AFEs. Except as set forth on Schedule 5.08, there are no outstanding authorizations for expenditures or other capital commitments which are binding on the Assets and which individually would require the owner of the Assets after the Effective Time to expend monies in excess of Fifty Thousand Dollars ($50,000).
AFEs. Schedule 6.01(o) contains a true and correct list as of the Effective Time of all material authorities for expenditures (collectively, “AFEs”) to drill or rework Xxxxx or for capital expenditures with respect to the Assets that have been proposed by any Person having authority to do so other than internal AFEs of Seller not delivered to Third Parties. For the purposes of this Section 6.01(o), an AFE shall be material if, net to Seller’s interest, such AFE exceeds $37,500 and such AFE is (or was as of the Effective Time) valid and outstanding.
AFEs. Before undertaking an operation or making a single expenditure to be in excess of Two Hundred and Fifty Thousand Dollars ($250,000), and before conducting an activity or operation to drill, Sidetrack, Deepen, Complete, Rework or Recomplete a well (regardless of the estimated cost), Operator shall submit an AFE for the operation or expenditure to the Parties for approval. Operator shall also furnish an informational AFE to all Parties for an operation or single expenditure estimated to cost Two Hundred and Fifty Thousand Dollars ($250,000) or less, but in excess of One Hundred Thousand Dollars ($100,000), if Operator prepares same for its own use.
AFEs. With respect to the joint, unit or other operating agreements relating to the Assets, except as set forth in Schedule 6.13, there are no outstanding calls or payments in excess of $100,000 (net to Seller's interest) under authorities for expenditures for payments relating to the Assets which are due or which Seller has committed to make which have not been made.
AFEs. Except for emergency expenditures as provided for in Section 4.11 and expenditures as mentioned in Section 2.3.2 of the Accounting Procedure, the Operator shall before entering into any commitment or incurring any expenditure under an approved Programme and Budget submit to the Parties an AFE therefor. An AFE shall include the information set out in, and be prepared in accordance with, Section 7.2 of the Accounting Procedure. To the extent that the Operating Committee approves an AFE, the Operator shall be authorised and obligated, subject to Section 6.11, to proceed with such commitment or expenditure.
AFEs. (a) Prior to: (i) spudding any well as a Joint Development Operation, (ii) making any material expenditures or incurring any material commitments for work on any Wellbore Operation to be conducted as a Joint Development Operation that is estimated to cost in excess of five hundred thousand dollars (US$500,000), or (iii) making any material expenditures or incurring any material commitments for work on any Area-Wide Operation to be conducted as a Joint Development Operation that is estimated to cost in excess of one million dollars (US$1,000,000), the Party Operator or Joint Development Operator, as the case may be, shall submit for the approval of the Operating Committee an AFE. Where the necessary information is available, such AFE may be submitted and approved for designated xxxxx and Wellbore Operations as part of the proposed Annual Work Program and Budget for a Calendar Year, in which case no separate subsequent AFE shall be required.
(b) Each Development Party shall communicate an Operating Committee vote to approve or reject the AFE within fifteen (15) days following receipt of the AFE (or forty-eight (48) hours (exclusive of Saturday, Sunday and legal holidays) in the event of a Wellbore Operation when a drilling rig is on location). Any Development Party failing to communicate its vote within the applicable time period shall be deemed to have voted against the AFE.
(c) If the Operating Committee approves an AFE for the operation within the applicable period, the Party Operator or Joint Development Operator shall be authorized to conduct the operation under the terms of this Agreement. If the Operating Committee fails to approve an AFE for the operation within the applicable time period, the operation shall be deemed rejected. The Party Operator or Joint Development Operator shall promptly notify the Parties if the operation has been rejected, and, subject to Section 4.4(f), any Development Party may thereafter conduct the operation as a Sole Risk Development Operation under the terms of the Applicable Operating Agreement.
(d) For purposes of any Applicable Operating Agreement that contains a casing point election, approval of an AFE that includes the costs associated with completing a well shall be deemed to be an election to participate in the completion of such well pursuant to the relevant provisions of such Applicable Operating Agreement.
(e) When an operation is approved for greater amounts than those provided for in the applicable line items...
AFEs. Section 5.25 of the Disclosure Schedules sets forth, as of the date of this Agreement, all authorities for expenditures or other capital commitments (the “AFEs”) in excess of $250,000 (net to Target’s and Nominee’s collective interest) that are outstanding relating to the Properties, including AFEs to drill or rework any well; provided, nothing contained in this Section or elsewhere in this Agreement shall reduce, diminish or affect Buyer’s obligation to, after the Closing, make payment for its proportionate share of any AFEs relating to the period at and after the Effective Time which are approved by Target after the Execution Date in the Ordinary Course of Business and regardless of the form of such AFE.
AFEs. With respect to the joint, unit or other operating agreements or operations relating to any Property, except as set forth in Schedule 3.2.9, there are no outstanding calls or payments in excess of One Hundred Thousand Dollars ($100,000) (net to Seller’s interest) under authorities for expenditures (“AFEs”) for payments relating to any Property which are due or which Seller has committed to make which have not been made or that relate to the period from and after the Effective Time.
AFEs. As long as multiple drilling rigs are being used in Phase I and II, PVOG shall not present to GMX more than two AFEs per drilling rig utilized in either Phase I or Phase II within any fifteen (15) day period for any operations conducted under this Section 2.3.
AFEs. Prior to any Party Operator (a) spudding any well included in the Annual Plan and Budget, or (b) making any expenditure that is included in the Annual Plan and Budget and that is estimated to cost in excess of $500,000, such Party Operator shall submit an AFE to the Parties covering such well or expenditure for information purposes only.
