State of Exploration Work Obligations Sample Clauses

State of Exploration Work Obligations. Such annual statement shall be submitted not later than one (1) month after the end of each Contractual Year in respect of the exploration periods. It shall present with details the exploration work and expenditures carried out by the Contractor to fulfill its obligations set forth Article 4 of the Contract, excluding specifically appraisal xxxxx and related appraisal expenditures as well as development expenditures, exploitation expenses, overhead costs and bonuses.
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