Work Programs and Budgets. For each Calendar Year, the Operator shall prepare and submit to the Participants Work Programs and Budgets not later than the first day of August of the preceding Year. Each such Work Program and Budget shall set out in a reasonably detailed manner the work to be carried out and shall include an itemized estimate of the corresponding expenditures. The Operating Committee shall review and discuss the Work Program and Budget submitted by Operator for the following Calendar Year and shall adopt, not later than August 30, a Work Program and Budget to be submitted to the Operator for further study and possible modification before referring it to the JMC or the BOD for approval pursuant to Article 12.
Work Programs and Budgets. 1. On or before the 28th day of April of each year, Operator shall deliver to the Parties a proposed Work Program and Budget detailing the Joint Operations to be performed for the following Contract Year. Within Thirty (30) Days of such delivery, the Operating Committee shall meet to consider and to endeavor to agree on a Work Program and Budget. This budget should be approved no later than June 28, at which date WP&B are due to be presented to the Kenyan government
2. The Work Program and Budget agreed by the Operating Committee shall include at least that part of the Minimum Work Obligations required to be carried out during the Contract Year in question under the terms of the Contract. If the Operating Committee is unable to agree on such a Work Program and Budget, then Operator shall choose between the competing proposals, always in the understanding that it must contain at least the operations as are necessary to maintain the Contract in full force and effect, including such operations as are necessary to fulfill the Minimum Work Obligations required for the given Contract Year.
3. For the award of all contracts less than or equal to US$500,000 in value, the relevant provisions of the Contract shall apply. For all contracts valued at more than US$500,000 Operator shall be required to utilize tender procedure.
(A) Prior to incurring any commitment or expenditure for the Joint Account, which is estimated to be in excess of US$500,000 Operator shall send to each Non-Operator an Authorization For Expenditures (AFE).
(B) Notwithstanding the above, Operator shall not be obliged to furnish an AFE to the Parties with respect to any Minimum Work Obligations, workovers of xxxxx and general and administrative costs that are listed as separate line items in an approved Work Program and Budget.
(C) All AFEs shall be for informational purposes only. Approval of an operation in the current Work Program and Budget shall authorize Operator to conduct the operation without further authorization from the Operating Committee.
(D) For expenditures on any line item of an approved Work Program and Budget, Operator shall be entitled to incur without further approval of the Operating Committee an over expenditure for such line item up to ten percent (10%) of the authorized amount for such line item; provided that the cumulative total of all over expenditures for a Calendar Year shall not exceed five percent (5%) of the total annual Work Program and Budget in question.
Work Programs and Budgets. For each Calendar Year, the Lead Contractor shall prepare and submit to the Participants Work Programs and Budgets not later than the first day of August of the preceding Year. Each such Work Program and Budget shall set out in a reasonably detailed manner the work to be carried out and shall include an itemized estimate of the corresponding expenditures. The Operating Committee shall review and discuss the Work Program and Budget submitted by Lead Contractor for the following Calendar Year and shall adopt, not later than August 30, a Work Program and Budget to be submitted to the Operator for further study and possible modification before referring to the JMC pursuant to Article 12.2 of the Contract.
Work Programs and Budgets. 6.1 Work Program and Budgets 6.2 Discovery and Evaluation 6.3 Development and Production 6.4 Itemization of Expenditures 6.5 Contract Awards 6.6 Authorization for Expenditure Procedure 6.7 Overexpenditures of Work Programs and Budgets
Work Programs and Budgets. The sales, exchanges, or other dispositions of G & G Data or other engineering, technical, or proprietary data and information related to Joint Operations;
Work Programs and Budgets. 1. On or before the 28th day of April of each year, Operator shall deliver to the Parties a proposed Work Program and Budget detailing the Joint Operations to be performed for the following Contract Year. Within Thirty (30) Days of such delivery, the Operating Committee shall meet to consider and to endeavor to agree on a Work Program and Budget. This budget should be approved no later than June 28, at which date WP&B are due to be presented to the Kenyan government
2. The Work Program and Budget agreed by the Operating Committee shall include at least that part of the Minimum Work Obligations required to be carried out during the Contract Year in question under the terms of the Contract. If the Operating Committee is unable to agree on such a Work Program and Budget, then Operator shall choose between the competing proposals, always in the understanding that it must contain at least the operations as are necessary to maintain the Contract in full force and effect, including such operations as are necessary to fulfill the Minimum Work Obligations required for the given Contract Year.
3. For the award of all contracts less than or equal to US$500,000 in value, the relevant provisions of the Contract shall apply. For all contracts valued at more than US$500,000 Operator shall be required to utilize tender procedure.
4. (A) Prior to incurring any commitment or expenditure for the Joint Account, which is estimated to be in excess of US$500,000 Operator shall send to each Non-Operator an Authorization For Expenditures (AFE).
Work Programs and Budgets. 3.01 The Operator will prepare an annual work program (the “Programs”) to be carried out on each of the Company’s Properties within 30 days of the execution of this Agreement and present it to the Company for approval. The Program shall contain detailed descriptions of each item in the Program and a timeline during which the work is projected to be carried out. Programs may be segregated into phases with subsequent phases requiring approval based on the results of the previous phase. Said Programs shall be accompanied with a budget (the “Budget”) detailing the cost of each item in the Budget and setting out the estimated dates for advances to be made by the Company. Said Budget shall include details of the portion of the Operator’s administration costs required to carrying out the Programs.
3.02 The Operator shall, 90 days prior the completion of any annual Program, prepare a new annual Program with a Budget for the upcoming annual period and submit it to the Company for approval. Each new annual Program and Budget shall include the balance of any prior Program and Budget expected to be incomplete at the end of its annual period.
3.03 Each annual Program may be modified from time to time based upon results attained from monthly reports as the work progresses, subject to the agreement of the parties hereto.
3.04 The Company shall have 30 days from the receipt of any Program and Budget to approve or modify the Program and Budget. Any changes to Programs and Budgets will be made by the Operator within 15 days and presented to the Company for final approval which the Company shall deliver within 10 days of receipt.
3.05 The Operator and the Company shall jointly ensure that the professional consultants provided by the Company or as contracted by the Operator shall provide a written log and photographic record of exploration activities and progress while any Program is in progress and a full independent geological and or engineering report as would be required by the Company for presentation to investors, regulatory agencies or such other parties that the Company deems appropriate. The Company shall be solely responsible to approve the party selected to write such reports.
3.06 Following approval of the respective Programs and Budgets, the Company agrees to provide the Operator with sufficient funding to cover planned expenses 60 days in advance of actual expenditures.
3.09 Should an unforeseen shortfall in funding occur, or should there be an emergency situati...
Work Programs and Budgets. 6.1 Exploration and Appraisal
6.2 Development
Work Programs and Budgets. (a) Contractor shall carry out Petroleum Operations substantially in accordance with Work Programs and Budgets submitted to and approved by ANPM, in according with the Applicable Law in Timor-Leste, without prejudice to any other obligations or liabilities of the Contractor under this Contract.
(b) Contractor shall prepare and submit to ANPM for approval a proposal for an annual Work Program and Budget for each Calendar Year.
(c) The first proposal for an annual Work Program and Budget shall be submitted to ANPM for review and approval sixty (60) Days after the Effective Date and thereafter at least ninety (90) Days prior to the beginning of each Calendar Year.
(d) The Work Program and Budget shall include a proposal for the Exploration works to be undertaken.
(e) The Work Program and Budget shall be based on the Minimum Exploration Work Requirements to be met pursuant to this Contract.
(f) The Work Program and Budget shall also contain the following compulsory information:
(i) details of the Exploration to be undertaken, including a schedule and an indication of the method, technique and equipment to be employed in the proposed Exploration;
(ii) maps of the areas where Exploration is proposed to be undertaken, along with any relevant information about the land, as well as information on required access and expected impact on the environment and local communities; and
(iii) a budget showing the distribution of expected costs of the Minimum Exploration Work Requirements and other proposed Exploration works, if any, in accordance with the planned schedule.
(g) Together with the proposed Work Program and Budget, Contractor shall also be required to submit the following information:
(i) details of any temporary or permanent Facility which may be constructed or used in connection with the proposed Exploration;
(ii) a description on how the Contractor plans to fulfil the obligations set out in the Local Content Proposal and to comply with the Local Content requirements established in this Contract and the Applicable Law in Timor-Leste throughout the Exploration Period; and
(iii) all other information that may be relevant to carry out the Exploration works.
(h) The Contractor shall, within a reasonable time period, notify ANPM of any change, variation or amendment to the Work Program and Budget prior to the commencement of or during Exploration Period, being also required to prepare and submit a revised Work Program and Budget at ANPM’s request.
Work Programs and Budgets. 13.1 The budget shall consist of two parts, (I) Management Program and Budget, and (2) the Project Program and Budget.
