Assignment to AEGG of Carried Working Interest Sample Clauses

Assignment to AEGG of Carried Working Interest. Upon execution hereof, and further subject to Hycarbex obtaining any required consent from the Government of Pakistan, Hycarbex shall assign to AEGG utilizing an appropriate Deed of Assignment prepared by Hycarbex’s Pakistan counsel a two-and-one-half percent (2.5%) “Carried Working Interest” (hereinafter defined) in each of the Sanjawi Block and the Zamzama North Block. For purposes hereof, the term “Carried Working Interest” shall mean that with regard to the initial two (2) xxxxx on the Sanjawi Block and the initial three (3) xxxxx on the Zamzama North Block (each known as a “Carried Well”), all of the costs attributable to concession work programs, seismic, road preparation to drillsites, drillsite pad preparation, rig and equipment mobilization, drilling and/or reworking, testing, logging, completion and governmental fees (except taxes on production) [collectively, the “Carried Costs”] shall be borne solely by Hycarbex. The burdens upon the revenues attributable to AEGG’s Carried Working Interests shall be limited to a proportionate 2-1/2% of the royalty payable to the President of Pakistan. After first Discovery in each Block (as defined in the applicable Petroleum Concession Agreement for each Block), AEGG shall also bear its proportionate part of any infrastructure cost items such as pipelines and surface facilities related to the Discovery Well, but the Carried Costs shall continue to be borne by Hycarbex until the requisite number of Carried Xxxxx have been drilled (i.e. 2 xxxxx on Sanjawi Block and 3 xxxxx on Zamzama North Block). After the required number of Carried Xxxxx have been drilled on a particular Block, all future costs incurred on that particular Block, including the drilling and completion costs as to subsequent xxxxx, shall be shared proportionately by the participating working interest owners in that Block, including AEGG, unless AEGG has converted to a royalty in a particular well as described in paragraph 2 herein. AEGG shall also bear its proportionate part of any taxes upon production obtained from the Blocks and such taxes shall not be considered Carried Costs. Hycarbex and AEGG stipulate and agree that the working interests purchased by AEGG shall apply to all xxxxx drilled on the respective Blocks, irrespective of the drilling operator, but shall only be carried as to the Carried Costs with respect to the limited number of Carried Xxxxx described above. The interests assigned to AEGG shall likewise apply to any modification ...
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Related to Assignment to AEGG of Carried Working Interest

  • Assignment of Membership Interest A Member may not assign the Member’s interest in the Company except with the written consent of all the other Members of record. Any such consent to assignment automatically entitles the assignee to become a Member. A Member’s membership interest may be evidenced by a certificate of membership interest issued by the Company.

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