Common use of Work Programs and Budgets Clause in Contracts

Work Programs and Budgets. 10.1 Contractor shall be responsible for the procurement of installations, equipment and supplies and entering into contracts for the purchase of goods and services with Foreign Subcontractors and others arising out of Petroleum Operations, all in accordance with approved Work Programs and Budgets. Operator shall assist the Contractor when requested in respect of the matters set out in the previous sentence, and shall implement domestic procurement operations as provided in Clause 7.2(c) in accordance with approved Work Programs and Budgets. 10.2 Within ninety (90) days after the Effective Date, Contractor shall submit to the Coordination Committee for its approval a Work Program and the corresponding Budget for the next succeeding Calendar Year. 10.3 Before the 15th October of each Calendar Year, the Contractor shall prepare and submit to the Coordination Committee for its review a proposed annual Work Program and Budget for the next Calendar Year. If the Coordination Committee requests any modifications in an annual Work Program and/or Budget, the Contractor shall promptly make such modifications to the Work Program and/or Budget and resubmit the modified Work Program and Budget to the Coordination Committee. The Coordination Committee shall approve each Work Program and Budget within forty five (45) days after receipt of same. If the Coordination Committee fails to notify the Contractor of its approval of the Work Program and Budget within said forty five (45) days after its receipt, the annual Work Program and Budget proposed by the Contractor together with any modifications timely requested by the Coordination Committee, shall be deemed to have been approved by the Coordination Committee. 10.4 In connection with the review and approval of the annual Work Program and Budget, the Contractor and Operator shall submit to the Coordination Committee such supporting data as may be requested by the Coordination Committee. 10.5 The Contractor may, in accordance with the following provisions, incur expenditures in excess of the approved Budget or expenditures outside the approved Budget in carrying out the approved Work Program, provided that the objectives in the approved Work Program are not substantially changed: a) In carrying out an approved Budget, the Contractor may, if necessary, incur excess expenditures of no more than ten percent (10%) of the approved Budget in any specified budgetary category. The Contractor

Work Programs and Budgets. 10.1 Contractor shall (a) The Alliance Management Committee will be responsible for providing technical oversight over, establishing the procurement parameters for, and approving work programs (“Work Programs”) and budgets (“Budgets”) regarding the activities of installations, equipment the Alliance. (b) During the Project Generation Phase all Work Programs and supplies Budgets for any Operations will be prepared by the Operator and entering into contracts for presented to the purchase of goods Alliance Management Committee at least thirty (30) days prior to the Alliance Management Committee’s meeting at which such Work Programs and services Budgets will be considered. The Alliance Management Committee may approve (with Foreign Subcontractors and others arising out of Petroleum Operations, all in accordance with approved or without its own revisions) or not approve such Work Programs and Budgets. Operator shall assist If the Contractor when requested in respect of the matters set out in the previous sentence, and shall implement domestic procurement operations as provided in Clause 7.2(c) in accordance with approved Work Programs and Budgets. 10.2 Within ninety (90) days after the Effective Date, Contractor shall submit to the Coordination Alliance Management Committee for its approval does not approve a Work Program and the corresponding Budget for the next succeeding Calendar Year. 10.3 Before the 15th October of each Calendar YearBudget, the Contractor Operator shall prepare and have five (5) Business Days to submit to the Coordination Committee for its review a proposed annual revised Work Program and Budget for approval by the next Calendar Year. If Alliance Management Committee. (c) If: (i) the Coordination Committee requests any modifications in an annual Operator does not prepare and submit a Work Program and/or Budget, and Budget when required to do so; (ii) the Contractor shall promptly make such modifications to the Operator does not submit a revised Work Program and/or and Budget within the five (5) Business Day period as set out in subclause 5.3(b); or (iii) the Alliance Management Committee does not approve a revised Work Program and resubmit the modified Budget within ten (10) Business Days of receiving a revised Work Program and Budget as set out in subclause 5.3(b), either BHP or Ivanhoe, or both, may prepare and present a revised Work Program and Budget to the Coordination CommitteeAlliance Management Committee within ten (10) Business Days after any such event. The Coordination If the process contemplated in this subclause 5.3(c) does not result in the Alliance Management Committee shall approve each approving a Work Program and Budget within forty five then clause 7.3 will apply. (45d) days after receipt of sameBudgets will be prepared on an annualized basis and shall include a pro rata breakdown on a two Quarterly basis to align with Cash Calls. If All Work Programs and Budgets will include separate line items describing individualized budgeted payments to be made to Indigenous Groups, the Coordination Committee fails community or landowners including Expenditures in connection with any rights to notify the Contractor of its approval of the access land. (e) The initial Work Program and Budget within said forty five will cover the period starting on the Commencement Date and ending on June 30, 2025 (45) days after its receipt, the annual “Initial Work Program and Budget”). The Initial Work Program and Budget proposed will be prepared by the Contractor together with any modifications timely requested by Technical Committee as soon as possible after the Coordination Committee, shall be deemed to have been approved by the Coordination Committee. 10.4 In connection Commencement Date with the review aim of being submitted to the Alliance Management Committee with sufficient time for approval within thirty (30) days following the Commencement Date. Additional Work Programs and approval of Budgets, following the annual Initial Work Program and Budget, will be prepared for each subsequent 12-month period during the Contractor Initial Term commencing July 1, 2025, except for the last Work Program and Operator shall submit to Budget will cover the Coordination Committee such supporting data as may be requested by period starting on July 1, 2026 and ending on the Coordination Committee. 10.5 The Contractor may, in accordance with the following provisions, incur expenditures in excess third (3rd) anniversary of the approved Budget or expenditures outside the approved Budget in carrying out the approved Work Program, provided that the objectives in the approved Work Program are not substantially changed: a) In carrying out an approved Budget, the Contractor may, if necessary, incur excess expenditures of no more than ten percent (10%) of the approved Budget in any specified budgetary category. The ContractorCommencement Date.

Work Programs and Budgets. 10.1 (a) Contractor shall be responsible for the procurement of installations, equipment and supplies and entering into contracts for the purchase of goods and services with Foreign Subcontractors and others arising carry out of Petroleum Operations, all Operations substantially in accordance with approved Work Programs and Budgets. Operator shall assist Budgets submitted to and approved by ANPM, in according with the Applicable Law in Timor-Leste, without prejudice to any other obligations or liabilities of the Contractor when requested in respect of the matters set out in the previous sentence, and shall implement domestic procurement operations as provided in Clause 7.2(c) in accordance with approved Work Programs and Budgetsunder this Contract. 10.2 Within ninety (90b) days after the Effective Date, Contractor shall submit to the Coordination Committee for its approval a Work Program and the corresponding Budget for the next succeeding Calendar Year. 10.3 Before the 15th October of each Calendar Year, the Contractor shall prepare and submit to the Coordination Committee ANPM for its review approval a proposed proposal for an annual Work Program and Budget for the next each Calendar Year. If the Coordination Committee requests any modifications in . (c) The first proposal for an annual Work Program and/or Budget, and Budget shall be submitted to ANPM for review and approval sixty (60) Days after the Contractor shall promptly make such modifications Effective Date and thereafter at least ninety (90) Days prior to the Work Program and/or Budget and resubmit the modified beginning of each Calendar Year. (d) The Work Program and Budget shall include a proposal for the Exploration works to the Coordination Committee. be undertaken. (e) The Coordination Committee shall approve each Work Program and Budget within forty five shall be based on the Minimum Exploration Work Requirements to be met pursuant to this Contract. (45f) days after receipt The Work Program and Budget shall also contain the following compulsory information: (i) details of same. If the Coordination Committee fails Exploration to notify be undertaken, including a schedule and an indication of the method, technique and equipment to be employed in the proposed Exploration; (ii) maps of the areas where Exploration is proposed to be undertaken, along with any relevant information about the land, as well as information on required access and expected impact on the environment and local communities; and (iii) a budget showing the distribution of expected costs of the Minimum Exploration Work Requirements and other proposed Exploration works, if any, in accordance with the planned schedule. (g) Together with the proposed Work Program and Budget, Contractor shall also be required to submit the following information: (i) details of any temporary or permanent Facility which may be constructed or used in connection with the proposed Exploration; (ii) a description on how the Contractor plans to fulfil the obligations set out in the Local Content Proposal and to comply with the Local Content requirements established in this Contract and the Applicable Law in Timor-Leste throughout the Exploration Period; and (iii) all other information that may be relevant to carry out the Exploration works. (h) The Contractor shall, within a reasonable time period, notify ANPM of its approval of any change, variation or amendment to the Work Program and Budget within said forty five (45) days after its receiptprior to the commencement of or during Exploration Period, the annual being also required to prepare and submit a revised Work Program and Budget proposed by the Contractor together with any modifications timely requested by the Coordination Committee, shall be deemed to have been approved by the Coordination Committeeat ANPM’s request. 10.4 In connection with the review and approval of the annual Work Program and Budget, the Contractor and Operator shall submit to the Coordination Committee such supporting data as may be requested by the Coordination Committee. 10.5 The Contractor may, in accordance with the following provisions, incur expenditures in excess of the approved Budget or expenditures outside the approved Budget in carrying out the approved Work Program, provided that the objectives in the approved Work Program are not substantially changed: a) In carrying out an approved Budget, the Contractor may, if necessary, incur excess expenditures of no more than ten percent (10%) of the approved Budget in any specified budgetary category. The Contractor