Exploration Programmes and Budgets Clause Samples

Exploration Programmes and Budgets. The Operator shall submit to each of the Parties not later than 1 September each Year a proposed exploration Programme and Budget for the following Year, and forecasts for the next following three (3) Years and for planning purposes estimates for the remaining exploration period if any. The exploration Programme and Budget shall include a proposal for a delineation of such part of the Licence Area (if any) to be relinquished in accordance with Sections 2.02-2.04 of the Licence and a description of the exploration obligations related to the remainder of the Licence Area. The Operating Committee shall meet to consider such exploration Programme and Budget and to make such revisions thereto as may be agreed as soon as practicable but in any event not later than 1 November. Not later than 1 December the Operating Committee shall approve the final exploration Programme and Budget, including the proposal for delineation (if any), for the following Year and consider the forecasts for the next following 3 Years. The Operator shall submit the proposal for delineation (if any) to the HA not later than 15 December.