Common use of Cost Statement Clause in Contracts

Cost Statement. 8.1 Contractor shall prepare with respect to each Quarter, a Cost Statement containing the following information: a) Total Petroleum Costs in previous Quarters, if any; b) Petroleum Costs for the Quarter in question; c) Total Petroleum Costs as of the end of the Quarter in question (subsection 8.1(a) plus subsection 8.1(b)); d) Petroleum Costs for Development Operations advanced in the Quarter in respect of GNPC’s Participating Interest pursuant to Article 2 of the Agreement; e) Costs as specified in (d) above which have been recovered during the Quarter pursuant to Article 10.1(e) of the Agreement and the balance, if any, of such costs unrecovered and carried forward for recovery in a later period. Petroleum Costs for Exploration, Development and Production Operations as detailed above shall be separately identified for each Development and Production Area. Petroleum Costs for Exploration Operations not directly attributable to a specific Development Area shall be shown separately. 8.2 The Cost Statement of each Quarter shall be submitted to GNPC no later than thirty (30) days after the end of such Quarter.

Cost Statement. 8.1 Contractor shall prepare with respect to each Quarter, a Cost Statement containing the following information: a) Total Petroleum Costs in previous Quarters, if any; b) Petroleum Costs for the Quarter in question; c) Total Petroleum Costs as of the end of the Quarter in question (subsection 8.1(a8.1 (a) plus subsection 8.1(b8.1 (b)); d) Petroleum Costs for Development Operations advanced in the Quarter in respect of GNPC’s Participating Interest pursuant to Article 2 2.4 of the Agreement; e) Costs as specified in (d) above which have been recovered during the Quarter pursuant to Article 10.1(e) 10.1 of the Agreement and the balance, if any, of such costs unrecovered and carried forward for recovery in a later period. Petroleum Costs for Exploration, Development and Production Operations as detailed above shall be separately identified for each Development and Production Area. Petroleum Costs for Exploration Operations not directly attributable to a specific Development Area shall be shown separately. 8.2 The Cost Statement of each Quarter shall be submitted to GNPC no later than thirty (30) days after the end of such Quarter.