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EXHIBIT 10.30
JOINT STUDY AGREEMENT
FOR
NALNING-WUWEI BLOCK, SOUTH CHINA
BETWEEN
CHINA NATIONAL OIL AND GAS EXPLORATION AND
DEVELOPMENT CORPORATION
AND
MOONDANCE ENERGY LIMITED
INDO-PACIFIC ENERGY LIMITED
18 MARCH 1996, GUANGZHOU
PREAMBLE
This Joint Study Agreement (hereinafter referred to as the
"Agreement") is entered into by and between China National Oil
and Gas Exploration and Development Corporation (hereinafter
referred to as "CNODC"), a company organized and existing under
the laws of the People's Republic of China, having its
headquarters in Guangzhou, Guangzhou Province, P.R. China
and the following parties:
Moondance Energy Limited, a company organized and existing under
the laws of New Zealand, having its headquarters at 00X Xxxxxxx
Xxxxxx, Xxxxxxxxxx, Xxxxxxxx, Xxx Xxxxxxx; and
Indo-Pacific Energy Limited, a corporation formed under the laws
of the Province of British Columbia, and having its headquarters
at 1200-1090 West Xxxxxx Street, Vancouver, B. C., Canada,
through a wholly-owned subsidiary; and
Moondance Energy Limited and Indo-Pacific Energy Limited are
hereinafter collectively referred to as "MIP".
WITNESSETH
WHEREAS, all petroleum resources under the territory within the
limits of national jurisdiction of the People's Republic of China
are owned by the People's Republic of China; and
WHEREAS, MIP desire to cooperate with CNODC in the exploration
and exploitation of petroleum resources and to first conduct a
joint study within the Study Area; and agrees to be subject to
the laws, decrees and other rules and regulations of the People's
Republic of China in the implementation of this Agreement; and
WHEREAS, MIP has the capital, technical competence and
professional skills necessary to carry out study Operation and
wishes to carry out a Study Programme in the Study Area.
NOW, THEREFORE, it is mutually agreed by the parties as follows:
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ARTICLE I
DEFINITIONS
In this Agreement, the following terms and condition shall have,
unless otherwise specified herein, the meanings as set out as
follows:
1.1 "Affiliate" in relation to the MIP parties means any company,
any party or other legal entity
a) in whch any of the MIP parties hold, directly or indirectly,
at least fifty percent (50%) of the shares entitled to vote, or
b) which hold, directly or indirectly, fifty percent (50%) of the
shares entitled to vote int any of the MIP parties; or
c) in which at least fifty percent (50%) of the shares entitled
to vote are owned directly or indirectly by a company , party or
legal entity, which owns directly or indirectly at least fifty
percent (50%) of the shares of any MIP party entitled to vote.
"Affiliate" in relation to CNODC means any subsidiary, branch or
regional company of China National Petroleum Corporation (CNPC)
or CNODC, as well as any entity or company in which CNPC or CNODC
directly or indirectly holds fifty percent (50%) or more of the
voting rights carried by its share capital.
1.2 "Dollars" means United States dollars.
1.3 "Effective Date" means the first day of the month following
the date on which the Joint Study Agreement is signed.
1.4 "Joint Study" means the activities of combining CNODC's and
MIP's effort to reach the objective as described in Article 2.
1.5 "Parties" means CNODC and MIP. "Party" means either of the
Parties.
1.6 "Study Area" means the surface area demarcated and shown by
the Geographical map and Coordinates of Connecting Points of the
Boundary Lines of the Study Area in Annex 1.
1.7 "Sub-contractor" means any entity employed by MIP to perform
specific tasks or duties in relation to the Study Operations.
1.8 "Study Operations" means all operations and activities under
this Agreement, required in order to carry out the Study
Programme.
1.9 "Third Party" or Third Parties" means any individual or
entit(ies) other than the Parties or their Affiliates.
1.10 "Study Term" means the period of this Agreement, including
any extension period, as specified in Article 3 herein.
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1.11 "Study Programme" means the basic contents of the Work Plan
proposed by MIP and agreed by the Parties to be carried out in
the Study Area.
1.12 "Study Team" means the group of representatives selected
from CNODC and MIP which will be responsible for carrying out the
Study Programme in accordance with Article 5 hereof.
1.13 "Work Plan" means a detailed schedule for evaluating the
Study Area including the timing of sample collection, analysis
and interpretation of data.
ARTICLE 2
OBJECTIVE OF THE AGREEMENT
2.1 The objective of this Agreement is to produce, through the
Joint Study, a comprehensive research report that will
demonstrate the petroleum potential of the Study Area.
The basic contents of the Joint Study and the
responsibilities of each of the Parties with respect to the
preparation of the comprehensive research report are described in
Articles 5 and 7 respectively. MIP shall be responsible to CNODC
for the execution of the Study Programme in accordance with the
provisions of this Agreement during the Study Term. MIP shall pay
all costs associated with the agreed Study Programme.
ARTICLE 3
STUDY TERM
3.1 This Agreement shall remain in effect for a period of nine
(9) consecutive months from the Effective Date, unless extended
under clause 3.4 of this Agreement.
3.2 By mutual agreement, both Parties may elect to extend the
term of this Agreement for a period of no more than six (6)
months, provided the Party wishing to extend the term of the
Agreement notifies the other Party at least sixty (60) days prior
to the end of the Study Term.
3.3 If at any time during the Study Term, MIP considers that no
furhter work is necessary to evaluate the Study Area, it shall
give CNODC two (2) months' notice of such termination and explain
the reasons for the termination in writing. A final report, as
required by Article 7, should be provided by Study Team before
such termination.
3.4 If MIP elects to enter into negotiations for a Geophysical
Survey Agreement (GSA) or Production Sharing Contract (PSC)
covering all or part of the Study Area, then such negotiations
can start during the Study Term or from the date of expiration of
the Study Term; and shall be completed within a period of one
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hundred eighty (180) days from the expiration of the Study Term.
This GSA will require MIP to complete a work commitment of
Geophysical survey within the term of the GSA. All costs incurred
pursuant to this GSA shall be charged to a joint venture account
established for this purpose of this GSA, and these costs shall
be recoverable under the relevant provisions of the PSC, and if
MIP takes the option to enter into such PSC under the terms of
the GSA.
3.5 MIP will have the exclusive right at any time during the
Study Term to commence negotiations for a GSA or PSC with CNODC,
for all or any part of the Study Area. CNODC will not negotiate
with any party other than MIP regarding a PSC or any other
petroleum exploration rights, nor consider and other applications
for similar activities over all or any part of the Study Area,
during the Study Term and for a period of one hundred eighty
(180) days from the date of election by MIP to enter into
negotiations for a subsequent petroleum contract.
ARTICLE FOUR
STUDY TEAM
4.1 Within one (1) month from the Effective Date of the
Agreement, both Parties will appoint representatives to form a
Study Team (hereinafter also referred to as the "Team") and begin
the Joint Study. Should either Party fail to appoint suitable
representatives within the one (1) month, a one (1) month
extension may be granted provided it had been agreed by the other
Party. Representatives proposed by either Party for the Study
Team shall be subject to the approval of the other Party.
One of the members appointed by MIP shall be Team Leader and
one of the members appointed by CNODC shall be Deputy Team
Leader. The Team Leaders shall report together to the president
of vice-president of both Parties.
4.2 Subject to clause 4.1, there shall be 3 permanent members of
the Study Team appointed by CNODC.
4.3 By mutual agreement between the parties, further members may
be appointed to the Study Team.
4.4 All cost associated with the formation and functioning of
the Study Team and incurred in accordance with the agreed Work
Program will be borne by MIP. Remuneration and other costs
concerned on the CNODC team members will be paid in accordance
with the figures outlined in Annex 2.
4.5 The Study Team shall hold two meeting during the Study Term.
The meetings shall be held in Hefei or such other place as may be
mutually agreed between CNODC and MIP. The Team Leader and Deputy
Team Leader shall jointly give notice of such meeting. This
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notice shall be given not less than 28 calendar days prior to the
meeting, and shall provide the time and place of such meeting and
an agenda and relevant date and information relating to the
matters to be considered at that meeting. Either Party may be
request one additional meeting during the Study Term, stating the
special matters to be considered at such meeting. Within 1
Calendar days from such request, the Team Leader and Deputy Team
Leader shall give notice of meeting in the manner as herein
specified.
ARTICLE 5
STUDY PROGRAMME
5.1 In order to reach, through the Joint Study, the objective
provided for in Article 2 hereof, the Parties agree to carry out
during the Study Term, the Study Programme as set forth below,
which shall constitute the phases of work of the Study
Operations:
a) Data Base Inspection
Identification of the location, type, extent and quality of all
geotechnical data pertinent to the Nanling and Wuwei Basins,
including all relevant seismic and well information, and all
field geological samples pertinent to reservoir and source
potential.
A review to be made of available relevant literature and data;
and a Chinese and English index to be generated.
b) Trial Seismic Reprocessing
Trial lines to be selected, consisting initially of no more than
2 line from the 1988 Nanling data set, two lines from the older
Nanling 12 fold and 6 fold data sets, and possibly also a line
from the Wuwei data set. Access to the field tapes to be sought,
and reprocessing contracts awarded on a cost/quality basis to
suitable processing centres in China or internationally.
c) Seismic Remapping
A preliminary mapping, at Yanshan Unconformity and other levels,
to be made, to aid in generation of a regional
structural/stratigraphic cross-section. existing xxxxx to be tied
into the seismic.
d) Field Geology
A preliminary field geology investigation to be conducted, with
the following main objectives:
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-Investigation of structural styles in outcrop of the
Paleozoic-Mesozoic section, as an aid to seismic interpretation,
potential reservoir delineation and geological transect
generation.
-Investigation of post Yanshan Unconformity outcrop, particularly
with respect to depositional environment and reservoir potential;
and sampling if appropriate for fluid inclusion analysis and
reservoir properties.
-Investigation of main seeps and sampling if appropriate for
typing and source correlation.
-generation of preliminary geological cross-section from
northwest to southeast across both basins, incorporating both
field and subsurface geological controls.
e) Economic Evaluation
An investigation of the likely costs and operational problems of
seismic acquisition, well drilling and other exploration
operations. Potential costs of production and marketing of both
oil and gas to be examined. The Risk-Return investment criteria
of ongoing license operations and the fiscal, regulatory and
operational criteria which can justify ongoing investment from
the Western participants' point of view to be analyzed.
f) Report Generation
A report to be generated n both Chinese and English which
summarized the work to date, and defines the basis, if any, for
future work.
5.2 The proposed Work Plan (Annex 3) may, at any time during the
term of this Agreement and subject to prior consultation with
CNODC, be revised by MIP to reflect the conclusions and/or
decisions reached by the Study Team during Study Operations.
ARTICLE 6
RIGHTS AND OBLIGATIONS
6.1 Under the terms of this Agreement, the rights and
obligations of CNODC shall include but not be limited to:
6.1.1 reviewing the Work Plan proposed by MIP to carry out the
Joint Study;
6.1.2 participating in the whole research work under this
Agreement;
6.1.3 assisting MIP in obtain the necessary permits and
authorizations from the central and local authorities in order to
enable the Study Team to complete the Study Operations;
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6.1.4 providing data held by CNODC necessary for the Joint Study
at MIP's cost; The cost to be met by MIP for data held by CNODC
shall be intended to reimburse for the reasonable costs of
reproduction and preparation of the relevant data;
6.1.5 assisting the Study Team to obtain and evaluate data held
by any entity and other available data deemed necessary for and
relevant to the Joint Study at MIP cost;
6.1.6 assisting MIP to go through formalities for importing and
exporting data, samples and equipment relevant to the Joint
Study.
6.2 Under the terms of the Agreement the rights and obligations
of MIP shall include but not be limited to:
6.2.1 performing the Study Operations in a professional and
diligent manner, using the most appropriate scientific methods
available to MIP;
6.2.2 payment of all approved costts related to and incurred by
the Study Team in carrying out the Study Operations under MIP's
Team in carrying out the Study Operations under Mip's management
and direction. All costs incurred by MIP under this Agreement
shall not be regarded as cost recoverable under any Production
Sharing Contract that may be concluded by the Parties.
6.2.3 exporting of all property brought into the People's
Republic of China for the purpose of carrying out the Study
Operation;
6.2.4 transferring the total or any part of its rights and
obligations under this Agreement to an affiliate or other parties
(provided such assignment has been approved by CNODC); but such
assignment shall not interfere with the performance of this
Agreement. CNODC shall respond promptly within 10 working days
when called upon to grant such approval.
ARTICLE 7
STUDY REPORT
7.1 The final result of the Joint Study shall be a comprehensive
research report on the Study Area written by the Study Team. This
report will provide a conceptual framework for further work in
the Study Area. The draft of the report shall be submitted to
CNODC before finalization for examination, to confirm that it has
been completed in accordance with the Study Programme as
mentioned in Article 5 hereof. The report shall be shared by the
Parties. The final report shall be completed within the Study
Term. MIP shall be responsible for printing the report and
providing CNODC ten (10) copies in both English and Chinese
versions within thirty (30) days after the end of the Study Term.
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ARTICLE 8
CHINESE GOODS AND SERVICES
8.1 When executing the Joint Study, the Parties shall give
priority to the use of Chinese goods and services, provided that
they are competitive in terms of price, quality and time of
delivery.
ARTICLE 9
TAXATION
9.1 Each Party shall be responsible for paying taxes imposed on
the activities conducted under the Agreement subject to the tax
laws and regulations of the People's Republic of China.
ARTICLE 10
DATA CONFIDENTIALITY AND OWNERSHIP
10.1 Each party shall keep strictly confidential all samples,
data and information received and produced hereunder, including
the report specified in Article 7 hereof, and shall not disclose
them to any Third Party without the prior written consent of the
other Party.
10.2 Each party undertakes to hold all data and information
produced as a direct result of this Agreement strictly
confidential and to procure that employees and agents of both
Parties hold all such data and information strictly confidential
for a period of two (2) years from the termination of the
Agreement, unless and to the extent that this Agreement is
superceded by a Production Sharing Contract entered into by both
Parties. Obligations under this Article shall not apply to:
a) data or information already in the public domain;
b) data or information which is published or otherwise becomes
part of the public domain through no fault of either Party;
c) data or information which is required to be disclosed by
applicable law, court order or regulation of a securities
exchange.
10.3 The Parties and their Affiliates specified in Article 6.2.4
shall be bound by the confidentiality obligations under this
Agreement.
10.4 The ownership of all data, records, samples and original
data obtained during the Study Term shall vest in CNODC.
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ARTICLE 11
FORCE MAJEURE
11.1 Neither Party shall be liable for any failure to perform the
Study Programme which is caused by or is the result of was,
strikes or any other labour disturbances, riots or civil
commotions, denial of the use of all ports, shipping services or
other means of public transport, fires, floods, earthquakes,
epidemics or any other cause beyond the control of the Party so
affected, rendering the fulfillment of its obligations under this
Agreement impossible.
11.2 If the Study Operations are delayed, curtailed or prevented
by such causes, and the time for carrying out the Study
Operations thereby affected, the term of this Agreement and all
rights and obligations hereof, shall be extended by a period no
longer than the time involved, through mutual agreement of the
Parties.
11.3 The Party whose ability to perform its obligations is so
affected shall notify the other Party thereof in writing, stating
the cause(s) and both Parties shall do all reasonable effort
within their power to remove such cause(s).
ARTICLE 12
APPLICABLE LAW
12.1 The validity, interpretation and implementation of the
Agreement shall be governed by the laws of the People's Republic
of China. Failing the relevant provisions of the law of the
People's Republic of China for the interpretation and
implementation of this Agreement, the principles of applicable
laws widely used in petroleum resources countries acceptable to
the Parties shall be applicable.
ARTICLE 13
CONSULTATION AND ARBITRATION
13.1 Periodically, both Parties shall meet to discuss the
progress of the Study Programme and will make every effort to
settle amicably any problem arising therefrom.
13.2 If any dispute in regard to any part of this Agreement
cannot be settled amicably, such dispute shall be referred to
arbitration cconducted by the China International Economic and
Trade Arbitration Commission (CIETAC), in accordance with the
arbitration proceeding rules thereof.
13.3 If any Party does not agree to follow the procedure
specified in Clause 13.2, then such dispute in connection with
this Agreement shall be referred to three (3) arbitrators in
Stockholm, Sweden and settled in accordance with the Arbitration
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Rules (1976) of the United Nations Commission on International
Trade Law ("UNCITRAL"). The appointing authority shall be the
Arbitration Institute of the Stockholm Chamber of Commerce.
ARTICLE 14
MISCELLANEOUS
14.1 Notices
Notices and other communication required or permitted to be given
under this Agreement shall be deemed to be given when delivered
and received in writing, either by hand or through the mails, or
by telex, facsimile or cable to the address hereunder specified:
Address of CNODC:
a) by hand or mail:
CHINA NATIONAL OIL AND GAS EXPLORATION AND DEVELOPMENT
CORPORATION
00 Xxxxxxxxxx Xxxx, Xxxxxxxxx, 000000
P.R. China
b) By facsimile: 00-00-0000000
For the attention of: Xx. Xxx Xxxxxx, Vice President
Address of Moondance Energy Limited
a) By hand or mail:
X.X. Xxx 0000, Xxxxx Xxxxxxxx Xxxxxx, XX 0000
000 Xxxxxx Xxxxxx, Xxxxx, XX
XXXXXXXXX
b) By facsimile: 00-0-000-0000
For the attention of: Mr. H. D. Xxxxxxx, Chairman
Address of Indo-Pacific Energy Ltd.
a) By hand or mail:
Xxxxx 0000, 0000 Xxxx Xxxxxx Xxxxxx
Xxxxxxxxx, Xxxxxxx Xxxxxxxx
XXXXXX X0X 0X0
b) By facsimile: 1 604 682 1174
For the attention of: Mr. Xxxx Xxxxxxx, President
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14.2 Indemnity
Each Party shall indemnify, defend and hold harmless the other
Parties against all claims, losses and damages whatsoever caused
by or resulting from its wrongful or negligent actions in
connections with the performance of their obligations under this
Agreement.
14.3 Language of the Agreement
This Agreement is made and entered into in the English language.
14.4 If there is any conflict between the Agreement and any Annex
hereto, the provisions of this Agreement shall prevail.
14.5 Completeness of the Agreement
This Agreement and Annexes 1,2 and 3 attached hereto, constitute
the entire understanding between the Parties and shall not be
amended or changes without prior written consent of both Parties.
IN WITNESS WHEREOF, the parties have signed this Agreement on the
day, date and year as set out hereunder.
FOR AND ON BEHALF OF:
MOONDANCE ENERGY LIMITED
/s/ H. D. Xxxxxxx NAME H.D. Xxxxxxx
TITLE Chairman DATE 18 March, 1996
FOR AND ON BEHALF OF:
INDO-PACIFIC ENERGY LTD.
/s/ Xxxx Xxxxxxx NAME Xxxx Xxxxxxx
TITLE President DATE 18 March, 1996
FOR AND ON BEHALF OF:
CHINA NATIONAL OIL AND GAS EXPLORATION AND DEVELOPMENT
CORPORATION
/s/ Zhang Baozhuang
NAME Zhang Baozhuang
TITLE President
DATE 18 March, 1996
ANNEX 0
XXXXXXX XXXXX XXXXXXXXXXX XX XXXXXXX XXXXX
Number Coordinates
1 118 28 E, 31 44 N
2 118 28 E, 31 30 N
3 118 25 E, 31 30 N
4 118 25 E, 31 12 N
5 118 16 E, 31 12 N
6 118 16 E, 31 00 N
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7 117 50 E, 31 00 N
8 117 50 E, 30 35 N
9 118 31 E, 30 35 N
10 118 31 E, 31 00 N
11 118 40 E, 31 00 N
12 118 40 E, 31 10 N
13 118 42 E, 31 10 N
14 118 42 E, 31 37 N
15 118 50 E, 31 23 N
16 118 50 E, 31 37 N
17 118 38 E, 31 37 N
18 118 38 E, 00 00 X
Xxxxx Xxxx: 5,250 sq km
TURNING POINT COORDINATES OF THE WUWEI BLOCK
Number Coordinates
1 118 10 E, 31 52 N
2 118 10 E, 31 40 N
3 118 00 E, 31 40 N
4 118 00 E, 31 30 N
5 117 40 E, 31 30 N
6 117 40 E, 31 00 N
7 118 16 E, 31 00 N
8 118 16 E, 31 12 N
9 118 25 E, 31 12 N
10 118 25 E, 31 30 N
11 118 28 E, 31 30 N
12 118 28 E, 31 52 N
Block Area: 5,000 sq. km
ANNEX 2
CNODC PERSONNEL COSTS
1. GENERAL
1.1 This Annex 2, which forms an integral part of the Joint
Study Agreement, is applicable to the representatives in the
Study Team appointed by CNODC as described in Article 4 of the
Agreement, and other CNODC personnel required for reconnaissance
field trips mentioned in Article 5 of the Agreement, such as
guides, drivers and laborers (hereinafter referred to as the
"Field Helpers").
1.2 The personnel costs stipulated under Articles 2 and 3 of
this Annex shall cover the salary element, the allowance element
and other costs concerned paid by MIP to the CNODC Team members
and the Field Helpers. MIP shall monthly send all such payments
by telegraphic transfer to a bank account specified by CNODC in
writing.
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1.3 The definitions set forth in Article 1 of the Agreement
shall be applicable to this Annex.
2. PERSONNEL COSTS OF THE CNODC TEAM MEMBERS AND THE FIELD
HELPERS
2.1 The CNODC Team members shall consist of no less than three
(3) CNODC staff during the period of the Study operations
specified in Article 5 of the Agreement; and the Field Helpers
shall be seconded from CNODC or its Affiliates by CNODC in
accordance with work requirements. The number and qualifications
of all Team members and Field Helpers seconded from CNODC or its
Affiliates must be mutually acceptable to both Parties.
2.2 For the purpose of remuneration, the CNODC Team members
shall be graded in accordance with their working capability and
years of relevant working experience into four (4) salary scales,
namely Category A, Category B, Category C and Category D, by the
Parties. Field Helpers shall be classified as Category E. The
salary for each category is as follows:
QUALITY CATEGORY MONTHLY SALARY
Senior Geologist
(or Senior Geophysicist) A US$2,200
Geologist (or Geophysicist) B US$1,650
Assistant Geologist
(or Assistant Geophysicist) C US$1,320
Translator and Secretary D US$1,100
Field Helper E US$15/day
The salaries ccosts and procedures specified in this Annex 2
shall remain unchanged until 1998 March 1, including such
interval of any Geophysical Survey Agreement granted under
Article 3.4 of this Agreement that fails before this date.
2.3 From the date of formation of the Study Team, each of the
CNODC Team members shall be paid a monthly salary after
completing one whole month of work, or having completed twenty
two (22) working days of work. For durations less than one (1)
whole month or less than twenty two (22) working days, the salary
payment shall be computed at the daily rate.
2.4 The daily rate for each category mentioned in Article 2.3
herein, shall be calculated by dividing the monthly salary
specified in the aforesaid Article 2.2 by twenty two (22).
2.5 The Allowances and other costs concerned shall, in addition
to the salaries as stipulated in Articles 2.2, 2.3 and 2. herein,
be paid to the CNODC Team members as set forth below:
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2.5.1 A daily allowance of ten (10) dollars shall be paid to each
member of the Study Team, for each day that they work on an
approved project of the Study programme. In addition, MIP shall
meet all reasonable and approved accommodation, meals and travel
expenses for Study Team members and Field Helpers, when they are
working on an approved project of the Study program, at places in
the P.R.C. outside their home bases.
2.5.2 In the event that the CNODC Team members are working
abroad:
(1) the daily per-person allowance shall be thirty (30) dollars
for meals and incidental expenses, and
(2) their air transportation between their home bases and foreign
destinations. Local housing, local transportation and insurance
shall also be paid by MIP.
3. HOME LEAVE
In the event that an extension is sought to the initial Study
Term, each CNODC Study team member shall at that time become
entitled to twenty (20) working days home leave, with the salary
specified in Article 2.2 herein.
4. Settlement of Payment
CNODC shall send a monthly invoice with respect to the salaries
and allowances of the CNODC Team members and the Field Helpers
stipulated in Articles 2 and 3 hereof to MIP, fifteen (15) days
after the end of the month, together with the daily time sheets
of the CNODC Team members and Field Helpers. These timesheets
shall be signed by the Study Team members and also by the Deputy
Team Leader, as a fair and accurate record of the days worked and
expenses incurred on an approved project in the Study Programme.
MIP shall have the right, within 15 days from receipt of invoice,
to dispute any time or expense not reasonably incurred in
connection with an approved project of the Study Program, and
shall pay all items of the invoice which are not disputed, within
30 days from receipt of invoice.
MIP shall make a cash advance of $10,000 to the bank designated
by CNODC, upon commencement of the Study Programme, to cover
initial salary and allowance and travel expenditures under this
Annex. A financial resolution of this advance payment shall be
made at the end of the Study Term.
