–MINIMUM WORK AND EXPENDITURE OBLIGATIONS Clause Samples

–MINIMUM WORK AND EXPENDITURE OBLIGATIONS. 6.1 Within three (3) Years from the approval of the Preliminary Development Plan, Contractor shall undertake and complete Petroleum Operationsnecessary to fulfill the Minimum Work Obligations specified in Annex E of this Contract, including without limitation the following activities: (a) preparation and submission of the Final Development Plan; (b) conduct of seismic surveys, including processing and interpretation thereof; (c) conduct of detailed geological and reservoir engineering studies, including three dimensional (3-D) simulation; (d) drilling ▇▇▇▇▇ with the aim of appraising, developing and producing reservoirs defined as discovered reservoirs in Annex D; (e) drilling exploration ▇▇▇▇▇ or deepening other ▇▇▇▇▇ with the aim of discovering undiscovered potential reservoirs as defined in Annex D; (f) conduct of detailed laboratory and reservoir engineering studies to evaluate most suitable development approaches for the reservoirs programmed to come into production within the Final Development Plan; and (g) conduct of engineering and related surface facilities and flow assurance studies. 6.2 Contractor shall spend a minimum amount of million Dollars (US$ _,000,000) within three (3) Years of the approval of the Preliminary Development Plan. 6.3 Notwithstanding Article 6.2, the Contractor shall invest the sums consistent with the amounts and timing contemplated in approved Plans, subject to the terms and conditions set forth in this Contract. 6.4 The performance of each Company and the fulfillment of its contractual and financial obligations under this Contract shall be guaranteed by ultimate parent company, through an instrument in the form set out in Annex F. Such guarantee shall be effective as of the Effective Date and shall be delivered to ROC on the date of execution hereof in respect of Companies, and as provided in Article 28 in respect of assignees. 6.5 Ministry of Oil shall provide to Companies a guarantee through an instrument substantially in the form set out in Annex F, to guarantee the performance of theTransporter, ROC, SOMO, and any other Iraqi State entity in their fulfillment of their respective contractual and financial obligations under this Contract.
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–MINIMUM WORK AND EXPENDITURE OBLIGATIONS. (i) Acquire Gravity and Magnetic data and interpret 1000km2 at a minimum expenditure of USD250,000.00 (ii) Acquire, process and interpret 500line kilometres of 2D seismic data a minimum expenditure of US$5,000,000.00
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–MINIMUM WORK AND EXPENDITURE OBLIGATIONS. 6.2.1 The Contractor shall, during the relevant Exploration Period, diligently carry out no less than the minimum work obligations listed in Schedule 6 for that Exploration Period. 6.2.2 In the event that the Contractor does not carry out the entire minimum work obligations required in the Initial Exploration Period under Schedule 6 paragraph 1.1.1, the Contractor shall pay to the Government, within thirty (30) days of demand, an amount equal to [five (5) million USD] for each Exploratory Well that was included in 0paragraph 1.1.1 (if any). 6.2.3 In the event that the Contractor does not carry out the entire minimum work obligations required in the Initial Exploration Period under 0paragraph 1.1.2, the Contractor shall pay to the Government, within thirty (30) days of demand, the difference between the minimum work obligation and the actual amount of 3D seismic acquired, processed and interpreted at the rate of [four thousand (4000)] USD per km2 3D seismic. 6.2.4 In the event that the Contractor does not carry out the entire minimum work obligations in relation to either the First Additional Exploration Period or the Second Additional Exploration Period as set out in 0paragraphs 1.2 and 1.3 respectively, the Contractor shall pay to the Government, within thirty (30) days of demand, an amount equal to the estimated expenditure of those minimum work obligations that have not been performed and which are set out in the relevant Approved Work Programme and Budget. 6.2.5 If the Contractor does not comply with its obligation under clause 6.2.2, 6.2.3 or 6.2.4, the Government may, notwithstanding any other rights available to it under this Agreement, make a claim under the Bank Guarantee in accordance with clause 5.1.4.
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–MINIMUM WORK AND EXPENDITURE OBLIGATIONS. 5.2.1 The Contractor shall carry out the minimum work and expenditure obligations listed in schedule 7. 5.2.2 The fulfilment of the minimum work obligations applicable to the relevant Exploration period shall not relieve the Contractor of the corresponding expenditure obligation therein. 5.2.3 If, in the relevant Exploration period, the Contractor carries out more work and expenditure than is required under this clause, the excess shall be credited to the minimum work and expenditure requirement applicable to the following period and, to the extent in excess of such requirement, shall be further carried forward. 5.2.4 The minimum Exploration expenditure is expressed in US dollars of the Calendar Year of the Effective Date. In any Contract Year of either the initial Exploration period or of any additional Exploration period, for the purpose of comparison of the actual costs incurred and paid by the Contractor with the minimum Exploration expenditure, the actual costs incurred and paid by the Contractor for seismic operations and the drilling of Exploratory ▇▇▇▇▇ during that Contract Year shall be converted into constant US dollars by dividing the costs, by the Discount Rate. 5.2.5 The Contractor shall submit a revised programme and a Budget in the event that the Contractor may incur additional expenditure in relation to the initial minimum expenditure obligation. 5.2.6 The Contractor shall, as a condition precedent to effectiveness of this Agreement (in accordance with sub-clause 3.1) and, when the Agreement has been extended, no later than [30] days of the Effective Date of the first day of such extension period, in substantially the form of schedule 5, submit to the Federal Government an unconditional and irrevocable bank guarantee in respect of its minimum work and expenditure requirements during the relevant Exploration period (including any additional Exploration period) , as the same may be reduced in accordance with sub-clause 5.2.6 hereof. Without prejudice to the preceding sentence, the minimum amount of the bank guarantee shall be, in each relevant Exploration period (including any additional Exploration period), the minimum expenditure amount applicable to such Exploration period. The costs of provision of a bank guarantee may not be included in Petroleum Costs and are not subject to cost recovery under sub-clause 9.1. 5.2.7 If at the end of the initial Exploration period, or of any additional Exploration period, or upon the date of termination o...
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Related to –MINIMUM WORK AND EXPENDITURE OBLIGATIONS

  • Client Obligations 3.1 The Client warrants and represents that: 3.1.1 it shall co-operate with Centaur as required for the proper performance of the Services; 3.1.2 it shall provide, for Centaur, its agents, subcontractors, consultants and employees, in a timely manner and at no charge, access to the Client's premises during normal office hours (being Monday – Friday 8am – 6pm), office accommodation, data and other facilities as is reasonably required by Centaur or any of them for the proper performance of the Services; 3.1.3 all information it has provided to Centaur in relation to the Services as at the date of the Order Form is accurate, complete and is not misleading and it shall provide, in a timely manner, such further information and Client Material as Centaur may require for the proper performance of the Services, and ensure that such information and Client Material is accurate, complete and not misleading; 3.1.4 it shall be responsible (at its own cost) for preparing and maintaining the relevant premises for the supply of the Services; 3.1.5 it shall inform Centaur of all health and safety rules and regulations and any other reasonable security requirements that apply at any of the Client's premises; 3.1.6 it shall only use the Services for internal business purposes and, without prejudice to the foregoing, shall not use the Services, the Deliverables or any Centaur Materials to develop a product or service that competes with any of the products or services provided by Centaur; 3.1.7 the Client Materials shall not infringe any third party rights, including any third party Intellectual Property Rights; and 3.1.8 it shall obtain and maintain all necessary licences and consents and comply with all relevant legislation in relation to the Services, before the date on which the Services are to start. 3.2 If Centaur's performance of its obligations under this Agreement is prevented or delayed by any act or omission of the Client, its agents, subcontractors, consultants or employees, Centaur shall not be liable for any costs, charges or losses sustained or incurred by the Client that arise directly or indirectly from such prevention or delay.

  • Disclosure Obligations LAUSD expects Contractors and their Representatives to satisfy the following public disclosure obligations:

  • ▇▇▇▇▇ OBLIGATIONS A ▇▇▇▇▇▇▇'s acceptance of funds directly under the Grant or indirectly through a subaward acts as acceptance of the authority of the State, under the direction of the legislative audit committee, to conduct an audit or investigation in connection with those funds. In accordance with the legislative audit committee, DFPS can request any documentation, at any time, to be sent to DFPS to a location DFPS chooses. Examples of documentation that DFPS may request include, but are not limited to: 1. Participant files in their entirety. This includes, but is not limited to: a. Progress notes. b. Action plans. c. Registration forms. d. Surveys. e. Sign-in sheets. f. Monthly tracking forms.

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