Authorization for Expenditure authorization prepared by the Operator and submitted to the Operating Committee, pursuant to Annex XI, for the expenses required for execution of the Operations in the Contract Area.
Authorization for Expenditure. “AFE”) Procedure
Authorization for Expenditure authorization prepared by the Operator and submitted to the Operating Committee, pursuant to Xxxxx XX, for the expenses required for execution of the Operations in the Contract Area. Assessment: set of Operations intended to check the commercial feasibility of a Discovery or set of Discoveries of Oil and Gas in the Contract Area.
Authorization for Expenditure. AFE") PROCEDURE
Authorization for Expenditure. (AFE) means an authorization to expend funds that estimates costs to be incurred for an operation pursuant to the Operating Agreement, defined below.
Authorization for Expenditure. 7.5.1 Operator shall request approval of an AFE in accordance with Article 9 of the Agreement at a time when the main details of the relevant commitment or expenditure can be ascertained but consistent with giving the Non-Operators ten (10) days advance notice of the date by which approval is required.
Authorization for Expenditure. (A) Prior to incurring any commitment or expenditure for the Joint Account, which is estimated to be:
Authorization for Expenditure any document received by the Borrower with respect to a Borrower Property that, consistent with industry practice, is a notice of a proposed well to be drilled with respect to which the Borrower would have a working interest because of the Borrower Property, including, without limitation, any invitation to participate in drilling received by the Borrower pursuant to Section 38-08 of the North Dakota Century Code and Section 43-02-03 of the North Dakota Administrative Code (or any successor provision to either).
Authorization for Expenditure. Within five (5) days after the Borrower receives an Authorization for Expenditure, the Borrower will provide to the Lender a copy of the Authorization for Expenditure and all documents and materials relating to it. The Borrower will elect timely to participate with respect to an Authorization for Expenditure, except where (x) it would not be prudent to do so and the Borrower promptly gives written notice to the Lender that the Borrower is not doing so or (y) unless, at least five (5) days prior to the deadline to make the election, the Borrower has requested in writing to the Lender the Lender’s consent to the Borrower’s electing not to participate and the Lender has so consented. The Borrower will comply with all of the Borrower’s requirements with respect to an Authorization for Expenditure so as to maintain all of the Borrower’s rights under the Authorization for Expenditure in full force and effect unless the Borrower is contesting a requirement in good faith by appropriate action and for which adequate reserves are being maintained in accordance with GAAP and promptly gave the Lender written notice to the Lender that the Borrower would be contesting.
Authorization for Expenditure. AFE") Procedure Subject to the requirements of the Operating Company,
