Common use of BUDGET STATEMENT Clause in Contracts

BUDGET STATEMENT. 31.19.1 The Licensee shall prepare an annual budget Statement. This will distinguish between Exploration Expenditure, Development Expenditure and Production Expenditure and will show the following: a) forecast Expenditures and Receipts for the budget year under the Agreement; b) cumulative Expenditures and Receipts to the end of said budget year, and c) the most important individual items of Exploration, Development and Production Expenditures for said budget year. 31.19.2 The Budget may include a budget line or lines for unforeseen expenditures which, however, shall not exceed ten percent (10%) of the total budgetary expenditure. 31.19.3 The Budget Statement shall be submitted to the Director General with respect to each budget year no less than ninety (90) days before the start of such year except in the case of the first year of the Licence when the Budget Statement shall be submitted within sixty (60) days of the Effective Date. 31.19.4 Where Licensee foresees that during the budget period expenditures have to be made in excess of the ten percent (10%) pursuant to Section 31.19.2 hereof, Licensee shall submit a revision of the budget to the Director General.

BUDGET STATEMENT. 31.19.1 10.1 The Licensee shall prepare an annual budget Statement. This will distinguish between Exploration Expenditure, Development Expenditure and Production Expenditure and will show the following: a) forecast Expenditures and Receipts for the budget year under the Agreement; b) cumulative Expenditures and Receipts to the end of said budget year, and c) the most important individual items of Exploration, Development and Production Expenditures for said budget year. 31.19.2 10.2 The Budget may include a budget line or lines for unforeseen expenditures which, however, shall not exceed ten percent (10%) of the total budgetary expenditure. 31.19.3 10.3 The Budget Statement shall be submitted to the Director General with respect to each budget year no less than ninety (90) days before the start of such year except in the case of the first year of the Licence License when the Budget Statement shall be submitted within sixty (60) days of the Effective Date. 31.19.4 10.4 Where Licensee foresees that during the budget period expenditures have to be made in excess of the ten percent (10%) pursuant to Section 31.19.2 10.2 hereof, Licensee shall submit a revision of the budget to the Director General.

BUDGET STATEMENT. 31.19.1 11.1 The Licensee Contractor shall prepare an annual budget Budget Statement. This will distinguish between Exploration Expenditure, Development Expenditure and Production Expenditure and will show the following:; a) forecast Forecast Expenditures and Receipts for the budget year under the Agreement; b) cumulative Expenditures and Receipts to the end of said budget year, ; and c) the most important individual items of ExplorationExploration Expenditures, Development Expenditures and Production Expenditures for said budget year. 31.19.2 . The Budget budget may include a budget line or lines for unforeseen expenditures which, however, shall not exceed ten percent (10%) of the total budgetary expenditure. 31.19.3 11.2 The Budget Statement shall be submitted to GNPC and the Director General JMC with respect to each budget year no less than ninety (90) days before the start of such year year, except in the case of the first year of the Licence Agreement when the Budget Statement shall be submitted within sixty ninety (6090) days of after the Effective Date. 31.19.4 11.3 Where Licensee Contractor foresees that during the budget period expenditures have to be made in excess of the ten percent (10%) pursuant to Section 31.19.2 11.1 hereof, Licensee Contractor shall submit a revision of the budget to the Director GeneralGNPC.