Common use of Completion Attempt by Participant - Onshore Clause in Contracts

Completion Attempt by Participant - Onshore. If McMoRan does not recommend the completion of an Onshore Exploratory Well and Participant advises McMoRan within forty-eight (48) hours (inclusive of Saturday, Sunday and legal holidays) of the receipt by Participant of such recommendation from McMoRan that Participant elects to attempt to complete such well, McMoRan shall undertake the completion thereof, and any subsequent plugging and abandoning thereof, for the account of Participant and Participant shall bear all costs, risks and expenses of such completion attempt and abandonment thereof and Participant agrees to indemnify and hold McMoRan harmless therefrom. If such completion attempt is successful McMoRan will assign Participant all of its interest in the borehole of such well and any production therefrom, but such assignment shall not confer any additional interest to the Participant in the balance of the particular Prospect involved.