Additional Activities as a Result of Sole Risk Drilling Sample Clauses

Additional Activities as a Result of Sole Risk Drilling. If sole risk operations carried out under Section 8.2 b) or 8.2 c) result in the identification of a particular Potential Storage Site or result in a decision by the Sole Risk Participants or one or some of them to carry out appraisal drilling or a development programme with respect to a particular Storage Site, then the Sole Risk Participants shall in each case notify the Non Sole Risk Participants thereof. Any Non Sole Risk Participant who wishes to participate in appraisal drilling or a development Programme relating to that Storage Site shall notify the Sole Risk Participants of its participation within twenty eight (28) days in case of appraisal drilling and within ninety days (90) days in case of a development programme and such Non Sole Risk Participant must pay to the Sole Risk Participant(s) an amount equal to the amount it would have contributed to the Joint Account had such sole risk operations been carried out as part of the Joint Operations plus a penalty equal to ………..per cent (……… %) of such amount. Such amount shall be paid, in cash, before the commencement of the appraisal drilling or development Programme in question (in the currencies in which Advances were made by the Sole Risk Participants) plus interest at the Cost of Funds Rate from the date of notification from the Sole Risk Participants to the Non Sole Risk Participants until the date of payment. Such Payment shall be credited to the Sole Risk Participant or, if more than one, to each Sole Risk Participant in the proportion that its Percentage Interest bears to the sum of the Percentage Interests of all the Sole Risk Participants or in such other proportion as they may have agreed under Section 8.4.6. However in case of participation in a development programme the Non Sole Risk Participant may elect to pay the Sole Risk Participants' share of cost of the development until such amounts have been paid.
Sample 1
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Related to Additional Activities as a Result of Sole Risk Drilling

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