Exploration Expenditures. For the purposes of this Agreement, “Exploration Expenditures” shall mean and include all direct and indirect costs incurred on or for the benefit of the Property and for Exploration and Prospecting (as defined in Section 4), and for payments authorized, expressly or implicitly, pursuant to this Agreement, including, without limitation, the following: (a) costs of surveying (including, without limitation, geophysical, geochemical and geomagnetic surveys), mapping, exploration, prospecting, sampling, bulk sampling, drilling, and trenching; (b) costs of operations and payments in connection with obtaining or maintaining exploration or similar or related permits, licenses, approvals, consents or authorizations; (c) costs of conducting required environmental, wildlife or similar, related or associated studies, reports, analyses or documents; (d) costs of any filing, recording, or other fees paid to perfect or maintain the Property, including, but not limited to, all payments made to the Bureau of Land Management to file, perfect and maintain the claims comprising the Property; and (e) all other costs incurred in the conduct of other activities that are incidental to, in furtherance of, in preparation for or associated with any or all of the foregoing; provided, however, that the term “Exploration Expenditures” shall not include off-site office or overhead charges.
Exploration Expenditures. All Exploration Expenditures shall be paid by Contractor.
Exploration Expenditures. “Exploration Expenditures” as used herein shall mean a program designed and directed toward discovery and delineation of deep-seated gold deposits and other precious minerals on the Property. Permissible expenditures shall include:
Exploration Expenditures. Subject to the limitations provided in this Agreement, McMoRan shall be entitled to expend monies for Exploration Expenditures of the Program on behalf of itself and Participant without the prior approval of Participant. The term "Exploration Expenditures" means all actual charges allocable to each Prospect established prior to the end of the Program Term, determined in accordance with generally accepted industry standards, which charges are incurred by the Program prior to (i) the completion of the first Exploratory Well drilled by the Program on an Onshore Prospect that is completed as a well capable of production in Paying Quantities or (ii) the plugging, or the temporary abandonment if not plugged, of the first two Exploratory Xxxxx drilled by the Program on an Offshore Prospect, as applicable, and such other costs applicable to exploration activities in the Program Area prior to the expiration of the Program Term or with respect to Prospects established prior to the end of the Program Term, which charges, among others, shall include the following:
Exploration Expenditures. Exploration Expenditures are those costs, whether of a capital or operating nature, which directly relate to Exploration for Hydrocarbons incurred under the Contract, including costs of:
Exploration Expenditures. Subject to the limitations provided in this Agreement, McMoRan shall be entitled to expend monies for Exploration Expenditures of the Program on behalf of itself and Participant without the prior approval of Participant. The term "Exploration Expenditures" means all actual charges allocable to each Prospect in accordance with generally accepted industry standards, which charges are incurred by the Program prior to (i) the completion of the first Exploratory Well drilled by the Program on an Onshore Prospect that is completed as a well capable of production in Paying Quantities or (ii) the plugging, or the temporary abandonment if not plugged, of the first two Exploratory Xxxxx drilled by the Program on an Offshore Prospect, as applicable, and such other costs applicable to exploration activities in the Program Area as are otherwise provided for in this Agreement, which charges, among others, shall include the following:
Exploration Expenditures fund exploration and development work on the Property in 2022 totalling at least $300,000;
Exploration Expenditures. After delivery of the Royalty in accordance with Article 12, and reimbursement of Operating Expenditures in accordance with Sub-article 13.2 and Development Expenditures in accordance with Sub-article 13.3, Contractor (excluding Staatsolie) shall be entitled to an amount of Crude Oil from the Contract Area, which, when valued at the Market Price, equals the Exploration Expenditures and those carried forward pursuant to Sub-articles 13.5 and
Exploration Expenditures. Optionee will spend a total of $1,200,000 on exploration of the Property as follows:
Exploration Expenditures. The Optionee shall incur aggregate Expenditures of not less than $2,000,000, as follows: Date Amount On or before four months from the Effective Date $200,000 On or before the first anniversary of the Effective Date $500,000 On or before the second anniversary of the Effective Date $1,100,000 On or before the third anniversary of the Effective Date $2,000,000
