Common use of Work Programmes and Budgets Clause in Contracts

Work Programmes and Budgets. 6.1 So long as any Exploration Licence or Production Licence issued to Licensee herein remains in force, at least sixty (60) days prior to the beginning of each Calendar Year, Licensee shall prepare and submit to the Advisory Committee for its review and, where required pursuant to Article 5, approval, a detailed annual Work Programme and Budget, setting forth the Exploration Operations and/or Development Operations which Licensee proposes to carry out in the ensuing Calendar Year and the estimated cost thereof. An annual Work Programme and Budget for the period from the date of effectiveness of the First Exploration Licence to the end of the Calendar Year in which such date falls shall be presented to the Advisory Committee within ninety (90) days of the Effective Date for review in accordance with paragraph 5.3.1.,