable laws and regulations of the Republic of Equatorial Guinea. CONTRACTOR within thirty (30) calendar years and shall advise the MINISTRY of the name and address of any subcontractor retained.
4.3 During the first five (5) Contract Years, CONTRACTOR agrees to perform the following minimum Work Program:
WORK PROGRAM AND EXPENDITURES. 4.1. The contract operator shall commence petroleum operations not later than six (6) months after the effective date.
4.2. The amount of exploration work to be undertaken by the contract operator pursuant to the terms of this contract during the first six (6) years following the effective date shall, subject to any negotiated change to the exploration work program and expenditures for contract years four (4) to six (6), be at least that specified for each of these six (6) years as follows:[9] Data Review Seismic Surveys Xxxxx Expenditure US$ Kms No. US$ First Contract Year Second Contract Year Third Contract Year Fourth Contract Year Fifth Contract Year Sixth Contract Year
4.3. If the contract is still in force after the sixth contract year, the Joint Authority and the contract operator shall agree to an exploration work program and expenditures for those subsequent contract years.
4.4. The Joint Authority and the contract operator may negotiate a change to the exploration work program and exp enditures covering contract years four (4) to ten (10), provided the changes are made at least three (3) months prior to the beginning of the contract year affected by the changes. No changes will be made to the exploration work program and expenditures for contract years one (1) to three (3).[10]
4.5. If during:
a) the first three (3) contract years the contract operator completes less than the amount of exploration work required to be completed during those years, the Joint Authority shall terminate the contract;
WORK PROGRAM AND EXPENDITURES. 4.1 The contract operator shall continue with petroleum activities being carried out on the effective date. The Designated Authority and the contract operator shall agree to an exploration work program and expenditures for each contract year.
4.2 paragraph deliberately omitted] [4.3 – paragraph deliberately omitted] [4.4 – paragraph deliberately omitted] [4.5 – paragraph deliberately omitted] [4.6 – paragraph deliberately omitted]
WORK PROGRAM AND EXPENDITURES. The contract operator shall commence petroleum operations not later than six (6) months after the effective date. The amount of exploration work to be undertaken by the contract operator pursuant to the terms of this contract during the first six (6) years following the effective date shall, subject to any negotiated change to the exploration work program and expenditures for contract years four (4) to six (6), be at least that specified for each of these six (6) years as follows: 9 Data Review Seismic Surveys Xxxxx Expenditure US$ Kms No. US$ First Contract Year Second Contract Year Third Contract Year Fourth Contract Year Fifth Contract Year Sixth Contract Year If the contract is still in force after the sixth contract year, the Joint Authority and the contract operator shall agree to an exploration work program and expenditures for those subsequent contract years. The Joint Authority and the contract operator may negotiate a change to the exploration work program and expenditures covering contract years four (4) to ten (10), provided the changes are made at least three (3) months prior to the beginning of the contract year affected by the changes. No changes will be made to the exploration work program and expenditures for contract years one (1) to three (3). If during: the first three (3) contract years the contract operator completes less than the amount of exploration work required to be completed during those years, the Joint Authority shall terminate the contract; any of the contract years four (4) to ten (10) the contract operator completes less than the amount of exploration work required within that year, the Joint Authority may terminate the contract and, if the contract is not terminated, the Joint Authority shall require the completion of that work in the following contract year; or any contract year the contract operator completes more than the amount of exploration work required to be completed by the end of that year, the excess shall be counted towards meeting the exploration work obligations of the contract operator during succeeding contract years. For the purpose of subsection 5 of this Section, the Joint Authority, in determining whether the contract operator has completed the exploration work required to be completed in the first three (3) contract years, and in later contract years if work commitments are specified, shall have regard to the actual physical work completed, and not the estimates of expenditure. Where work commitments ...
WORK PROGRAM AND EXPENDITURES. 4.1 CONTRACTOR shall commence Petroleum Operations hereunder not later than six (6) months after the Effective Date.
4.2 The amount to be spent and the Work Program to be carried out by the CONTRACTOR in conducting exploration operations pursuant to the terms of this Contract during the first six (6) Contract Years and in conducting Petroleum Operations pursuant to the terms of this Contract during the next four (4) Contract Years following the Effective Date shall in the aggregate be not less than hereafter specified for each of these ten (10) Contract Years as follows: First G&G Studies Five Hundred Thousand United States Dollars (US$500,000) Second Seismic Reprocessing Five Hundred Thousand United States Dollars (US$500,000) Third Drill Two Xxxxx Six Million United States Dollars (US$6,000,000) Fourth G&G Studies One Million United States Dollars (US$1,000,000) Xxxxx Xxxxx Xxx Xxxx Xxxx Xxxxxxx Xxxxxx Xxxxxx Dollars (US$5,000,000) Sixth Shoot 300Mn Seismic Three Million Seven Hundred Fifty Thousand United States Dollars (US$3,750,000) Seventh Drill One Well Five Million Two Hundred Fifty Thousand United States Dollars (US$5,250,000) Eighth Evaluate Well Results One Million United States Dollars (US$1,000,000) Ninth G&G Studies One Million United States Dollars (US$1,000,000) Tenth G&G Studies One Million United States Dollars (US$1,000,000) Total Twenty Five Million United States Dollars (US$25,000,000) CONTRACTOR shall carry out Petroleum Operations during the first three (3) Contract Years, during which period CONTRACTOR shall spend at least Seven Million United States Dollars (US$ 7,000,000), called the firm commitment. If during any Contract Year CONTRACTOR should spend less than the amount of money required to be so expended, an amount equal to such under expenditure may, with PERTAMINA’s consent, be carried forward and added to the amount to be expended in the following Contract Year without prejudice to CONTRACTOR’s rights hereunder. If during any Contract Year CONTRACTOR should expend more than the amount of money required to be so expended, the excess may be subtracted from the amount of money to be so expended by CONTRACTOR during the succeeding Contract Years.
4.3 At least three (3) months prior to the beginning of each Calendar Year or at such other time as may otherwise be mutually agreed to by the Parties, CONTRACTOR shall prepare and submit for approval to PERTAMINA a Work Program and Budget of Operating Costs for the Contract Area settin...
WORK PROGRAM AND EXPENDITURES. 4.1 The OPERATOR, within one (1) year from the award of the Contract shall secure a Certificate of Non-Coverage from the DENR and Certification Precondition (for Exploration Phase) from the NCIP.
4.2 Before the commencement of Coal development and production activities, the OPERATOR shall secure an ECC from the DENR and Certification Precondition (for Development and Production Phase) from the NCIP.
4.3 The OPERATOR shall be obliged to spend not less than
WORK PROGRAM AND EXPENDITURES. 4.1. The Parties shall Commence Petroleum Operations hereunder not later than six (6) months after the Effective Date.
4.2. The amount to be spent and the program to be carried out by the Parties in conducting Petroleum Operations pursuant to the terms of this Contract during the first six (6) Contract Years and in conducting Petroleum Operations pursuant to the terms of this Contract during the next four (4) Contract Years following the Effective Date shall in the aggregate be not less than hereafter specified for each of the Contract Year as follows: First Contract Year geological & geophysical study and 300 Km seismic. US$ 2,650,000 Second Contract Year 2200 Km seismic/CSMAT US$ 7,200,000 Third Contract Year drilling two (2) xxxxx. US$ 7,250,000 Fourth Contract Year geological & geophysical work. US$ 2,100,000 Fifth Contract Year seismic survey & G&G. US$ 6,800,000 Sixth Contract Year drilling two (2) xxxxx US$ 7,300,000 Seventh Contract Year geological & geophysical work. US$ 4,300,000 Eighth Contract Year seismic survey and drilling one(1)well. US$ 7,800,000 Ninth Contract Year drilling one (1) well US$ 5,800,000 Tenth Contract Year drilling two (2) xxxxx US$ 9,300,000 The Parties shall have the option to transfer the work requirement from one category to the other with prior approval of PERTAMINA. Notwithstanding any provisions to the contrary as may elsewhere herein contained, it is specifically agreed that during the first three (3) Contract Years CONTRACTOR shall provide at least seventeen million and one hundred thousand United States Dollars (US$17,100,000) for all expenditures for operations as provided under subsection 4.2, or up to the approval of the plan of development by PERTAMINA, whichever is less, to match PERTAMINA's deemed prior expenditures. Thereafter:
a) Funds equal to PERTAMINA's participating interest share for exploration operations and the drilling of appraisal xxxxx shall be provided by CONTRACTOR;
b) Before the first commercial production has commenced, funds equal to PERTAMINA's participating interest share for development, production, processing and transportation (to the point of delivery or export) shall be provided by the CONTRACTOR:
c) After commercial production has commenced, the funds for development, production, processing and transportation (to the point of delivery or export) shall be provided by the Parties according to their respective participating interest share;
d) At PERTAMINA's request, funds equal to PERTA...
WORK PROGRAM AND EXPENDITURES. 4.1. The contract operator shall commence petroleum operations not later than six (6) months after the effective date.
4.2. The amount of exploration work to be undertaken by the contract operator pursuant to the terms of this contract during the first six (6) years following the effective date shall, subject to any negotiated change to the exploration work program and expenditures for contract years four (4) to six (6), be at least that specified for each of these six (6) years as follows: 9 Data Review Seismic Surveys Xxxxx Expenditure US$ Kms No. US$ First Contract Year Second Contract Year Third Contract Year Fourth Contract Year Fifth Contract Year Sixth Contract Year "The amount of exploration work to be undertaken by the contract operator pursuant to the terms of this contract during the first six (6) years following the effective date shall, unless otherwise approved by the Joint Authority, be at least that specified for each of these six (6) years as follows:"
4.3. If the contract is still in force after the sixth contract year, the Joint Authority and the contract operator shall agree to an exploration work program and expenditures for those subsequent contract years.
WORK PROGRAM AND EXPENDITURES. CONTRACTOR shall commence Petroleum Operations hereunder not later than six (6) months after the Effective Date.
